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How to set up a cash reserve

Running a successful business is a juggling act between cash coming in and cash going out. If you’ve built up a cash reserve, you’ll be better able to stay in business and handle short-term issues like falling sales. Build a...

How to start a business on a limited budget

So you have a great business idea and are convinced you can make it work, but you don’t have much capital to get your business off the ground. Juggling existing financial commitments such as a mortgage or bank loans could...

Finding good mentors and business advice

Most business owners receive plenty of well-intentioned advice and ‘helpful opinion’ from family and friends. However, good business advice spoken from commercial experience is another matter entirely. That’s not to say it’s hard to find, but finding a reputable source...

Improving the effectiveness of your advertising

As a small business owner, you’ll want to get positive returns on a limited marketing budget. It’s important to monitor the quantity and quality of advertising in order to be as effective as possible. Choose advertising you can monitor It’s...

Choosing payment terms for your business

Getting paid correctly and on time by customers can be a constant frustration for business owners. Communicating your terms is the best way of making sure you aren’t out of pocket – or are left chasing debtors. Setting your terms...

How to pass your business onto a successor

Putting a succession plan in place helps ensure the future stability of your business when you step aside or if unforeseen events happen. Succession plans should be made well in advance if they are to be executed properly, and legal...

How much money do you need when starting a business?

Many people underestimate start-up costs and start their business on the back foot financially. This can mean a long crawl up to your breakeven point and into profitability. Quite often it results in the business never making a profit at...

Weighing up succession planning options

Planning for the succession of a business is an important and sometimes overlooked part of a business plan. It’s an inevitable period in the lifetime of all successful businesses – so it’s best to weigh up the options early. Keeping...

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