Education

How to Add Value: Defining and Delivering What Your Customers Want

May 16, 2023 By Eddie Senatore

How to Add Value

how to add value

What is Adding Value

Providing value is essential for any company’s success, but the phrase is ambiguous. Anyone can be cheaper than their competitor (even if it means trading at a loss!) but providing real value, that’s more difficult, and for all businesses, value in their products and their service offerings can make or break the business. Customers are constantly looking for products and services that meet their needs and improve their quality of life. Therefore, it’s critical to define and deliver what your customers want, to ensure that they’ll look to you to provide this in future. In this post, we’ll discuss how to add value in a two-step process: First, define ‘value’ and then put things in place to ensure that you’re delivering what your customers want and that you’re providing the value that your customers deserve and desire.

How to Add Value to Your Customers

Once you’ve defined value, it’s time to deliver what your customers want. This is where ‘value’ is actually created – and where the magic happens. The key here is to really understand what the customer desires, their pains and their headaches to ensure that you can not only deliver on any expectations but provide real value to the customer by solving any problems they have, you’ll find you’re able to build brand loyalty when your values align with that of your customers and you provide them with real, tangible and measurable value.

First: Define What Your Customers Want

The first step in providing value to your customers is understanding the needs of your target market, the most effective way to do this is usually through customer feedback or market research. In order to ensure that your customers are receiving the value they expect, it’s important though, to go beyond simply understanding their needs. Put yourself in their shoes and think about the customer experience from their perspective. Ask yourself questions like: What would my ideal customer need? What would make their experience better? What would make them feel valued?

Pro tip: You can create buyer personas that represent your ideal customers, to help you make informed decisions about product development, marketing, and customer service as you can tailor your products and services to specific target markets and individuals when you understand their needs and desires. Take the time to analyze the data and converse with your customers to get to know their pain points, challenges, and desires, better. By addressing these needs, you can create products and services that provide value and will be valued by your customers.

The Contractor/Supplier Relationship

what your customers want

When defining value it might be useful to think of the relationship between a contractor and their suppliers. Imagine for a moment that you own a construction business and have narrowed your search for a new supplier down to two potential candidates:

Supplier 1	Supplier 2
Has below-market prices and will allow you to increase your profit margin across a wide range of projects.	Has competitive pricing for the quality of the materials supplied but higher than the market average.
Has low-quality, cost-effective materials.	Is renowned for the quality of its materials.
Provides limited customer service, account management and dispute resolution.	Works to pre-determined brand standards and KPI’s for customer service, product quality and best practice safety standards

The decision you make here depends on how you position yourself in the market. One decision is improving profits by capturing more of the value from reducing costs whilst the other is improving profit by capturing more of the consumer value.

Second: Deliver What Your Customers Want

Here are some tips to get you started on capturing consumer value:

Focus on quality: Customers expect high-quality products and services. Focusing on quality is essential when providing value to customers because it ensures they are receiving a product or service that meets their expectations. Quality not only satisfies customers but helps you to build trust and loyalty in your brand.
Differentiate your product or service: To provide value to your customers, you need to differentiate your product or service from your competitors. This could be through innovation, superior quality, convenience, or a USP that sets your product or service apart. They’re all ways of adding value to your offering. By differentiating your product or service, you’re providing value to your customers and giving them a reason to choose your business over your competitors. It is important to consistently evaluate and update your differentiation strategy to ensure that your product or service remains relevant and valuable in the eyes of your customers.
Don't overlook the importance of employee engagement: To deliver value to your customers, you need engaged and motivated employees who are committed to providing your customers with the best possible service. Make sure that your employees feel valued and supported, and that they have the tools and resources they need to do the job you need them to.
Provide customer service excellence: Your customers should feel valued and appreciated. Make sure your customer service team is knowledgeable, helpful, and responsive to the needs of your customers.
Offer convenience: Customers want products and services that make their lives easier. Consider offering quality-of-life improvements by making products and services more accessible to the masses. Tailor your products or services to the specific needs of individual customers to provide added value through convenience.
Consider the full customer journey: Providing value to your customers isn't just about the product or service itself. It's also about the full customer journey, from the initial contact with your business to its after-sales support. Make sure that every touchpoint with your customer is focused on delivering value for them.
Be responsive to feedback: Your customers will provide feedback on your products and services. Listen to their feedback and use it to improve your offerings.
Keep up with changing customer needs: Customer needs are constantly changing, so it's important to stay up-to-date with any changes and adapt your product or service offerings accordingly. This could involve introducing new features or services, changing pricing structures, or making other adjustments to better meet customer needs.
Communicate the value you provide: To ensure that your customers understand the value you're providing, tell them about it! This could be through your marketing or customer testimonials and reviews.
Continuously innovate: The business world is always changing, and your customers' needs will evolve over time. Continuously innovate: Stay up to date with industry trends, research customer preferences and analyse your competitors to identify areas of your own business where you can add value.
Continuously improve: It’s impossible to make a perfect product and therefore it’s important that you continuously improve your offerings to make sure that your products and services are consistently bringing your customers, value. Don’t just continuously improve but demonstrate this to your customers in practice by listening to them and implementing and using customer feedback to improve products and services. Regularly assess customer feedback and make adjustments accordingly to ensure that your products and services are delivering the best value to your customers.

Measuring Value

You can’t be sure you’re providing value if you don’t measure the outcome of your efforts. This is where your customer surveys and feedback come into play. Make a habit of asking questions about customers’ experience with your business and their opinion of the products and services you offer, this can be one of the most effective ways of improving value for customers as it allows you to identify any common frustrations with a product or service and feedback on how this can be improved, moving forward. I’m not suggesting you immediately pick up the phone and speak to your customers individually, although if your business is small enough then this might be useful. Automate the issuing of customer surveys so that once a product or service is delivered, feedback can be provided. It automates and provides consistency to the process of gathering valuable customer feedback while encouraging feedback to be provided.

Consumer-Led Product Improvement and Innovation

When you actively listen to feedback and implement changes to your products and services based on this, it can significantly improve overall customer satisfaction while having the added benefit of showing your customers that they’re valued, that their opinion matters and that the design of your products and services are person-centred rather than profit-led. Take a step back and look at the bigger picture: the former, a person-centred approach to service and product delivery means your business will likely benefit from organic growth through a variety of factors including raised public perception of your brand and positive word-of-mouth marketing.

Actively listening to your customers and implementing changes based on feedback is a form of continuous improvement. Committing to continuous improvement means increasing your efficiency, reducing your costs, reducing waste and increasing overall profitability.

