There are very few people who would consider an economic downturn to be good news, but tough economic times are particularly difficult for startup business owners. Unlike well-established businesses, startups lack coping mechanisms and support systems; the safety net is much thinner. However, hard times don’t have to prove fatal to your startup business. If …
How to Protect Your Startup During Tough Economic Times Read More »
There’s no denying that the covid-19 pandemic has been a difficult time for startup enterprises. If the past year or so has proven anything, it’s that the agile organisations are the ones who are set to survive. There are ways you can boost profitability during these uncertain times, and it’s not all about cutting costs, …
4 Ways Your Startup Can Boost Profitability in the Wake of the Pandemic Read More »
As a small business owner, you always have a million-and-one things to think about. It can be difficult to stay on top of the numbers and know which ones matter when it comes to the financial health of your business. However, it’s essential that you know whether you’re operating at a profit or not. Burying …
How to Work Out Whether Your Small Business Is Profitable Or Not Read More »
It seems like everyday we hear about another industry being threatened by the advancements in technology, but is accounting one of them? Cloud based accounting software certainly has risen in popularity in recent years, but Quickbooks and Xero are no replacement for living, breathing professionals – and here’s why… Location Freedom Before we dive into …
Why Cloud Software Will Never Replace Accountants Read More »
As a small business owner, it’s important to differentiate yourself from the competition, but doing so often comes at a hefty cost. According to the Small Business Administration, just below half of all small businesses survive for five years and just one in three stay afloat for over a decade. The importance of being financially …
How to Ensure that Your Small Business is Both Competitive and Financially Conscious Read More »
After a sustained period of growth, business owners often find themselves in a tricky position. The business now requires an experienced professional to take charge of the finances, but hiring an in-house finance director is still out of reach. In this case, it’s time to think about hiring a virtual finance director (FD) to lighten …
Not sure where you stand and where your business is heading? A cash flow forecast can give you a good idea. Before listing the components of a cash flow forecast, it’s crucial to understand the concept of what this kind of forecast is. Essentially, it’s a vital tool that helps you understand your finances. …
The Five Vital Components That a Good Cash Flow Forecast Must Have Read More »
Systems run businesses. But like anything else, they require constant maintenance since there’s no such thing as a perfect system. Systems fail all the time. It’s not a comforting thought, but it’s the truth. But that doesn’t mean that you can’t fix, optimise, or change them. Have a look at the following problems that are …
Why Do Systems Fail? (And Five Things You Can Do to Build More Resilient Systems) Read More »
Optimising the workflow isn’t always as straightforward as it seems, with inevitable distractions frequently present in the background. Here are some of the worst offenders in that regard. Every business strives to make its processes as efficient as possible. However, there are various distractions in the workplace that can be unavoidable. Some can be latently …
The Four Killer Distractions That Reduce Productivity Read More »
Working with an angel investor seems ideal for small businesses, especially startups. However, it’s not without its challenges. Financing through angel investing is based on equity. And this makes it perfect for businesses that don’t have the initial funds or collateral for loans. For the purpose of starting a new company, this financing method is …
Angel Investing – The Pros and Cons of Working With an Investor Read More »