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Cash Flow

Cash Flow / 7 posts found

Don’t let the tail wag the dog.

by mike tombs
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You need to be in control of your cash, otherwise your cash will end up being in control of you. A good cash flow is a great indicator of a healthy business. But do you know what your cash is doing? Obviously, you can see from your bank balance whether you have money or not, but that is a mere snapshot in time, a fleeting glance. Depending upon the circumstances that surrounds that moment, the picture may look utterly different the next day, or even a few hours later. But without access to good quality reports it can be hard [...]

Don’t fall at the cash hurdle!

by mike tombs
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There is nothing more frustrating than watching a healthy, profitable business collapse due to cash flow problems. More profitable businesses fail for this reason than for any other. Don’t let yours be just another statistic. Cash flow problems come about when the gap between when your money comes into your account and when the money leaves your account becomes too large. This situation can be bought about by the bank changing their overdraft agreements, or a large customer suddenly defaulting on a payment, or simply a combination of bad luck and poor management. Different types of businesses are more at [...]

No money…no problem!

by mike tombs
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People tend to think that you need a large chunk of capital to start your own business; however it is possible to get started without needing to invest large sums of money into it. You might have a great idea, or just want a change of lifestyle that running your business may allow. Whatever your motivation it is possible to start off with a small budget. Here are three great tips to get you going. Reduce your needs: You don’t need flash offices, or the latest laptop. Take a look at what you really need to get going, bearing in [...]

Cash is king

by mike tombs
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If the present wrangling over the terms of our exit from the EU result in terms that disadvantage UK businesses, what can we do now to protect our hard-earned business assets?   It is difficult to make this call as negotiations could drift in either direction: a continuing trade agreement or a so-called “hard-Brexit”.   No-one can say what trading conditions will be like from April 2019, but it is likely that perception will rule the roost. If uncertainty continues to cloud the debate, and there is no sign of resolution on the political front, opportunists, those brave, and some [...]

7 steps to improving your cash flow

by mike tombs
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Did you know that more businesses fail because of cash flow problems than profit problems? Don’t let yours be one of them. The problem with cash flows issues is that they can creep up on us. If you are only seeing your accountant once a year, you don’t have the opportunity to react in time. If you are constantly monitoring and reviewing your business and its systems, you are less like to fall into a cashflow crisis. With our Build Your Business Better support system we can help you to improve your cash flow, but to get you started here [...]

Estimating sales

by miketombs
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It's common practice for business owners to estimate sales by focussing on total revenues and using that to drive their business plan. But, if you think about it, that doesn't make sense. Whether you succeed or fail, you will have no idea how or why it happened. You're flying in the dark. It takes a little more time, but your sales forecast should start from the bottom up and in as much detail as you can. You clearly need to know the sales price of your products and services, but you can also calculate an average sales value, based on [...]

Going for Gold with TLA

by miketombs
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As 17,000 athletes finally get to deliver their ultimate performances at the London Olympics, it occurred to me that there is a business parallel here. Like any business, athletes have to compete to succeed. But how many do you know, who would even consider competing without training and without a plan? It is perfectly possible, of course, to go for a run because you enjoy it and without the slightest intention of competing. But isn't that called jogging? So, here's a question you can ask yourself. "Is my business competing? Am I going for gold? Or am I just jogging [...]