OPTIMISATION OF STAFF PERFORMANCE
Note the title is limited to Staff Performance whereas a broader examination of Staff would involve engagement, induction and orientation processes, where the real journey begins. So let’s assume your team is set and you want to optimise their performance. Examine how you go about the following key factors: The business PURPOSE. Simon Sinek suggests […]
Cost-reduction tactics for small businesses
Cutting costs can be a quick and easy way to improve the profitability of your business. Introducing cost-control measures can bring immediate savings and ensure you remain profitable in the long term.
Dealing with cash flow problems
Most business owners immediately think of the bank or loans when they’re short of money. But there are many more resources you can tap before you ask for that expensive overdraft or for an overdraft extension.
How to value a small business
If you’re buying or selling a small business, it’s critical to know what the business is worth. The challenge is that what you think a business is worth, and what the person on the other side of the fence thinks it is worth, are usually two different figures.
Calculating your breakeven point
Before you start a business and perhaps leave a job, try working out if the venture will be worth the risk.
Getting the best price for your small business
Like beauty, value is in the eye of the beholder. Your business is worth what the highest bidder thinks it is worth – unless you can convince them otherwise. Consider what most buyers will be looking for.
How much money do you need when starting a business?
Many people underestimate start-up costs and start their business on the back foot financially. This can mean a long crawl up to your breakeven point and into profitability.
The power of cash flow forecasts
At some point in its lifetime, every small business suffers from cash flow problems. The trick is to think ahead and figure out when these problems are going to arise so you don’t have to unexpectedly postpone a purchase or hurriedly seek out additional finance.
Work out a price for your service
A number of service providers simply pitch their price somewhere near the middle of the prevailing market rate. But it makes sense to calculate your overhead costs and hourly rate to work out what price you should charge to ensure the income from your business meets your expectations.
Work out a price for your product
There are a number of ways to arrive at the price to charge customers. Regardless of which method you use for pricing your product, you’ll need to know what it costs to supply your product to be sure you’re able to operate at a profit.