Perhaps we've been wearing one too many hats when it comes to directing or leading a business.
"If there’s a way to do it better… find it." – Thomas A. Edison
There are 10 departments in every business, no matter how small. There's
Product / Service Development
Admin / IT
Many business owners control multiple departments. Now imagine each department has a hat worn by the single leader of each department. Many business owners wear multiple hats. The secret to the success of your organisation structure is to understand the key differenc...
Over the past few months alone, we have witnessed devastating natural disasters, social unrest in Hong Kong and now the Coronavirus outbreak globally. These series of unpredictable events have signalled to businesses the urgent need to instil stability and minimise disruption in their operations using technology.
Not only did these events put the modern workplace arrangements to the test, they have created an even more dire and compelling reason for businesses to accelerate the pace at which they are transforming their business practices and culture.
It was not too long ago when businesses were exploring flexible working arrangements to achieve better...
Businesses that have clear objectives or goals, robust accountability and a shared sense of purpose should always outperform those that just show up and go through the motions.
Strategy lies at the heart of most successful businesses. To achieve this you need to resource and execute with a clear purpose. Few businesses have a strategic plan or a robust planning process. Changing this situation should be a top priority! Here are two top tips for business owners.
1. Process Creates the Plan
Getting strategy at the heart of your success will require you to carve out some time, get a process started, and shake things up. There’s no better time to review and t...
During an emergency situation such as the current, employees can no longer work from your usual office location due to restrictions, being able to ‘get up and running’ from a remote location is critical. Remote working allows your people to remain safe at home, allows communication between the team and customers, and – crucially – allows you to continue running your business and creating revenue. But how do you set up your team to become remote workers? And what are the key considerations to think about when working remotely in the cloud?
If your business is not yet equipped with any remote or cloud working infrastructure, it is not too late...
Easy bill and receipt capture included in Xero from today with Hubdoc.
How does Hubdoc help you run a successful business?
One of the biggest challenges for small business owners is to keep their books up-to-date and understand their financial position in real-time. Do you have enough money in the bank this month? Which parts of the business aren’t profitable? Many people are looking for answers to these questions in order to build a sustainable business.
Hubdoc is Xero’s bill and receipt capture tool that helps businesses do their bookkeeping more effectively. This helps you answer these questions and come up with a strategy and plan ahead.
In unprecedented times, businesses must adapt to remain productive. If face-to-face meetings are a key part of your daily business operation, here are some tips to take your meetings online with minimal disruption.
Find the best system for you.
There's a range of free or low-cost platforms, including GoToMeeting, ezTalks, Join.me, Zoom, Google Hangouts, and TeamViewer. Before you choose one, consider:
How many people generally attend your meetings?
Do you require screen share functionality?
How many meetings do you run? (If it’s a lot, a small monthly subscription may pay off due to better functionality)
Inventory management or stock control, encompasses all the tasks you carry out to keep your inventory in check. Activities like ordering products, storing your merchandise, counting items, and forecasting demand are all components of inventory management.
Having the right products at the right time for your audience is critical in retail. In order to run a successful retail business you’ll need to think about the following key areas:
Sourcing products effectively - by tapping into online directories, attending trade shows, and analysing your stock data. Talk to your customers and staff and review your sales data to guide your purchasing decisions. ...
When you’re running a business, it’s easy to get caught up in the day-to-day activity and lose sight of the big picture. Taking stock of the health of your business is important. Knowing where you’re allows for more effective planning, early warning about any issues, and the chance to better chart a course for success.
There are some quick ratios that will help you in order to gauge the health of your business. We can help you to assess your business health and show you how to calculate these vital checks.
Liquidity ratios are about how quickly you can turn your business assets into cash - which helps you assess whether you’ll be ab...
If you’re looking to scale your business, you’ll need to spend more time working on it than in it.
Finding ways to leverage your time is critical, and outsourcing your least favourite tasks is a great way to do this.
Things you should consider outsourcing in your business:
From your content strategy to your social media accounts, if this is not a strength of yours, outsource it! There are many freelancers who have multiple clients at this level, who’ll likely be more knowledgeable regarding SEO and much more effective and efficient in general.
Your brand is a key reflection of your product offering....
The more you understand about your business, your market and your competitors, the better prepared you are for the business journey that lies ahead – and this is where a simple SWOT analysis can be an invaluable tool in your strategic armoury.
But what exactly is a SWOT analysis?
Building a detailed picture of your business
SWOT stands for Strengths, Weaknesses, Opportunities and Threats – and this kind of analysis helps you to get a more detailed understanding of your business and market.
By breaking things down into four key quadrants, you can review each area and begin to build up your business intelligence profile.