In order to identify new opportunities and ensure that they are operating on a profitable basis, small businesses need to incorporate a review process at the start of each financial year into their management process. The starting point in the process is to put together projections for what sales they might reasonably expect to make,…
Business forecasting is an integral part of your business plan. As part of this, financial forecasting may be required for a number of reasons: If you need funding to start up or grow, then all lenders will assess your forecasts. Seeking out a potential business partner will be made all the easier with a set…
Accounting is essential for every business, and there are many opinions on the right ways to find the services needed to stay afloat. If you’re just starting up or can see that your accounting systems need maintaining, what is the right approach? You can recruit an in-house accountant or consider hiring an outsourced specialist. The…
Pitching your business to a venture capital (VC) investor can be daunting. You’re potentially competing for a limited pool of money against a crowd of other founders with innovative ideas. And the pressure to succeed makes it easy to fumble your pitch. Even start-ups with fantastic growth potential often make basic mistakes, such as being…
It’s common for a business to be in some form of debt and borrowing money to make money isn’t a new idea. Here are four reasons why borrowing money for business is not just a fact of business life but a smart choice. 1. Costs need to be paid Every business needs some form of investment before it can begin trading. This could be something…
Cashflow matters at all stages of business ownership. Whether you are trying to get a new business venture off the ground, or you’ve been in business for years, it is common to run into cash problems that can drain your company account. However, these problems can be avoided if you are practical with your financial…
An increasing number of start-ups & SMEs are able to scale up whilst keeping a careful eye on overheads through outsourcing financial management functions. Most commonly routine finance and accounting services such as payroll and bookkeeping are outsourced, but increasingly other areas of finance can also be successfully outsourced. Outsourcing finance functions helps companies to…
Entrepreneurs are the creative spark behind every new business. Often, they are dynamic forces of nature … but there are some things entrepreneurs should leave to others. Confidence. Determination. An appetite for risk. Passion. Adaptability. The list of traits traditionally associated with entrepreneurs is long. However, there is one thing every successful entrepreneur must acknowledge…
Managing a fast-growing business presents both opportunities and challenges. The chance to become an industry leader is attractive, but it comes with the risk that demand will outstrip capacity. To avoid that pitfall, you need a strategic plan that’s backed by adequate financing, empowered employees, and the right information and communications technology. So how does…
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