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Once you’ve established where your business is now and secondly, where you want to get it to, you need to sit down and work out how you’re going to bridge the gap between the two. If the gap is large, it may seem like where you want to get to is just too hard to reach. T...
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The term “Break-Even Point” refers to the level of sales necessary to cover all expenses i.e. the point of no profit or loss. To calculate this, you need the following: Your expensesYour salesYour gross profit percentage which is your gross profit (sales less your cost o...
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Basically, a good goal comes in a format of:What do I want to achieve & by when? And to assist you in setting your goals it’s important that you know the SMART formula which will remind you of the important components of well set goals. S is for specific and your goals sh...
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Every business owner needs reliable figures to regularly check on business performance.  Collecting data is useful in setting realistic targets towards increasing your profitability in 2015, and gives a baseline for monitoring your business throughout the year. Types of...
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In the area of business competition there’s one thing I’ve learnt over the 35 years I’ve been at the coalface of advising SMEs and that is, no matter how many other competitors there are in your line of business, you can still be successful if you get your core busines...
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Preparing an annual cash flow forecast can tell you a lot about your business. It can warn you with plenty of time to spare that you’re not going to have enough cash to survive the next year without getting additional working capital — which is vitally important...
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Your annual financial statements have their uses, but by their very nature, they are far too historical to be of any use in managing or improving your business.The most valuable financial accounts you can get your hands on are interim accounts prepared periodically &mda...
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The availability of your annual financials is a wonderful opportunity to review your business performance. You can discover how to improve your business as well as refresh your enthusiasm and drive in the business. Here are seven ways you can use your annual financials to im...
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