• Business Management

    Top Cashflow Management Strategies for Your SME

     

    Cashflow management tips

    Cashflow management is something of a delicate balancing act for small businesses. It requires careful management of time, clear terms and a concerted attempt to keep things as simple as possible. If you’re finding it hard to stay on top of your business finances, worry not – we’ve got a few top tips that will help you keep it all in check.

    Be clear

    Clarity is essential when it comes to cashflow. Stating your payment terms both up front and in the contract ensures you’re covered should payment end up being difficult to get hold of. Many businesses will pay on time or after a follow-up reminder, but if things get tricky, you’ll need proof the terms were agreed to – i.e. a signed document.

    Be clear with your accounts department too about which payments are due and when. A standard 30-day invoicing structure is fairly standard and keeps things simple for all involved.

    Take deposits

    Depending on the size and nature of your business, you may want to take deposits for projects to ensure some financial stability. No only does this mean you gain a commitment from the client to the project, it also means if their balance payment is late or they suddenly pull the plug, you haven’t lost out so dramatically.

    Be prompt

    Timeliness on your part can make a big difference to your cashflow circumstances. Not only is it important to deliver a project on the given deadline (of course, many jobs overrun for all sorts of reasons, and communication with the client here is key) but also with invoicing. Ensure your invoicing is done within a day or two of the completion of the task, rather than invoicing everything at the end of the month. This will help to fill gaps where funds may be running low.

    Make paying easy

    Making payment of invoices easy for clients will help to ensure they’re settled promptly. With so many online accounting systems, digital payment options and such available now, there’s little excuse for insisting on cash or cheques. Provide your bank or PayPal details on every invoice so that transfers can be made quickly and easily.

    Put cashflow before profit

    When you’re implementing a finance strategy it can be easy to focus on making a profit. But placing profits above cashflow will only set you back farther. Inflating margins or taking risks on larger, less reliable clients in the pursuit of profits can end in disaster. Instead, ensure you can cover your bills, salaries and insurances comfortably by working with reliable clients and keeping prices competitive. In the long term, it’ll give you a more solid foundation for growth.

    Following these tips should set you on the right path to better cashflow management, but if you’re running a small business in the capital and need extra advice, contact one of the specialist business accountants in London. They’ll be able to help you with further techniques and strategies to ensure stability from month to month.

  • Business Management

    Pepperdine University Graziadio School Of Business And Management Decal

    The Money at Loyola University Maryland, in Baltimore, Maryland.

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    Disclosure: This put up is delivered to you by Business Insider’s Insider Picks workforce. We aim to highlight services and products you may find attention-grabbing, and when you purchase them, we get a small share of the income from the sale from our commerce partners, together with Amazon. Jeff Bezos, CEO of Amazon, is an investor in Business Insider by his private funding firm Bezos Expeditions. We continuously obtain merchandise free of cost from manufacturers to test. This does not drive our determination as as to whether or not a product is featured or really useful. We operate independently from our advertising gross sales team. We welcome your feedback. Have something you assume we should learn about? Email us at [email protected]

  • Business Management

    Spaces & Trademarks

    Trademarks, like most intellectual properties, can be tricky. And adding spaces into the mix can make trademarks even more complicated.

    What is a trademark?

    The United States Patent and Trademark Office defines a trademark as a word phrase, symbol, design or combination that identifies and distinguishes source of goods from a company over others.

    When applying for a trademark, to avoid any confusion, you should always provide proof of use with the identical spelling and punctuation of how it will be known to consumers. And yes, spaces do matter. In fact, the lack of space or even use of a space can cause delay or even rejection of the application. This will cost you even more time and money. To really prevent confusion and add extra protection, you can always apply for different variations of your trademark. Before making any decisions, you should always speak with an experienced Phoenix trademark lawyer.

    Once you have been approved for your trademark, you are in charge of enforcing your own trademark rights. Which means you need to look for infringement on your own.

    Things to look for, including spaces

    When looking for any brands that might be infringing on your trademark, look for names that are similar to yours. They do not have to be identical, just either look, sound or even mean the same. Also, are their goods and services similar to yours? If the answer is yes, it could be close enough to be considered infringement, so you need to be aware of these things. And often times spaces can make an impact, but not always.

    Sometimes spaces can change the meaning of a brand. This usually isn’t considered infringement. For example, Super Bowl and Superb Owl. A space is added but in a different spot, therefore, they have two complete meanings and are not considered to be associated with each other.

    There are some brands where spaces really do not matter at all. A good example is Wal-Mart. Everyone knows that Wal-Mart, Walmart or Wal Mart is all considered the same brand. Space or no space, they leave the same impression.

  • Business Management

    International Baccalaureate

    Through the total-time MBA program, students develop moral leadership abilities by way of related, expertise-pushed MBA courses in an accelerated or traditional two-year format.

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  • Business Management

    Best Business Books 2017

    Leadership skills, career management, successful interviewing, getting promoted: these are just a few of the themes coated by the tons of of enterprise management and self-growth books available by way of AMA. Explore all the topic areas below.

    Some of the very best recommendation I ever received regarding innovation was from my thesis advisor in engineering faculty. I was very lucky to have a thesis advisor who had worked in business for a number of years, in addition to having a really completed tutorial profession. When I went to see him for the final time before I graduated, I requested him what advice he would provide as I made the transition from graduate college to industry.

    But the ship was dogged by poor morale, poor efficiency, and the worst retention in the fleet. Marquet acted like some other captain until, at some point, he unknowingly gave an impossible order, and his crew tried to comply with it anyway. When he requested why the order wasn’t challenged, the reply was Because you told me to.” Marquet realized he was main in a tradition of followers, they usually were all in danger except they fundamentally modified the way in which they did issues. That’s when Marquet took matters into his own palms and pushed for management at every degree.

    Disclosure: This post is dropped at you by Business Insider’s Insider Picks team. We purpose to highlight products and services you may discover fascinating, and in case you buy them, we get a small share of the revenue from the sale from our commerce companions, including Amazon. Jeff Bezos, CEO of Amazon, is an investor in Business Insider by means of his private investment company Bezos Expeditions. We steadily Financial News receive merchandise freed from charge from manufacturers to test. This does not drive our resolution as as to whether or not a product is featured or recommended. We operate independently from our promoting sales crew. We welcome your feedback. Have one thing you assume we should know about? Email us at [email protected]

    The editorial director of Harvard Business Publishing and the managing editor at Fortune magazine, in addition to the creator of Office Hours: A Guide to the Managerial Life, Walter Kiechel III shares the extraordinary story of the 4 males who invented company technique (Bruce Henderson, founding father of Boston Consulting Group; Bill Bain, creator of Bain & Company; Fred Gluck, longtime Managing Director of McKinsey & Company; and Michael Porter, Harvard Business School professor).

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