How to Control Spending: 5 Strategies and Tips for Success

April 18, 2023 By Eddie Senatore

How to Control Spending

Controlling spending can be a difficult task for anyone. Whether you’re trying to manage your personal finances or those of your business, it’s important to have strategies in place to help you stay on track and make sure you’re making the most of your finances. How do you gain control of your spending and make your money work harder for you? Read on.

First, you need an accurate budget and cross check this budget against your actual spending (both cash and credit). It won’t take long for you to identify areas of overspending and it will allow you to consider areas for further cost saving, either through reducing, consolidating or eliminating costs altogether. Make budgets practical and realistic, try to include all costs and record these as accurately as possible for best effect.

You can supplement your budget by creating a cash flow forecast to help you identify not just where your money is going, but when. This will help you to plan for any upcoming large payments and to manage your cash flow more efficiently. If you don’t currently have a working budget and forecast just implementing these two processes alone will make a huge difference to your spending control. Budgets and forecasts are essential if you’re serious about managing a business’s finances effectively and in some cases, compliantly with government legislation.

Pro tip: Search online for free cash flow forecast templates that can be used to auto-calculate for you and improve them to suit the needs of your business. There are a variety of free templates available online for both Excel and Sheets. A pre-designed template will save you a huge amount of time and effort in creating the document, especially if you’ve never made one before. This doesn’t just apply to the business owners out there; the forecast can be an incredibly useful tool for streamlining and organizing personal income and expenditure. Don’t do spreadsheets? Outsource the work or use accounting software. Software can almost automate the budgeting and forecasting processes for you and many solution providers offer free trials on premium features.

Money Management Tips

Working with a business coach or financial advisor can provide you with a tailored approach to managing your finances. They can help individuals, as well as decision-makers, better understand their spending patterns and assess the best strategies to reach their own unique goals. If you want a bespoke solution, working with an advisor can arm you with the tools and knowledge to gain better control over spending unique to your specific circumstances.

Want to keep things internal? We’ve got you covered, read on for 5 strategies you can implement today that will help you control your spending and increase oversight of your finances:

Set SMART goals: SMART is an incredibly versatile way of measuring outcomes, the acronym stands for: Specific, Measurable, Attainable (or Achievable), Relevant and Time-bound. Setting financial goals in this way is a great way to stay on track with your spending, as you have a clearer and more specific direction. Think of it like this: you can’t plan a route without first having a destination. Decide what it is you want to achieve and then create a plan that will help you reach those goals using the SMART criteria. For example, if you want to save $5,000 in the next six months, your goal should be Specific: save $5,000. It should be Measurable: in six months. It should be Attainable (or Achievable): with your current income and expenses, or with changes to your budget. It should be Relevant: to your current financial situation, and it should be Time-bound: in six months’ time.
Analyze your spending: Examining spending can be a great way to identify and cut out unnecessary costs. Start by looking at bank statements, any existing budgets, credit card bills, and other financial documents to gain a deeper understanding of where the money’s going. In particular, look for any items that don’t bring or provide any real value and those which can be comfortably accommodated in-house. Once you’ve identified these, create a plan to reduce or cut them out altogether. If you find yourself struggling to keep your budget in check, consider setting up automatic payments or using budgeting apps to help you track your expenses and stay on budget. Look for ways to save money on things you need, such as switching to cheaper mobile phone contracts or shopping around for the best deals on sundry. Don’t take the listed price, negotiate effectively with your suppliers and secure better prices. With a bit of groundwork, patience and research you’d be surprised at how many costs can be reduced or eliminated in all.
Take advantage of discounts, one-time offers, loyalty and reward programs: Look for ways to save money on regular expenses, if you have a credit card that offers cashback, use the card for your regular expenses and spending, over time you’d be surprised at how much cashback can be recuperated through regular use. Take advantage of discounts, coupons, and reward programs to get the best deals on the items and services you need regularly. You can also switch to cheaper suppliers, you may even receive cashback for switching your services while also benefiting from reducing your overall recurring costs. Reducing costs is known as ‘cost control’, it’s easily confused with ‘spend control’ (mentioned below). Unlike spend control, where the focus is on controlling and monitoring spending, cost control typically refers to the process of reducing the cost of goods, services and other overheads to keep costs within their pre-determined budget amounts.
Automate the finance back-end: By setting up automatic payments with your bank and suppliers, you can ensure that your payment schedule is consistent and suppliers aren’t chasing you for invoices. This is beneficial for two reasons. Firstly, it eliminates the need for you to manually process and send payments each period, which saves you time and effort. Secondly, it ensures that your payments are always made on time, so you don’t risk late payment fees or damage to your relationship with the supplier. If you do decide to set up automatic payments, make sure to select a date that is convenient for you and your suppliers and one that allows enough time for the payment to be processed and sent out. Additionally, make sure to keep an eye on your account balance and any payments that have been scheduled to go out each month. This will help you manage your cash flow and ensure that you don’t overspend.
Implement additional spend control measures: Spending controls are measures put in place to enforce your budget, they aren’t there to cut costs as such, but rather to ensure that you’re spending according to your budget. Budgeting and cash flow forecasting are both examples of simple spending control measures that can be utilized with great effect. If you want to tighten spending controls further, you can limit access to purchasing systems, apply user spending limits and consider requiring approval for purchase orders and purchase requests, you can add an additional layer of enforcement by requiring sign-offs from two approvers before your PO’s are issued. Be aware: Purchase approvals can be a highly effective way of controlling company spending, however, if taking this approach it’s important to manage effectively or it can impact your business negatively. If your team have to raise an urgent PO, outside of regular trading hours, there should be a procedure in place to account for this.

Implementing these systems can benefit you and your business in many ways. Individually, it can be incredibly empowering to finally get control of your spending, especially if this has been a long-term issue. You’ll find that when you have greater oversight of your finances and a clear picture of what’s coming in and going out, you spend less time stressed out over your finances and looking at the bigger picture the lowered stress will aid you in your performance, whatever your role in the business. For businesses, greater oversight and control means potentially reducing overall expenditure while improving profit margins against wavering overheads with excess capital re-invested into the business or into stocks, shares, savings or other commodities. It’s important to take a step back and think: what is it that you really need? You want to have better control of your spending, but for what end goal? The strategies above will hopefully have provided you with insight into how you can better control spending, but overall, consider this to be just one stepping stone in a permanent process of continuous improvement whether on a personal or business level.

