Key lessons for business owners from the Dick Smith saga
The recent collapse of the Dick Smith chain highlights the fact that no business is immune from potential catastrophe. But it begs the obvious question – how can a company as big as this and turning over $1.3 billion – a listed company – fail? No doubt we’ll hear more in the months ahead as […]
Three reasons businesses don’t have cash
There’s an old saying – profit is opinion, cash is fact. That’s because despite making a profit, some businesses still don’t have enough cash to pay the bills. At the end of the day, a lack of cash will kill a business. Since the GFC, banks have been paying increased attention to the cash flow […]
Cash is king – 7 strategies to manage your cash flow
We’ve all heard the saying before: Cash Is King! But what does it mean and why is it so important? Cash is essentially the blood that pumps through the veins of a business and keeps it alive. In most businesses, both small and large, problems occur when their cash flows are managed poorly and cause […]
Top 6 New Year’s resolutions for good financial health
A new year is traditionally seen as a time to make resolutions for change. I therefore thought it might be useful to provide you with my top tips for good financial health. In a previous blog, Three Key Ratios for Business Success, I talked about the need for any business to achieve a certain rate […]
Family business succession strategy – communication is the key
In over thirty years advising family businesses, the most successful succession plans I’ve seen have been the ones where there was solid stakeholder engagement – in other words – good communication within the family. Even if you think everyone is aware of what is going on and generally on the same page, don’t leave things […]
What are the main barriers to effective succession?
Barriers to succession I’m often intrigued when I read in the press about rather large family-owned businesses which are impacted by family and succession issues. Someone commented to me recently about the issues surrounding Bob Jane’s family and his business and how these have been in the media in recent years. I was asked: “Why […]
Heed the warning signs for your business
It seems like every second day I read about another business going into liquidation. This past year has seen a number in the transport and logistics industry, the most recent being Gregorys Transport. This begs the question – why? Businesses in this industry operate on small margins and invariably have a lot of money tied […]
So your business is underperforming? What can you do about it?
It’s usually easier to look back after a business has failed and identify why, than it is to save a business from failing in the first place. In my view there are a number of reasons for this, not the least of which is the fact that everyone is always wiser with the benefit of […]
My top 4 tips to future proof your business
I often read about businesses that don’t last the distance – businesses that look like they have great potential but just somehow can’t be sustained. I can’t help but think that many of these organisations mustn’t give any thought to “future proofing” their business. So what is “future proofing” and why can it help businesses […]
How do you monitor and review your strategic growth plan?
Every business owner should have a specific strategy in order to push the business to greater success. The plan itself must be a living document that can be easily massaged and adapted as time passes. External factors such as fluctuating economic conditions and consumer trends mean that this plan has to be agile but the […]
