Don’t Buy Your Printer

Tuesday, March 08, 2011

Despite surrounding themselves with computers and gadgets, businesses still can’t break their love affair with an ancient technology - paper.

Printing is one of the surprisingly large expense areas in many businesses, often with little oversight as to what is being printed or by whom. Business owners tend to prefer buying the cheapest printers without realising that the price of the unit is not as important as the cost of the ink or toner that it consumes. Read More

Measuring Customer Satisfaction

Tuesday, February 08, 2011

Companies can spend thousands of dollars on advice from consultants and business experts, but often the best advice is freely given by the people that matter most - your customers.

When you ask a customer to write several sentences about their experiences it is also a great way to test confidence in your business. Which customers would you ask? Are your customers prepared to vouch for your business with their name? Are you prepared to accept negative feedback?

The rule of thumb is that every disappointed customer will share their experience with 10 others. If you aren’t collecting negative feedback you are missing out on a great way to improve your business and increase customer retention. Read More

Purchase Order Financing

Monday, December 06, 2010

One of the ironies in business is that if you want to increase revenue, sometimes you need to borrow money. The reason is simple: growth is expensive. Suppliers will almost always require payment before you have received money from sales.

Managing cash flow is the toughest job in any business. The cautious business that relies on income to fund expansion rather than borrowings will limit the maximum speed of growth, as income will always lag behind expenses.  Read More

You Can Quote Me On That

Thursday, September 23, 2010

Many types of small business routinely offer customers some idea (either a quote – which is legally binding, or an estimate, which is not) of the cost for doing a job. Often customers require such an estimate for a sense of safety or to compare quotes from different businesses before they will commit to a purchase. There’s always the pressure to supply the lowest quote to win the job so an inaccurate quote can wipe out any profit margin on a job. Better understanding how to price and more efficient ways of developing quotes can reduce the risk of getting it wrong. Read More

Being Financially Well Organised Means Never Having To Say Sorry

Friday, September 10, 2010

Even talented and successful entrepreneurs may concentrate so intensely on their business that they neglect their personal financial planning.  They save little money outside their business, have only a modest retirement benefits package plan and carry insufficient insurance to cover any hiatus in the businesses’ income generation activity. Sooner or later, these people find themselves regretting their lack of foresight. Good financial planning means never having to say “Sorry”. Read More

Protecting Your Most Important Assets – Intellectual Property Rights

Thursday, August 12, 2010

When you think about protecting company assets, several things probably come straight to mind, such as land, buildings, machinery, inventory and vehicles. In many instances companies overlook their intellectual property, which can be one of their most valuable assets. By understanding the different types of intellectual property and how they can be protected against infringement you can help your business stay ahead of the competition. Read More