Understanding Your Financial Position: How to Track and Assess Your Spending

April 17, 2023 By Eddie Senatore

Understanding Your Financial Position

Whether managing your or your company’s finances, understanding your financial position is the key to success and it’s simpler than you think. Whether you’re a small business owner or just trying to better manage your personal budget, tracking and assessing your spending is essential for staying on top of everything but it’s often overlooked. If you ever find yourself in a position where you’re losing track of expenses, your invoices don’t match or you’ve missed a payment, I’d strongly encourage you to take a step back and re-evaluate the immediate priorities. Once the dust has settled you’ll be in a better position to put robust measures in place to help you with day-to-day money management, moving forward.

How to Track Your Spending

Tracking and assessing your spending might seem like an overwhelming task to some – especially if you’re not used to keeping tabs on where your money goes. It can be a real shock to the system when you find yourself in a position where you have to start doing this suddenly, such as when starting a business. There’s a lot to keep track of – but the good news is that it doesn’t have to be complicated or time-consuming, that’s the thing. I completely understand if your immediate reaction to money management issues is to take on an accountant to straighten things out for you. Although taking on an accountant could potentially be an easy hands-off approach to a solution, it’s not always an accessible approach, especially when many businesses now operate on higher costs, lower margins and growing inflation.

Trust me when I say: having a good understanding of financial management can give you the confidence to make sound decisions with your money. Allowing you to plan for the future and make sure that your money’s working for you, as it should. With a clear understanding of your financial position, you can save time and energy, and avoid potentially costly mistakes and missed opportunities. Having control over your finances is incredibly empowering and you’ll find that this can help to boost confidence in yourself and your business.

Ways to Control Spending

It can be useful to think of cash as a ‘tool’ rather than as liquidity. Think about this: To insert screws into a board you’d use a screwdriver, to add nails you’d use a hammer. But what is all this talk about DIY and how does it relate to money management? Well, when you need to do a job at home, you generally use a tool to do it, but if you start hammering in screws and screwing in nails you’re going to give yourself a hard time. It’s not just about using the tool but knowing HOW to use it. Once you know how to use your ‘tools’ effectively; you’ll realize how they can be used to improve your business, or better yet: your quality of life. Let me explain:

Bring it back to basics: It might seem obvious but it’s often overlooked. One of the best ways to track and assess expenses is by creating a budget. A budget will help you identify exactly how much money you have coming in each month, as well as how much you need to cover all of the expenses: rent, bills and other costs associated with running a business (or living life!) should all be included. But think about it: If you can see at a glance what’s coming in and what needs to go out, you can use the data to help you: cut back costs, priorities and track your spending, among other things. The more you think about it the more useful it becomes. Use a spreadsheet to lay this out and automate calculations to eliminate human error where possible, if you don’t have a license for software some good online alternatives can be used for free.
Use a mobile app or software: There are plenty of great apps out there that make tracking and assessing spending easy. QuickBooks and Xero are two well-known examples of software that can be used to gain a deeper understanding of finances. Many people and businesses already benefit from the ledger and accounting solutions. Over time more people have come to adopt the software, encouraging developers to create more apps and software. Thankfully for you, this means you’re spoilt for choice when choosing the right app or software for you. Many suppliers offer free trials or free entry-level access to their platforms.
Use a cash flow forecast: You can add more detail to your budget by supplementing it with a cash flow forecast. Lay your income and costs out across a year and break this down by month, this works for both personal budgets and businesses. You’ll find that you can forecast most shortfalls before they occur. The easiest way to do this is to use accounting software but you can achieve the same output through Excel or Google Sheets. If you do use a spreadsheet, use formulas to auto-calculate values for you, it’ll save you a huge amount of time, effort and errors. Make this a ‘live’ document and regularly update it to incorporate changes in revenue and expenses so that you always have an accurate summary of the business and personal finances. The forecast can also be used to seek future investment, which will be subject to satisfactory profit, loss and cash flow forecasts.
Monitor regular expenses: Big ticket items such as manufacturing, rent, car and mortgage payments are all important to track. But there are additional areas of focus to gain a better understanding of where the money is going each month. Think lunches out, coffee runs, train tickets and Ubers. It’s important to pay attention to even minor expenses, they quickly add up over time if they’re not watched and managed. If possible, set up a system for tracking all costs so that it’s easier to monitor spending in real time, some commercial banks provide this and some apps can be integrated into your account’s API that’ll enable you to auto-track expenses to predetermined criteria.
Separate business from personal: By separating your business and personal finances, you’ll be better placed to track expenses, income, and profits, it’ll also make it easier to identify areas where you can save some money and could help to minimize personal liability for business non-compliance. It’s worth noting that this is subject to local corporation laws and that separating business from personal finance doesn’t by default minimize personal liability in and of itself.
Set financial goals: Setting financial goals is an incredibly useful tool and it can be used to inform, provide structure, influence decision making and motivate. When setting goals, consider your desired income level, desired saving rate, desired rate of return, and desired debt-to-income ratio, and implement strategies to achieve the desired output.
Draw up and implement a finance strategy: Develop a financial strategy to get the most out of your business finances. The strategy can include your budgeting system, ways to reduce expenses now and in the future, ways to increase revenue, and ways to manage debt. Your strategy should also include steps to ensure that you’re meeting your financial goals through KPIs and that you’re staying within budget.
Review once per quarter: A regular review is essential. At least once a quarter is a good rule of thumb to ensure that all your financial information is up-to-date and accurate. Take your time and be thorough. Identify opportunities to save through reducing, eliminating or consolidating services and expenses. All income and expense sources should be considered so that you can see the full picture. Investments, savings and dividends should count towards your income and ensure you’re anticipating your sundry items. Start with your financial statements: your budget, cash flow forecast, balance sheets and bank account statements can all be used to gain a better understanding of the company’s current and future financial position.

Once you’ve determined the most suitable methods for you, determine the level of complexity you need. To do this: consider your desired output. What do you need? Higher margins? lower income to debt ratio? If you want to raise your margins it might be worth conducting a cost analysis as part of your budgeting. If you want to lower your debt-to-income ratio, you can analyze your current debtor payment schedules for opportunities to pay down debt faster.

To simplify a method you could, for example, create a cash flow forecast but do this to the first quarter of a given period, rather than provide an annual projection. In relation to software and mobile apps, there are also varying levels of complexity depending on your individual needs and the needs of your business. Budgets, cash flow forecasts and financial goals can all be created with software and typically simplify the process, especially in the case of cash flow forecast creation and other financial projections.

Overall, adopting any of the above will be a positive step towards understanding your financial position and will empower you to better track and assess your spending when implemented effectively.

