Growth brings increased opportunity, but at the same time, increases risk. Poorly managed risk can cause failure, even if the business is growing.
So, how do we plan for success in a fast-growing business?
There are three fundamentals to successfully scale up your business: having a clear organisation structure, having comprehensive systems and processes - both of which must be clearly documented - and finally, developing great leadership skils.
Fundamental one: your organisation structure
1. A clear organisation structure allows a business to successfully scale.
It will enable you to increase your revenue without creating bottlenecks and overloadin...
If you have a business, it is a safe bet that you employ millennials, and you are only going to be hiring more. They are rapidly becoming the labour market’s biggest pool.
Millennials have been gaining a bad reputation - entitled, uncommitted, difficult - but that doesn’t have to be your experience. Up your millennial management game and see results not social stereotypes.
The 5 keys to managing millennials
Growing up with rapid change, the digitisation of the world and the explosion of social media has given millennials a different outlook to baby boomers or even generation X, but they are every bit as bright and capable, they just need handling dif...
In the online, connected world that we now live in, it’s important for your business to be digital.
Digital technology has revolutionised the options you have available as a small business, with a wealth of cloud-based solutions and apps helping to automate the admin, enhance your productivity, open up your business data and market the company online.
Making the technology work for you
Becoming a digital business isn’t about using technology for tech’s sake. It’s about seeing the huge value and potential of applying digital processes and software tools within the company.
By moving your systems, processes and customer interactions over to digital,...
Xero Awards recognise excellence among Xero accounting and bookkeeping partner firms like us, and celebrates our role in helping small businesses thrive. We look forward to continuing to support small businesses in Malaysia!
You probably own a portable device, such as a smartphone or a tablet – or perhaps both. Just like billions of people around the world, you use your mobile device every day, looking at products and services online.
This represents a great opportunity for your business to generate new sales. It also offers easier ways of managing your day-to-day operations.
Unfortunately, many small businesses are missing out. Some don't understand the benefits. Others just can't keep up with the fast pace of change.
So in this guide we'll explain how this mobile revolution can help you produce new revenue. We'll also l...
Seasonal dips in income can be highly challenging when you’re a small business. But there are proactive ways to predict, plan for and overcome these dips in revenue.
The key to dealing with seasonal dips is to know when they’re most likely to occur, and to have measures in place to spread your income and revenue pipeline over the course of the year.
Understanding seasonality in your sector
If your business is seasonal such as pool supplies, or a ski gear specialist, you’ll be used to the peaks and troughs, but many 'non-seasonal' businesses experience times during the financial year where sales and revenue peak – and, on the flipside, where sales and...
“A goal should scare you a little and excite you a lot.” - Joe Vitale
You’ve probably heard of SMART goals and, spoiler alert, they’re not rocket science… but they do work.
SMART goals are an excellent filter to maximise planning outcomes.
With the SMART acronym comes five simple parameters; that any goal (if you truly want to achieve it) must be Specific, Measurable, Achievable, Relevant and Time-bound.
When thinking about goals vs SMART goals, consider the difference between “I want a healthier diet” and “I want to eat less than 2,000 calories a day, 6 days per week to lose 7 kg within 3 months and reduce my LDL cholesterol to 80”. Which goal compe...
Your profit and loss statement (P&L) helps you understand your business performance and profitability over time. It’s sometimes called an Income statement and its main purpose is to list income and expenditure.
Whereas a balance sheet is a snapshot in time, the P&L shows transactions over a specific period of time. This can be a month, quarter, financial year or any other period, and it can be a stand-alone report or a comparative period report.
Together with the balance sheet, these two reports provide a comprehensive understanding of the financial position and performance of a business.
The profit and loss statement has two main sections: income and...