Very few people love the accounting aspects of their business. Here are a few ideas to keep your clients and suppliers happy while streamlining processes for yourself. Create realistic estimates. This will help you keep clients happy and expectations in check. Have a look at past projects, add up the costs, […]
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Stuck in lockdown and feeling frustrated? It could be the perfect time to do some planning. Having a plan, or just a couple of goals, can help you make better business decisions and sort out your priorities.
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Keeping track of your inventory, the time it takes to sell and the profit made on each product is essential if you want to manage your business effectively. What counts as inventory? Inventory is anything you buy to on-sell, including fully-completed items to sell in your store, products that you install […]
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Your profit and loss statement (P&L) helps you understand your business performance and profitability over time. It’s sometimes called an Income statement and its main purpose is to list income and expenditure. Whereas a balance sheet is a snapshot in time, the P&L shows transactions over a specific period of time. […]
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Holding too much stock regardless of what industry you are in, can have its pitfalls. In busy times it can be beneficial to buy more stock than you require if you know you will be using it or can sell it later. You may even have that buying power when you […]
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If you’re a business owner you have most likely sent your employees off on training courses, workshops, or seminars. You see it as a necessary investment so they can upskill, step up, and further themselves in order to further the business. But how many of you – as business owners – […]
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Improvements can always be made at the margin. Small tweaks to your processes or systems can make a massive difference to the end result. It’s the same with your business margin – a 1% increase in your gross margin on $500,000 of sales is an extra $5,000 on your bottom line. […]
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Turning a profit is at the heart of running any successful company. But should profits be the only financial focus if you’re looking to create a stable, long-term business? Cashflow is the beating heart of your business. Without an even and predictable flow of cash into the company, you can’t cover […]
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Are you ready for what 2021 may bring? It is fair to say that out of all the challenges and disruptions that were thrown upon us in 2020, there were many accomplishments that we achieved which should be remembered and brought into this new year. A lot of businesses were able […]
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5 Questions to kickstart your 2021 planning. We hope you all have a break planned that involves being away from work this year. Sometimes the best of plans are created when you are not in your workplace, as you can get a fresh perspective of things and look at your business […]
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