Time Management Strategies for Small Businesses: How to Maximize Productivity

April 14, 2023 By Eddie Senatore

Time Management Strategies for Small Businesses

Why Time Management Skills are Important

Running a small business is time-consuming work, and as a business owner, your time is precious. Between managing employees, marketing, administration tasks, liaising with clients, and the myriad of other necessary tasks that come with running your own business, you may feel like there just aren’t enough hours in the day.

‘Time management’ is planning how to efficiently use and deliberately control the time you spend to maximize productivity.

In short, get more done in less time.

Without good time management skills, your lengthy to-do list can cause you a lot of stress and make you feel constantly overwhelmed.

Common time management mistakes

Tell-tale signs of bad time management can include poor scheduling, failing to follow a to-do list, ineffective prioritizing, chronic disorganization, and procrastination. In turn, these bad habits can lead to poor performance and feeling overwhelmed, rushed, and disorganized.

This will more than likely cause stress and you may even find yourself worrying about work in your free time. So, as you can see, the consequences of poor time management skills can interfere with your personal life and affect your work-life balance.

What good time management looks like

Good time management involves active planning and prioritizing, setting short and long-term goals, evaluating urgent tasks, and setting realistic deadlines. Delegation and outsourcing where possible, are also healthy time management habits that will help you take back your day.

In this article, we’ll explore techniques you can use to manage your time in a way that will improve work quality, reduce stress, curb procrastination, and create more time to work on strategic or creative projects.

What are Some Time Management Strategies

SMART Goals

The SMART in SMART Goals stands for Specific, Measurable, Achievable, Relevant, and Time-Bound. Defining these parameters ensures that your objectives are realistically attainable within the set time frame. Using this approach eliminates guesswork, sets a clear timeline, and makes it easier to track your progress.

S: Specific

For a goal to be effective, it needs to be specific. Outline exactly what needs to be accomplished, who is responsible for it, and what steps need to be taken to achieve it.

M: Measurable

Quantify your goal – This will make it easier for you and your team to track progress.

A: Achievable

Make sure what you want to achieve is realistic for your business. Achievability can easily be shattered by biting off more than you can chew, so be honest with yourself from the start.

R: Relevant

Think about why you’re setting this goal in the first place. What impact does it have on your business?

T: Time-Bound

Be clear about your time parameters so that you and your team can stay on track within a designated time frame and see the finish line ahead. When you’ve incorporated those dates, your SMART Goal is complete.

Techniques to help you stay focused and avoid distractions

It may seem a little obvious but start with a to-do list. Research has shown that creating a daily schedule relieves the burden on the brain. Use time blocks (also known as Timeboxing) for different tasks. Sticking to this will be your key to success. Experiment with adding time buffers, for example, 30 minutes between tasks so that even if you do run over your allotted time, your overall schedule stays intact, and you remain productive.

The Pomodoro Technique

If you’re still struggling to focus, try using the Pomodoro Technique.

The Pomodoro Technique is a time management method developed by Francesco Cirillo in the 1980s. It uses a kitchen timer to break work into intervals, typically 25 minutes in length, separated by short breaks. Each interval is known as a Pomodoro, from the Italian word for tomato, after the tomato-shaped kitchen timer Francesco used as a university student.

Step 1: Set a timer. The most common interval length is 25 minutes, and it’s recommended as a starting point, but you can set more or less, it’s up to you.
Step 2: Get to work. The aim is to finish the session without taking a break, getting distracted, or switching tasks.
Step 3: When you complete a Pomodoro, check the task off. The original Pomodoro Technique recommends doing this on paper, but there are plenty of free list apps out there if you prefer to use your phone.
Step 3: Take a 5-minute break. When you’ve completed a Pomodoro, reward yourself with a short break, then repeat.
Step 4: Repeat 4 more times to earn yourself a longer break.

Distractions are everywhere, so give tasks your undivided attention.

Self-discipline is a very important factor here. Avoid sneaking onto non-work-related sites, online shopping, or social media (or whatever it is you’re not supposed to be doing) during work hours and close all those extra browser tabs. Turn off your phone notifications and limit your personal communication – personal calls, text messages, and emails – to your free time only.

Remember to schedule yourself a break

It may seem counter-productive at first, but taking a break and stepping away from the task at hand can reset your motivation and improve your productivity, as well as reduce the risk of burnout. Studies have found that taking regular breaks can reduce or prevent stress altogether, helping to maintain performance throughout the day.

Tips for ensuring you take breaks

Schedule your break time and stick to it

Set a warning alarm on your phone 5 minutes prior

Pay attention to the benefits you experience whilst on your break and use them to motivate you to take breaks in the future e.g quiet spaces and fresh air.
Use post-it notes around your workspace to remind yourself why breaks are important

How to effectively prioritize multiple projects

Prioritize the work that will make the most impact on your business. While it might be tempting to work on the easiest projects first and get them out of the way, it’s better to prioritize based on what will make the largest impact on your company goals.

Designate one place to house all your projects, this will improve visibility and communication for everyone and enable you to plan and manage all your team’s projects in the same place.

If you aren’t already using one, a project management platform is the best kind of tool for the job. Choose one that’s flexible, easy to use, and collaborative.

Time Management Techniques and Tools

Getting started with Project Management Software

Project management software refers to a wide range of programs designed to help people manage their projects. Products range from a simple checklist to help you organize smaller projects to robust tools that let you oversee an entire project. Different platforms have different features, but they’ll typically share the following characteristics: High-level project overview, task management, reporting, and time tracking.

Using Project Management Software to maximize productivity

Managing everything your team does is almost impossible without some kind of tracking system. Project management software will allow you to oversee the project, keep all your tasks organized, and communicate regularly and effectively with your team using messages and notes all within a single platform, thus eliminating the need for emails.

Google Sheets is a free online spreadsheet software and project management tool, and a useful alternative to paid platforms. It works similarly to Microsoft Excel and even has much of the same functionality. Sheets can be a very useful resource for project management, task management, project planning, and tracking. It also includes free project management templates, meaning you can easily create a project timeline, project tracker, and even a time tracker for your team.

Managing multiple projects: The art of delegation

Delegation involves redirecting tasks to other team members. This is especially useful if you’re trying to manage multiple projects with similar deadlines or if the task is more relevant to a specific team member’s skill set.

Delegating work is just as important for your productivity, as it can prevent burnout. It’s important to remember that it isn’t your job to do all of the work. Instead, it’s your responsibility to look at the bigger picture and delegate the right tasks to the right candidates. Not only does this boost productivity, but it also invites other team members to contribute.

Intelligent Outsourcing

Outsourcing work means contracting work out to another company or individual, but before you dive right into the deep end, identify what you’re outsourcing and why.

Outsourcing non-core processes will give you the ability to focus on building your business.

