November 28, 2019

The statement of cash flows, (also known as the cash flow statement), shows how your business has generated and used cash (and cash equivalents) within a specific time period.
 

For each of the reporting categories, receipts and payments are listed (money in and money out), and this is reported as a net increase or decrease in cash held for that category.
 

The net change in all categories is added to the amount of cash on hand at the start of the reporting period to arrive at the current cash on hand figure at the end of the reporting period.
 

It is another important financial statement to understand in conjunction with the Profit and Loss statement and...

November 26, 2019

Slowly but surely, we’re bidding goodbye to a society where customers scrounge for change at the till.

Bank Negara stats show that direct debit transactions increased from 3 million in 2017 to 4 million in 2018, while the number of transactions made via debit cards jumped a whopping 83.5 million.

Along with the crowded e-wallet market, these stats certainly stand for something. It illustrates our ever-dwindling reliance on traditional paper-based payments, favoring the usage of debit and credit cards, online banking and mobile wallets among others.

But Malaysia’s shifting payments landscape probably isn’t news to you. What matters more is - should your bu...

November 25, 2019

Our success in life depends largely on our mindset. Those who wait until conditions are perfect are unlikely to achieve their goals as they’re always waiting for the right time and never take that first step.

There are three small words whose order can heavily influence the outcomes we achieve: be, do, and have. After deciding on your goals, the next step is to consider who you need to be in order to achieve your goals, rather than what you need to do.
 

Compare the following sentences:
 

“When I have a more profitable business, I’ll do great things with my family and be a great partner and parent… first I need to work a bit harde...

November 21, 2019

When you're looking to expand and grow your business, you'll almost certainly need extra finance to achieve this. But what’s the best funding route for your company?
 

Should you opt for equity or debt when it comes to sourcing this additional investment and capital? And what are the pros and cons of these two options?

Choosing the right funding for your business
 

Unless your business is in the fortunate position of having enough surplus cash to be self-funding, you're going to need additional funding in the form of either equity or debt.
 

There are some key differences between these two routes:
 

Equity = investment from private investors or venture capi...

November 20, 2019

There are three fundamentals to successfully scale up your business: having a clear organisation structure, having comprehensive systems, and developing great leadership.


Ever heard the quote, “What got you here won’t get you there”? These are wise words (and the title of a book you should read!) are from Marshall Goldsmith. Choosing to scale your business does not come without risk!

Many leaders focus on their systems and teams when looking to scale, which is important, but they must also focus on scaling themselves.
 

Fundamental three: developing great leadership
 

Most reasons why businesses fail, directly and indirectly, point to leadership failure.
...

November 17, 2019

Fundamental two: documenting your systems and processes
 

It’s essential that you regularly review your business’s systems and have clearly documented processes in place - for consistency, efficiency, and so that you can delegate more responsibilities to your team.
 

Nine steps to establish great systems:
 

1. Identify your key systems.
Focus on documenting your most critical processes first. These may be customer focused, those where only one person knows how to perform the task, the tasks currently causing the most friction, or those preventing you from being paid on time.
 

2. Develop a standardised approach to documenting your systems.
Document process...

November 15, 2019

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...

November 13, 2019

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...

November 11, 2019

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,...

November 8, 2019


 

A Customer Relationship Management (CRM) application can help you close deals and maximise revenue from existing accounts. But first and foremost, it has to make your sales team happy.
 


If sales is a big driver for your business, you’ve probably either tried a CRM system before or you’re in a hurry to get one up and running. At their best, they can:
 

  • increase sales (some say by up to 30%)
     

  • take away admin, so your sales people are happier and more focused
     

  • identify opportunities to cross-sell or upsell to existing customers
     

  • ensure customer requests don’t slip through the cracks
     

  • consolidate and protect your instituti...

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