Quarter 4, planning the office party, trying to bring in orders before the second week of December. Oh…..and BREXIT and a General Election. Right now, thinking about a strategic review and thinking about growing your business through exporting maybe about as much a priority as a choice between parsnips or sprouts. You feel like you’ve got enough on your plate. But imagine selling your product or service to a whole new audience, imagine adding 10%, 20% to your bottom-line, imagine how it would feel to have a global brand. When businesses go global not only can revenues rise, but there are a host of benefits that can accelerate your growth that you may not be aware of, not forgetting the impact upon potential exit values. So is it really a good time to add ‘start exporting’ to your 2020 ‘wish-list?’ BBC News reported recently that despite US v CHINA and JAPAN v SOUTH KOREA trade disputes (and in the UK, the ‘B-word’) - global trade has grown at 3% this year. It's a really good … [Read more...]
Communication – the key to unlocking growth and success
At the heart of every business one factor continuously calls for our attention – improving communication with a view to unlocking business growth and success. Over the years many a consultant has advised and implemented varying communication scenarios for their clients; the Total Quality Management (TQM) business management approach enjoyed widespread attention during the late 1980s and early 1990s before being overshadowed by the standards specification of ISO 9000 and the improvement methodologies of Lean manufacturing, and Six Sigma. The common thread of all these procedures is communication. How do these approaches differ? TMQ consists of organization-wide efforts to install and make a permanent climate where employees continuously improve their ability to provide on demand products and services that customers will find of particular value. The ISO 9000 family of quality management systems standards is designed to help organizations ensure that they meet the needs of … [Read more...]
Financial information you need to run your business effectively
In order to manage your business effectively you need to be sure that it has enough cash to keep trading and that it is running profitably. To ensure this happens, I recommend you review your financial status at the start of each and every business week. You will have financial records, probably in one of the most popular accounting software packages such as Sage, QuickBooks or Xero. Either your own staff or your accountants will use these to prepare VAT returns and the other legal requirements such as the annual accounts required by Companies House. These accounting systems can also produce many of the essential figures you need to review on a weekly basis. Additionally, you need to forecast which clients are likely to pay their invoices this week. This is often not the same as those who should pay this week. Accurately forecasting your weekly cashflow is a skill every business needs to master. Not all of the figures in the list below will apply to all businesses. You … [Read more...]
How to continuously sharpen your company’s competitive edge
The use of the word ‘continuously’ is purposefully placed in the title of this blog article. Why? Because I fully believe that if a company does not continuously sharpen its competitive edge, it won’t be long before they do not have one in today’s ever-increasing pace. I’m sure we can all think of examples of companies who have been market leaders and no longer exist or have had to sell assets and/or shrink in size to survive. Eastman Kodak is a prime example. Kodak began to struggle financially in the 1990s when digital camera technology hit the retail market. Only recently they have emerged from bankruptcy, after selling many of its patents to current giants including Google, Apple, Samsung, Microsoft. Woolworths is another case in point. It used to be one of my favourite stores for spending my pocket-money. A few pence went a long way in Woolworths – a child’s paradise. Several months before they closed their retail outlets in the UK, I recall walking in and out of Woolworths, … [Read more...]