The most outsourced streams of business include:

Customer service
Data entry
Social Media management
Transcription
Copywriting
Lead generation
Website building and maintenance

Companies outsource their business processes for many reasons.

One of the benefits of outsourcing to a third party for a specialist project is that you are utilizing their years of experience and knowledge for the benefit of your company, therefore increasing productivity and efficiency in the process.

There are many ways to maximize your productivity as a small business.

From careful planning and prioritizing, to delegating tasks within your team, or outsourcing them completely, the above techniques will ensure you make the most of your valuable time whilst improving efficiency and productivity.

Challenges in the Growth of a Business: Tips for Demand, Finances, Employee Management and Culture

April 12, 2023 By Eddie Senatore

Challenges in the Growth of a Business

Introduction

Business growth is an exciting time for any company, as it often means increased revenue and expanded opportunities for success. However, with growth comes a number of challenges that must be addressed in order to maintain a sustainable and profitable business. In this article, we’ll discuss some of the common issues that arise with business growth and explore ways to manage and overcome them.

Keeping Pace With Demand

One of the most significant challenges that businesses face as they grow is the ability to keep pace with demand. As sales increase and customer demand grows, it can be difficult to scale operations and production quickly enough to meet the needs of the market. This can lead to delays in delivery, backorders, and frustrated customers.

Solution: One way to manage this challenge is through careful planning and forecasting. By accurately predicting future demand, businesses can invest in the resources and infrastructure needed to keep up with growth. This might include hiring additional staff, investing in new equipment, or increasing production capacity.

Financial Management

Another issue that can arise with business growth is the ability to manage and maintain control over the business’s finances. As a company grows, the financial systems and processes that worked when it was smaller may no longer be adequate. This can lead to confusion, errors and oversights which can impact the bottom line.

Solution: Companies should invest in robust financial management systems and ensure that their financial processes are well documented and communicated to all relevant parties.

Employee Management

Another issue that can be observed is employee management. As a business grows, it can be difficult to keep track of everyone’s roles, responsibilities, and performance. This can lead to misunderstandings and confusion, and can make it difficult to hold employees accountable for their performance.

Solution: Implement clear processes for hiring, onboarding, and performance evaluations. Additionally, implementing proper communication and collaboration tools for teams can help keep everyone on the same page.

Maintaining Company Culture

Finally, another common challenge that can arise with business growth is the ability to maintain the company’s culture and values. As a business grows, it can be difficult to ensure that new employees are aligned with the company’s mission and values. This can lead to a lack of cohesion within the company, which can be detrimental to its long-term success.

Solution: To address this issue, companies should develop a strong sense of company culture and clearly communicate that culture to new employees during the hiring process.

Tips for Success

Strategic planning: Strategic planning is crucial for businesses as they grow, as it helps to provide a clear vision for the future, and align the company’s goals and objectives with the changes that are taking place in the market. A well-defined strategic plan can provide a roadmap to navigate growth, identify new opportunities and make informed decisions.

When creating a strategic plan, it’s important to start by identifying the company’s mission, vision, and values. These are the foundation of the plan and should be communicated to all employees.

Adapting to change: Business growth often entails significant changes, such as new processes, procedures, and technologies. As a result, businesses must be able to adapt to change and adjust to the new realities of the marketplace. Being able to adapt to change is a crucial attribute for any business looking to grow and thrive.

Build a culture that supports change. Leadership should lead by example and support the change, while employees should be provided with the necessary training and resources to adapt to new processes and technologies.

Anticipating and preparing for changes in the market is also important. This can be done by conducting market research and staying up-to-date on industry trends. By understanding market data, businesses can be better prepared for changes and take advantage of new opportunities as they become available.

Marketing and Branding: As a business grows, it can be difficult to maintain consistency in the way it presents itself to the market. This is where effective marketing and branding come into play. Consistent branding helps to build trust and recognition with customers, which can lead to repeat business and customer loyalty.

To maintain a consistent brand, it’s important to establish a set of brand guidelines that outline how the company should present itself, including the use of colors, fonts, and imagery. These guidelines should be communicated to all employees, and used in all marketing materials, including the company website, business cards, and social media profiles.

An effective marketing strategy will be based on the company’s target audience and should include tactics such as social media marketing, content marketing, and email marketing. Additionally, the company’s online presence should be strong and consistent, which includes having a functional and well-designed website, being active on social media and having a good search engine optimization.

Time management: As a business grows, it can be challenging to keep up with the demands on your time. This is why effective time management is crucial for success. By managing time effectively, businesses can stay on top of tasks and meet deadlines, while also having time to focus on strategic initiatives and long-term goals.

Staying organized is crucial for managing time effectively. This can be done by creating a system for organizing documents and files, and by keeping a calendar to schedule important deadlines and appointments. Additionally, it is important to identify and eliminate time-wasters, such as unnecessary meetings or distractions.

Customer Service: As a business grows, it can be difficult to maintain the high level of customer service that was possible when the company was smaller. This is why customer service is essential for businesses that want to be successful in the long term. It is not only important to maintain good service but also to exceed customer expectations which will ultimately lead to customer loyalty and positive word-of-mouth marketing.

Building a culture of customer service is key for this. This can be done by creating a clear customer service policy and communicating it to all employees. Providing customer service training for employees is also crucial, as it can help them understand how to effectively handle customer complaints and issues.

Using customer feedback to improve service is also important. This can be done by conducting customer surveys and focus groups, and by actively seeking feedback from customers.

Overcoming challenges through effective planning and investment can lead to long-term business success while failure to address internal issues can negatively impact growth, revenues and customer satisfaction.

The Power of Customer Focused Management Systems

April 11, 2023 By Eddie Senatore

Customer Focused Management Systems

A customer-focused management system is a system of processes that are put in place to ensure that your business produces and serves your customers. It’s based on the idea that your customers satisfaction is at the very centre of your business.

Coffee, anyone?

Picture this, you walk into your favourite coffee shop and the staff greet you with a warm smile, they anticipate your needs. Water comes to your table, with a menu and the confirmation of ‘your usual today’? They go above and beyond to make sure you leave with a sense of satisfaction, they take your order on time, provide the same consistency of quality in your coffee, follow-up any further needs and promptly finalise your bill. You constantly bring your clients with you and have coffee catch-ups at the same place. That’s the magic of a customer-focused management system at work. It has a multiplier effect on your business.

Customer Focused Service Delivery

It’s simple, really…

Think about it, when you have satisfied customers, they’re more likely to come back and they’re more likely to spread the word. That’s the power of word-of-mouth marketing and it’s invaluable to your business. But it’s not just about repeat business, customer satisfaction also creates brand loyalty and it creates trust.

