The Haves and The Have Nots
Apr 06, 2020
The requirements of businesses to shutdown or convert to team members working from home has created a new social divide between the haves and the have nots.
The Haves
There are those who still have work to do. They are working from home, often in cramped and difficult situations. Some are working from their laptop whilst sitting on their beds in order to create a quiet space away from the rest of the family.
Others are dealing with children at home, learning how to homeschool during the day and then sitting up late at night doing their work.
Some have dedicated offices already, others are using the kitchen or dining table.
Those business owners are the lucky ones. They still have work to do, clients to invoice and money, hopefully, coming into their bank accounts to pay the wages and the bills.
But are they really the lucky ones? Maybe. Maybe not. It's a case of setting up new systems, learning new management skills and how to keep in touch with and...
7 Tips to Deal with Cash Flow during Coronavirus
Mar 16, 2020
Now more than ever, we need to be smart about how we do business. Here are my top 7 tips for dealing with cash flow to ensure business success:
1. Review your expenses.
Firstly, let's look at your business costs. For each items ask yourself these questions:
- Is it essential?
- Is there a less expensive alternative that will provide the same result
- Can we do without this for a period of time whilst we ride out the current challenges?
Secondly, do the same with your personal/living costs. By reviewing both business and personal expenses, the aim is to reduce their drain on your cash flow.
2. Aim to put 10% of your income aside into a savings account to build a stash of cash.
This is difficult to do and a bit like the mantra of "pay yourself first before you pay your bills". If 10% is just too hard as your cash flow is already very tight, start with 5% or even 2%. It may not be much but every dollar saved, may save the day in the future.
Do you remember the Christmas...
Is Modern Business the Goal for Traditional Businesses?
Mar 09, 2020
Do you have a traditional business where you are tethered to your office, shop or workplace? A business that serves the local community but you dream of growing bigger and serving a larger market?
Marketing gurus spruik the benefits of having an online business where you can make money while you're sleeping. Whilst there's a degree of hype in their messages, the underlining model is where the future lies.
Example
A good friend of mine owned a retail shop for many years. She sold it some years ago to focus on manufacturing, importing and direct selling. Over time, as online product sales became the way her target market was buying, she moved her business online.
Imagine waking up in the morning to find sales processed overnight. Her business evolved from waiting for someone to walk into the physical shop to having her business open 24/7 online. Having an online shop doesn't guarantee sales. You've still got to do the marketing to get people to your online shop for them to...
Modern Business rising from the ashes of Traditional Businesses
Mar 04, 2020
The types of businesses operating today have changed significantly from the traditional businesses we all know.
You know the ones; the ones with a bricks and mortar presence, whether it's a shop, a workshop, a factory unit or an office. Businesses traditionally were location specific and served the local community. Their incomes are directly linked to the size of the community around them and those who pass through or come for holidays.
In Australia, those traditional businesses in areas impacted by bushfires have been badly impacted. There are those whose businesses were engulfed in flames losing everything. There are others where the business premises were saved from the flames, but the community around them is in crisis. Holidaymakers were ordered to stay away or go home.
The livelihoods of these business owners has been damaged beyond belief.
Small Business
Small business is a term that has multiple definitions depending on the context in...
Love Is In Your Business
Feb 14, 2019
Around Valentine's Day, we all think of love as relationships with loved ones... but you have a relationship with your business too.
You need to love and be in love with your business for it to thrive, and survive into the future.
I'm sure when you started out, you were super excited, passionate about it, loved what you were doing. That's why you started, right?
After you've been in business for a little while are you still jumping out of bed with the same enthusiasm?
Do you still love what you're doing with the same passion and energy that you started?
Probably not as after a little while reality kicks in.
The reality of having enough money to pay the bills. The reality of the hours you need to put in to make it work.
In order for a business to succeed you have to love your business, and you need to learn to love your numbers too. Because the numbers are everywhere.
Numbers are part of everything you do - they're the lifeblood of the business.
Whether...
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