Helping small businesses on the Sunshine Coast to fulfill their true potential
By BMN
One issue that many business owners fall victim to at some point is cash flow problems. Seasonal business owners need to be even more vigilant when it comes to managing cash. Get a handle on the financial outlook for your company with these 23 tips.
https://www.businessknowhow.com/money/cashflowseasonal.htm
This article was suggested by our mentor Trevor Payne
By BMN
Once your business becomes profitable, your next goal is probably to see it grow. If that growth comes too fast, though, you could run into some unexpected problems. Here are the top six problems caused by rapid business growth and advice for how to handle them.
https://www.businessknowhow.com/money/rapidgrowth.htm
This article was suggested by our mentor Trevor Payne
By BMN
The Boston Consulting Group (BCG) Growth/Share Matrix is a quick way to visualise what activities are going to be the most productive and which are Dogs, best to get rid of.
It can be easily used to measure such things as: Growth Products, Staff Productivity and New Business Opportunities.
https://mailchi.mp/cfc2c3501c08/wtips-070519
This article suggested by our mentor Scott W
By BMN
Dividing Up The Loot: This article shows you how to get peace-of-mind by setting up Piggy Banks to ensure you do not have to rely upon willpower for your business Profit & Salary. It will show you how to calculate the amount to put away into them, on a regular basis, so that you have enough cash available to meet all payment commitments.
https://mailchi.mp/a99b5454a67c/wtips-160419
This article suggested by our mentor Scott W
By BMN
Among the largest contributors to the failure of both small and larger businesses, are either, they fail to make a profit or they incorrectly account for their cash and run out of money to pay their debts and tax liability.
This is particularly acute in small businesses where the owner/operators do not necessarily have much experience in financial matters and find themselves in an unexpected cash flow crisis.
It introduces a simple set of “Piggy Banks” that give you a “set and forget” approach so that when tax and other expenses become due, you have sufficient funds to pay. And, along the way, you have also taken out not only a Wage but a Profit as well. Read more here:
https://mailchi.mp/bfab42d30c39/fam2qc6i05
This article was suggested by our mentor Scott Williams