And let’s face it, in today’s fast-moving world, reputation is everything. One bad customer experience can spread like wildfire on social media and before you know it, your business’s reputation is tarnished.

Imagine a world where your voice is heard, where your opinion matters and where the products and services you receive are tailored to your exact wants and needs. This is the world of customer feedback and it is a crucial part of any good customer-focused management system.

As a customer, you know what you want and need. Through the use of surveys, online reviews and customer feedback, you have the opportunity to share customers thoughts and opinions. The upshot is this information will allow you to create products and services that truly resonate.

Top tip: Implementing a rewards program for customers who provide feedback or refer new customers can be a game-changer for your business. It encourages customers to provide valuable feedback and promotes your business to their friends and family.

There are many ways in which you can work with customers to create a client focused management system. After sales service is one such touch point. Providing touch points or a platform for customers to report after sales service. Setting response times and rectification times to eliminate the purchase risk is a great investment.

Invest in resources to train and support your customer service teams as they’re the superheroes of your business, they’re the ones that are ready to jump into action and save the day when customers need help. They’re the ones that are there to listen and understand your concerns, and then work quickly to resolve any issues you may have. They are the ones that make sure that your experience with a company is a positive one.

But it’s not just about resolving issues, it’s also about building relationships. By providing responsive and helpful customer service, you can show your customers that you value their business and care about their needs to create a sense of trust and loyalty.

Top tip: Don’t just provide a surface-level solution, take the time to dig deeper and understand the underlying issues that are causing your customers grief. This will enable you to provide a more effective and long-term solution that addresses the root cause, rather than just the symptom of the issue. Involve the customer in the problem-solving process and ask them what solution works best for them.

Think about the last time you had a great customer service experience. Chances are, it was because the person helping you was well-trained, had the skills and knowledge to provide excellent service, and knew the company’s customer service standards inside out. That’s the power of training, and it’s the foundation of a customer-centric culture.

Recall how you can either, build, buy or borrow to solve business issues. In the case of customer satisfaction, building capability is the clear direction to take. Think Apple’s Genius bar. That can’t be bought or outsourced if you want to control customer satisfaction.

Top tip: Put yourself in your customer’s shoes and provide a tailored rather than a ‘one size fits all’ service, identify and address potential issues before they occur and watch trust and loyalty grow among your customers, ultimately keeping them coming back for more.

Essential Tools for Managing Small Business Finances

April 5, 2023 By Eddie Senatore

Managing Small Business Finances

Managing the finances can seem like a daunting task to even an experienced business owner. For busy entrepreneurs who have to juggle multiple responsibilities this can quickly change from being a routine task to being a complete nightmare and something that’s either neglected or put off. It’s easy to see why, from expenses to record keeping, managing cashflow, ensuring your taxes and suppliers are paid on time, understanding payroll and trying to pay yourself.

One thing is for sure, there’s a lot to do. With the right tools and resources this entire process will be streamlined and put to rest. These tools and resources you adopt must be systems that work best for you and your business.

Set-up a Financial Calendar

One of the first tasks you should do is set up a financial calendar. This calendar will contain all the important deadlines, such as payroll, tax payments, reporting obligations and invoicing. This will take all your compliance and reporting obligations out of your head and on paper relieving unnecessary pressures. It will also provide you with a clear view of when you need to take action on specific tasks helping you to stay organised.

Document Management System

Set-up a document management system: It might sound a bit overboard but hear me out- how many times have you spent time frantically looking for that contract, that receipt, that invoice? Having a system in place for storing and organising documents both financial and non-financial can really help you to stay organised. In addition, with the use of technology, document management is a breeze. The next time you need to find something quickly you’ll thank yourself!

How to Stay on Top of Your Numbers

Set yourself a budget, here are a few that will help.

The first should be a breakeven budget. This will tell you what revenue targets you need to hit to break even. Set yourself a budget based on your operational activities. Build this budget such that it will enable you to make modifications, testing your breakeven position and what resources you will need to achieve your targets.

Once you have your budget, start tracking the budget and the respective line items. You will be surprised what corrective action you can take to make sure you stay on top of your numbers.

Bank Account Setup

Set-up a few bank accounts. Set up a bank account to deposit the business takings and to pay business expenses. Another bank should be set-up to deposit compulsory tax and staff. The final bank account you need to set-up is to deposit funds which are for your sole enjoyment. This will eliminate the risk of mixing personal and business income and expenses and when tax time comes around you will have the money in the bank.

Key Personnel

Lastly, get yourself a business advisor and an accountant. Keep these separate. An advisor will help you with personal and business issues and will use the accounting information produced by the accountant to help guide you on your overall business goals. Most importantly, the advisor will keep you on the road map leading you to your desired future state. Your accountant will keep the numbers organised.

Another resource you will need is a bookkeeper. A bookkeeper will take care of the numbers at the nitty gritty level, including payroll. Having someone on call who looks after the invoicing and the nitty gritty of the payments will be a dream. The greatest asset of the bookkeeper is that they will grow as you grow. Remember you can build, buy or borrow. Contracting a bookkeeper is a sound move.

Just imagine the amount of time you spend managing your business finances each day. Whether it’s issuing invoices, creating spreadsheets, reviewing budgets and cash flows, or any other number of seemingly countless tasks, it can add up quickly. Let’s say you spend just 2 hours a day on these tasks, by the end of the week, you’ve already invested 10 hours of your valuable time and energy. And when you take a look at it over the course of one year, that’s a whopping 480 hours! Imagine the amount of time you’ll spend on similar tasks in 2, 3 or even 5 years, just the thought of it is mind-boggling.

Don’t hold back with this appointment.

If you’re finding that the amount of time you’re spending on financial tasks is decreasing while your revenue is increasing, it’s a clear indication that you’re headed in the right direction. This means that the financial decisions you’re making and the systems you’re implementing are working effectively and are providing you with sufficient space for you to focus on growing and scaling your business.

However, if you feel like you’re still spending a lot of time on finance admin and your revenue isn’t increasing, it might be worth taking a step back and asking yourself if you’re spending your time and energy wisely. Are you using the right tools to manage your finances? Are there areas where you can improve efficiency and streamline your financial processes?

It’s important to remember that time is money, and your time is valuable. By using the right tools and resources to manage your finances, you’ll be able to free up more time to focus on growing your business and generating revenue. This can help you achieve your financial goals and create a more sustainable business model.

Reporting

Many platforms also come with built-in reporting features that allow you to generate financial reports, such as income statements and balance sheets, which can be useful when preparing for tax season or applying for additional funding. You’ll find that having easy access to historical financial data can be incredibly empowering.

