You have a great idea, even a brilliant one. A new product or technology that hasn’t been seen before in your market, so it should be a done deal right?
Anytime, is the right time to engage an advisor in your startup. At some point in your business lifecycle you will hit a ceiling and realise that strategic advice from those that know their particular area of business exceptionally well can speed up your progress and success.
This might be something you realise when first starting out, or at any point in your startup journey.
So how do you get the most out of your advisors when you have a start up? Here are our top tips.
Entrepreneur is a pretty cool term. It is certainly a buzz word at the moment, with many people choosing to leave behind the security of a job to start their own business.
Every entrepreneur has a different story about why he or she decided to go on that road. But if you are considering starting your own business, here are a few truths about just what it takes to build a successful business and be an entrepreneur.
Fixed expenses are known, and often they are the ones that businesses focus on because they are the big ticket items. Staffing costs, rent, insurance, vehicle or machinery leases, etc. When we are cost cutting it is these items that we look to see how we can reduce the costs.
However, what many businesses often forget about is the variable expenses. They can be the frivolous amounts that we spend which add up over time and can make a significant difference to our bottom line. They can also be unexpected expenses that blow the budget and leave us with less cash flow than anticipated.
Are you a thought leader? It seems to be the buzz word of this decade, but what is it? Often when we are in business we are focused on the tasks at hand, where is the next product, sale, or income stream coming from. We are so deep into our business that we don’t always stop and think about the legacy we are leaving or the wisdom that we are imparting on others.
When you are assessing the health of your business and business practices we often look at the business stats. We look at our sales performance, profit, margins for our products and our expenses. But there is one vital measurement we should be spending much more time on and that is measuring your team’s productivity.
Staffing costs can be one of our biggest expenses as a business, so you want to make sure that you are getting value for that expenditure and that they are performing to a level that you require in order to meet your business goals.
It’s that time of year again. We know everyone is thinking about Christmas shopping and parties, but don’t forget it is almost the New Year. What better way to start the new year than with a few New Years Resolutions, particularly some financial ones!
Here are our top 5 new years resolutions to have you start the new year without a financial hangover.
Entrepreneurs are more likely to plan for the future than evaluate the past. But how can you fix something when you don't know it's broken? How will you celebrate achievements when you don't realise how significant they are to the big picture? If you do not conduct a review mid way through the year, it's likely you'll begin January with the same troubled systems, processes, and problems.
One area that many entrepreneurs and small business owners undervalue is math. What do we mean by math? The ability to, at any moment, know the critical numbers that calculate whether you are profitable or not.