Take Control of Your Operations: Properly Classify Your Business Risks

A lesson some business leaders learn the hard way is that in today’s global operating environment risks appear to be increasing exponentially. It takes only one trial by fire for a leader to recognize the importance of basing each decision in part on its risk versus its reward. It’s important that a leader maintain a steady focus on business risk, lest his business suffers a loss that can drastically brunt…  Read more

10 Ways to Protect Your Business from Online Threats

Businesses of all sizes are under constant threat from cybercriminals and malicious software, with even some of the world’s largest and apparently impenetrable organizations making headlines in recent years after falling victims to cyberattacks. Although the risk is generally lower for smaller companies, since they don’t tend to be primary targets for hackers, it is still essential to take every precaution to make sure that you, your employees and your…  Read more

Five Undesirable Customer Types

Every businessperson knows that not all customers are created equal. Some customers are loyal, while others will stray if they’re offered a slightly lower price elsewhere. Some clients are demanding, while others only call when they wish to place an order. Every business must deal with a variety of customers. But there are certain types of customers who do more harm than good to your business – they drain your…  Read more

Ways to keep customer data secure

Cyber crime is a serious concern for business owners. Recently IBM Chair, CEO, and President, Ginni Rometty, called it “the greatest threat to every company in the world”. According to Juniper Research, by 2019 cyber crime will cost businesses a staggering $2 trillion. It’s impossible to put a dollar value on what your customer data is worth – or the cost to your business should sensitive data be compromised by…  Read more

How to Create a Personal Brand

The words ‘personal brand’ are still somewhat controversial, and carry an unfortunate cast of self-promotion and vanity. The truth is that personal branding is more important than ever in the job market, and those without a clear personal brand or mission to create one are lagging behind the competition. What is a personal brand? How you present yourself has always been important in the workplace. In the corporate heyday, it…  Read more

5 Environmental Conservation Tips for Small Businesses

While major companies create powerful green initiatives, many small businesses use the excuse of “no resources” to do nothing. However, everyone plays an important role in protecting the environment, and small businesses have a unique opportunity to involve their community of employees and customers. The most effective environmental conservation projects need not cost much more than a collective effort. If you own or work in a small business, here are…  Read more

How to find a good niche

In business, finding a niche that can supply enough revenue is important. More entrepreneurs than ever are realising the importance of finding a narrow set of customers and catering their product or service to them. This allows you to focus your efforts on being great at a few things, rather than mediocre at many. But how do you find your ideal target market? This article will get you started by…  Read more

Tips to Keep Your Business Finances in Order

If you’re like most small business owners, you spend the majority of your time managing daily operations, keeping customers happy, and looking for new ways to grow. Spreadsheets, cash flow analysis, and financial projections are probably not your first passion. However, measuring profitability, creating realistic budgets, and planning ahead for the future are crucial to your professional success. Follow these four tips to get a handle on the numbers, and…  Read more

10 quick growth tips for your small business

Small businesses can grow in boom times as well as periods of difficulty by working smarter and taking advantage of opportunities. Put these following effective tips into practise to help grow your business. 1. Utilise new technology Modern technology can save you time, improve productivity and reduce your operational costs. Make use of Facebook, Twitter, Google+ and other social media tools to market your business. Dropbox is a cloud-based service…  Read more

Why Bookkeeping is Crucial to Your Success

Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one the worst parts of running a business! Wondering…  Read more

Insights from your Profit and Loss account

Most small business people would agree that their Profit and Loss account (now more correctly called a Statement of Financial Performance) is among the easier – if not the easiest – financial document to understand. It’s typically presented in two parts. The top half of the statement reveals the various sources of income the business has received for the period covered, such as a quarter, half year or full financial…  Read more

How Not To Recruit

Eighty percent of staff turnover is caused by bad hiring decisions, according to the Harvard Business Review. But few organizations question whether problems within their own recruiting processes turn away potential talent. If your recruiting strategy exhibits any of the following obstacles, it’s time for a rethink. Self-Centered Job Advertisements Most job advertisements speak extensively about the talent, skills and qualifications a candidate must have, but do nothing to sell…  Read more

D to the Power of 4 – Four Steps to Better Time Management

Time management skills are increasingly important in a world where people seem to rush headlong from one crisis to another. Add in the effect of social media and addictive computer games that can be accessed from anywhere at any time and it’s no wonder that some people struggle to fit everything into their days. So what can be done about it? How about invoking D to the Power of Four?…  Read more

Use your Accounting Software to Boost Sales

If you think accounting software is just for tracking expenses and generating financial reports, you’re losing out on an opportunity to improve your bottom line. By taking advantage of insights provided by your software solution, you’ll benefit from a more informed approach to marketing and customer service – and by making the most of all the ways your software can improve productivity you can take meaningful action to increase profits.…  Read more

Why banks won’t lend to a business

How to obtain financing is a common concern for new businesses and those preparing to scale. Getting approved for a business loan or line of credit is more difficult than qualifying for a personal loan. It’s crucial that small business owners are adequately prepared to meet with a lender to present their business in the best possible light and qualify for the money they need. Here’s what you can do…  Read more

Creating an Effective Performance Target: 7 Key Questions to Ask

It’s essential for any business to have a robust set of performance targets for its workforce. These will drive employees to achieve in the areas that are critical for success. Therefore, it’s important to ensure that the targets are calibrated correctly in order to realise the desired results. Before introducing any new target, make sure you’ve answered the following seven key questions: Is it specific? A target is no good…  Read more

Is business insurance worthwhile?

If you’re like many small business owners, your business may not be adequately insured in the case of a fire, flood, natural disaster, theft, or personal injury. Often home-based business owners assume they are covered under their homeowner’s policy. Other entrepreneurs, working long hours and pulled in too many directions, may never get around to talking to an insurance agent about their business. If you’ve been procrastinating on business insurance,…  Read more

3 easy and inexpensive ways to look more professional when you’re starting out

For bootstrapping young businesses, making a professional first impression as you build your brand is key. Although hiring a branding expert may be too large an expense in the early days, you can still help your business stand out in the best possible way without breaking the bank. Just follow these simple marketing moves that will help people to know, like, and trust you. 1. Build credibility with your own…  Read more

Should you lease or buy equipment?

Many small business people wonder whether it’s better for them to buy or lease capital equipment for their businesses. Your options regarding leasing or buying depend upon the nature of your particular business, but there are nevertheless a few guidelines you can follow to help you decide what you should do. If you have the money available, and the item is really necessary to your business, then it will usually…  Read more

Do you share this habit with the world’s most successful business leaders?

What do Warren Buffet, Bill Gates, Mark Cuban, and Arianna Huffington have in common? All of these smart, savvy, successful business leaders share a passion for self-improvement through reading. If you want to improve your skills as a business owner, why not spend a bit of time each day reading books that guide you to greater success? This reading list of 4 inspiring business books will help you get started:…  Read more

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