Don’t forget at the start to set a budget. The financial reporting tools will allow you to compare your actual trading performance with what you have budgeted. Don’t forget you should also set-up your budget so that you can make changes. If you are doing well, then you can make the adjustments you need. If you are performing poorly compared to budget, then you can start to make changes to your business so you can get back on track!

Working with those in business to stay in business

January 12, 2020 By Eddie Senatore

This document below discusses many solutions to your business problems , including start up funding, working capital and cashflow. The information is also available as downloadable PDF about the tools of business.

Why businesses fail and how you can keep it from happening to yours.

Business Failure.

This is a phrase that strikes fear into business owners and entrepreneurs, and for good reason. Simply put, a lot of businesses do fail.

Why? This could be your product, your market, or uncontrollable and unforeseen economic events - or this could be you.

Ouch. That is not an easy thing to hear.

As an entrepreneur and business owner, you do not want to fail, and if this does happen, you want it to be despite your best efforts. You do not want it to be because of something you did or did not do.

Yet a lot of the time, that is exactly why failure happens. The person running the business does not understand one or more basic fundamental business principles, so they are not able to take the necessary steps for success.

Don’t let that happen to you.

How to avoid being the reason your business fails

In the over 30 years’ experience of helping business owners, I have yet to come across a truly unique way of going bust. In the interviews conducted with business owners and entrepreneurs who have personally experienced business failure, I see the same problems over and over.

Understand the reasons why businesses fail, and take the steps to make sure that yours does not. Get control of the fundamentals.

Let’s back up a bit and go over some numbers.

What the statistics tell us.

Statistics tell us that experience, planning, and capital management skills are major factors for why businesses succeed or fail. See page 6 to see research results on business failures.

Although statistics like these are helpful as a starting point for understanding what could go wrong, they do not tell you the whole story. They certainly do not give you a way to identify and overcome the problems that may crop up in your own business.

That is why I’ve written this business fundamentals primer. Entrepreneurs and small business operators need to be able to find and fix leaks in the pipes before they become gushing rivers of lost money.

I have many years of experience working with struggling businesses, helping them to get back on track, and I have found there are seven big elements that determine success or failure.

Whether you are starting a business and want to get it right straight out of the gate, or you have become worried that maybe everything is not as it should be with your existing business, tackle these elements one by one to make sure you are on the right track.

Statistics maintained by the Australian Securities and Investments Commission in Australia reveal the reasons why businesses fail.

Lack of experience
Poor location
Poor financial control
Ineffective strategic management
Cash flow planning

Within the last couple of years, the US Small Business Administration cited these as the major reasons businesses fail.

Lack of experience
Insufficient capital
Poor location
Poor inventory management
Over investment in fixed assets
Poor credit arrangement management
Personal use of business funds
Unexpected

Here is a record of the top 5 reasons for business failure from the Dun & Bradstreet Business Failure Record, 1981.

Inadequate line experience
Inadequate managerial
experience
Unbalance experience
Incompetence
Unknown

Gustav Berle in The Do-It- Yourself Business Book adds the following two reasons.

Competition
Low Sales

What I've gathered from years of working with struggling businesses.

Get these elements right, and you are well on your way to a thriving enterprise. Get them wrong, and well… you end up talking to someone like me to try to avoid disaster.

Following are the top seven elements.

Startup Funding

Startup funding is all about the money you will need to start a new business. Here are some of the issues you face when you make these decisions.

How much will you need? Expenditures fall into these three areas.

One-time expenditure
Operations
Growth and expansion

Step One: Estimate your costs

This workup should give you a good idea how much cash you will need.

Formulating your business idea, product or service
Validating your business idea, product or service
Licenses and authorizations
Legal costs
Accounting costs
Insurance
Rent
Materials / inventory
Business coaching
Marketing
IT systems
Staffing costs - salaries and other payroll expenses like workers’ compensation

You have probably heard the old startup adage “Halve your revenue predictions and double your cost estimates.” The point is, you should always expect something to come out of left field and surprise you, because at some point, it will.

Most businesses scream out under capitalization or lack of startup funding – money is tied up in their working capital. When the cash is tied up, it leads to further problems. You delay production and your scheduling falls behind. That means you now need more money to cover overhead costs you had not budgeted for, which in turn reduces your profit. When your money is tied up like this, you tend to start relying on bank financing and avoid paying your creditors or taxes.

Next thing you know, you are a business failure statistic.

Step Two: What will be the source of the capital?

What will be your mix of startup funding – equity or debt?

With both forms, you can raise money from traditional or other sources such as:

Banks
Friends and family
Angel investors
Government grant funding
Crowd funding – internet sites that facilitate funding for projects by collecting small contributions from the general public
Large venture capital investors

Equity

This means taking a stake in your business. You will only get a return on your stake if you make enough money to pay all the bills and have some left over; that is when you make a profit.

The more equity you give away, the more control of your business you lose. If the business is wound down, you will likely lose the lot, unless of course you sell your business for more than what you invested in it.

Debt

With debt you borrow money on a promise to repay the loan. The repayment comes with conditions. You will be required to pay interest and probably provide some form of security, whether it is in the form of the business, your personal home, or in many cases, both.

The more debt you take on, the more debt you have to repay, and if you get in over your head, the higher the probability that you may risk bankruptcy.

Whilst you make the loan repayments you are in control of your business. Miss the loan repayments and you will lose control of your business.

Working Capital

Working capital is the money used in the day-to-day trading operations. It is a measure of the current assets of a business less its current liabilities.

Working Capital = Current Assets - Current Liabilities

Current assets include cash, debtors and inventory. Current liabilities include any items which are due to be paid within the next 12 months.

Simply put, you need to have enough cash to keep the business liquid; that is, enough to pay the bills as they fall due.

Here is the tradeoff.

"Hold high levels of cash and stock, and you will remain liquid, but with lower profits. Hold lower levels of investment, and profits may be higher, but with greater risk of liquidity."

Get this wrong and it will destroy you. Working capital is a complex mix of time and money, and you should have defined policies for it.

Policies around working capital

What level should you have
How to manage inventory, receivables and payables
What level of investment
How much of each – inventory, receivables and payables
Who to have accounts with, what are the terms of trade

Ways to fund working capital

Cash reserves – subject to what return business owners want
Overdraft – usually repayable on demand, with an interest cost
Fixed term loan – usually long term, with a higher interest cost
Trade creditors – subject to terms offered by suppliers

Again, there is a trade off between risk and reward.

