So your business is going through a tough time, building up debt, dropping clients and running out of working capital. To minimise any financial and personal stress and has the best chance of full business recovery, it's important you confront the challenges quickly. Below we summarise the key considerations for owners of SMEs who are looking to trade out of a slump. Understand Your Business Position The first task is to review your business position. Sadly, not every busines
Poor cash flow can sink a good business, even if it is profitable. In fact, poor cash flow is the main reason why majority of the business fail in the first 5 years. But the good news is the cash flow is predictable to certain extent. So a little bit extra works may save your business from potential cash flow issue. In the following post, we will discuss what you need to do to avoid cash flow. Bill your client on time Consistency with billing and following up with clients to
The majority of the business end up failing within the first few years. Many of the business failures are due to inability to generate enough profit. Among the many reasons why business is not profitable, we find the top three reasons are Low Price, Too Much Overhead Costs, and Market Competition. Check the following paragraph to find how these factors affect your business and how to avoid them. You Do Not Charge Enough
We have met many clients who offer excellent service, y
We all lose customers at some point. It’s a fact of life. That’s not to say we have to stand idly by and wave them goodbye; we need to understand why this is happening and identify what changes can be made to prevent it. In the following paragraph, we will discuss some general cause of losing the client and the actions you should take to address the issue. 1.Service /product quality not meeting client’s expectation.
Almost every business has some dissatisfied customers. A l