#businessunleashed

August 25, 2020

Challenges for small businesses coping with debt

Risk is part of running a business. You can't easily plan for recession, natural disasters or other negative events, because if you take a too-cautious approach then you'll never succeed. But sometimes the odds will go against you.

If you find yourself unexpectedly further in debt than you'd like, don't panic. There are options available but they require action. If you sit back passively and wait for the worst to happen, it just might.

So take action. Manage what you owe before it becomes unmanageable. Here are some useful tips to help you take control of your debts.

Understand your situation and take action

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August 10, 2020

Now more than ever, businesses recognise that to grow faster and smarter, they need to be online and in the cloud.

As more consumers are shifting their spending from visiting bricks and mortar stores to online shopping, businesses need to shift too. Having an online presence not only allows you to stay in the game but enables you to compete with new competitors. It also enables you to cast your net beyond geographical boundaries.

What are the benefits of moving your business online?

Leading research has revealed that most consumers like to search for information online before they shop. Nielsen found that 92% of consumers trust word of mouth referrals abo...

August 4, 2020

Running a business will always mean incurring certain expenses, or ‘spend’.

There are always costs, overheads and supplier bills that mount up – and these expenses will gradually chip away at your cash position, making it more difficult to grow and make a profit.

So, what can you do to reduce your spend levels? And what impact will this have on your overall margins, profits and ability to fund the next stage in your business journey?

Getting Proactive With Your Spend Management

Spend management is all about getting in control of your expenses – and, where possible, aiming to reduce the level of costs and overheads that you incur as a company.

Why does this...

August 4, 2020

It’s human nature to be influenced by the people in your inner circle. In fact, the odds of being successful are a lot higher if you’re surrounding yourself with people who are also successful.

In a business context, consider very carefully the people and friends you associate with. Who plays a role in influencing your life? Who are your role models, mentors, and supporters?

“You’re the average of the five people you spend most of your time with”.

It really pays to think about who your top five are. These people play a part in determining how you think, how you act, and ultimately how successful you will become.

As entrepreneurs, you’re responsible for you...

August 4, 2020

Business cashflow is simply money coming in and money going out of the business. Your outgoings will include things like rent, payroll, taxes and supplies. Your income will be revenue from sales but might also include investment funds or the sale of assets.

For most businesses, income and expenditure don’t always happen at the same time so focusing on strong cashflow management will help you prepare for the shortfalls and also manage surplus income.

Cashflow reports allow you to look back at cashflow in your business. This can uncover cashflow patterns over time and show you how much money you need to run your business each month.

Cashflow forecasts look...

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