"You could fund your whole operations with long term funding, and whilst you will be liquid. It will cost you more, so profitability is lower. Using short term funding to cover the whole of your operations trades profit at the risk of liquidity."

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"Try to match short term funding with short term needs and longer term financing for your stable working capital and longer term asset needs."

The Cash Conversion Cycle

Making money is one thing and converting it into cash is another.

The cash conversion cycle is the number of day’s cash sits out of the business (inventory and sales of account) less the days you can have with the cash in your business (how long it takes you to pay your bills).

How quickly can you convert the capital you invested from a spend, to putting it through whatever you are doing, to a recovery back into your bank account?

A very simple practice to get cash back into the bank is to make sure your customers pay on time. If you have given your customers 14 days to pay the amount you are owed, then you should make sure the amount is actually paid within 14 days.

Letting this blow out to 21 days or more just means you are giving your customer a loan without charging interest.

Here are some issues that will affect how quickly you can convert your investment in working capital into cash.

What sort of trade terms are you getting and how long does it take you pay?
The more time you can get from those to whom you owe money, the better. Paying accounts is a little tricky. How long you get to pay your accounts will depend on your supplier and the deal you negotiate with them. Risk your reputation if you don’t manage this well.

How long is it taking you to convert raw materials into items you can sell?

Take into account waste, inefficiencies, and losses. How long does it take to make the goods? How long does stock sit on shelves? Improving these times will shorten your cash conversion cycle.

How much time are you giving people to pay, and how long are people actually taking to pay you?

Let’s say your average debtor days equal 55. The more time you give customer to pay, the longer it takes to convert to cash. You can play with the number of days customers have to pay – you could offer 45, 30 or 21 days. The better you manage this process with follow-up and enforcement, the shorter this period becomes.

Cash or Profit

Understanding the difference between profit and cash is critical. Cash is the money sitting in your bank account. Profit is the difference between revenue (sales) and expenses.

Profit = Revenue - Expenses

Revenue may include such items as a gain on the sale of an asset. Some revenues are not cash, such as gains in value of a stock.

Expenses may include depreciation or amortization (these items are not cash either).

Payments that do not go into your profit calculation include your principal loan repayments, tax payments, and asset purchases.

Just because you have cash in the bank, does not mean you can spend it all. Some cash must be kept in reserve to cover deferred expenses.

The most obvious deferred expense is tax. Businesses have collapsed because they spent the money that should have been kept in reserve to pay their taxes and other large periodic expenses.

Just because you make a profit, does not necessarily mean your business is in good shape. If you do not collect what is due to you from your customers, or if you spend on investments or non- core items such as luxury motor vehicles, that profit figure is meaningless.

If you take the cash out of the cycle by spending it on items other than the ones for which it’s been set aside, it needs to be replaced. That replacement may be in the form of borrowed money, which then increases your interest expenses and erodes your profit, or additional startup funding, which means you lose more control of your business to others.

Strategy

Research, plan and document, but maintain some flexibility. In other words, make a plan, and expect it to change with circumstances.

Validating your business may be the only planning you need to do. We all make assumptions about our business. Validating is a process of testing those critical assumptions about your business, such that if the critical assumptions fail, your business would fail too.

Assume that things will go wrong; some of those things will involve factors that are outside your control such as economic and technological factors, or change in trends. There are some elements you can control, such as the people you employ and the client base you target.

Have a robust system of review and analysis, and try to keep a good, authentic support system around you (we will address this further down).

Here are the elements your strategy needs to address.

How you use your startup capital (see the first two sections on page 9 and 11)
How you position yourself in the market
What you sell
How you sell
Your competition – who else is in the game and how to play against them

You need strategy to manage these elements. It is easier than you think, and it does not have to be perfect, but you do need a plan.

Management

Just because you love or are good at doing something, does not mean you will be good at running a business, nor love it. There are a few different skill sets that need to be in place on a successful management team.

Product development and production
Human resources
Capital management

What we often see with struggling businesses is a manager or team that has strong technical skills but poor capital management experience. Without that critical element, it doesn’t matter how good your product or service may be. A business, which by definition exists to make a profit, needs good money management if it is to be viable.

Good money management means:

Balancing your start up capital – how much startup funding do you need, what is the source, and what is the mix between equity and debt?
Getting your working capital right.
Understanding what is cash and what is profit – how much of your profit gets invested back into the business and how much goes to stakeholders.
strategic planning for all of the above.

Business life cycle

How much capital you need, where you position yourself strategically and how well you need to understand business will depend on at what stage you business is positioned in its life cycle.

Pre-startup – product/service validation
Startup – the business is unstructured, simple bookkeeping, simple product/service lines
Survival – the business is gaining some traction, channels firm up with increase in sales
Growth – market gets broader, but still simple product/service lines, start to develop systems and more management skills needed
Expansion – products/services broaden, systems become more sophisticated
Maturity – you are the top of your game

You will face different business issues at different points in the life cycle of your business.

For example, a pre-startup will be grappling with its product and testing its validity.

Compare that with a business in its growth or expansion cycle, which is about funding growth of the business or introducing new product lines or markets.

Simply making it from one cycle to the next does not increase your chances of survival. In fact, the old cliche “The bigger they are, the harder they fall” is true. A more mature operation has a lot of resources invested, and so has a lot at risk.

If you do not have proper management, you will simply fall harder.

Advice, support and sharing.

Sharing, seeking advice, and getting support makes good business.

Just searching and reading this primer shows you are looking for advice and support, which puts you ahead of everyone who is trying to go it alone.

Surround yourself with others who are facing the same problems and issues, and not just those in your own industry. Diversity is a bonus, because it lets you see a common problem from a fresh perspective, and that allows for solutions that you may never have considered had you stayed within the boundaries of your own niche.

What to do with this information

Now, you do not have to be Einstein in dealing with these critical business elements. You do need to be aware of them, address the key fundamentals, and have a plan in place to deal with them, so you do not lose control. Reading this primer is a good first step, but there is a lot more to explore.

Here is what to expect next.

A series of emails that will explore the seven factors more deeply. These will include checklists and short tutorials, so you can take action instead of just reading about it.
Regular updates.
Detailed information around key business fundamentals.
Stories from others in business, so you can see how other people have found solutions to their problems.
Information about my latest training sessions and other learning tools, such as webinars.

I welcome the opportunity to talk to you one on one. Help me find out more about what it’s like to be in your business. And as always, if there anything at all that is causing you confusion, please let me know. I welcome your questions and feedback.

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Listen to more content about each phase of the business life cycle

Startup Phase | Survival Phase | Growth Phase | Expansion Phase | Maturity Phase