All businesses should carefully monitor their cash position.
Healthy cash reserves enable investment in growth, allow distributions to owners or - for some businesses - can be a matter of survival. In any case, cash management is critical.
One way to improve the cash position is to carefully manage Accounts Receivable (or collections). Here are some Best Practices which can positively impact the cash position.
Read MoreTopics: Business Improvement, Accountability, Optimisation
All businesses should review their expenses periodically.
Prudent expense management helps ensure that valuable cash resources are used wisely. And sometimes, a business may NEED TO reduce expenses as a matter of survival.
No matter what the circumstances, here are some Best Practices in reviewing and managing expenses.
Topics: Business Evaluation, Business Improvement, Wealth creation
An important responsibility of leaders is figuring out how to fund business operations and growth plans.
In the best case, a business will generate enough cash for operations, growth, and shareholder dividends. However, in many cases, leaders need to borrow money for growth and, in tough times, even the operations of their businesses.
Read MoreTopics: Business Improvement, Business Planning, Debt Management, Expenses
Key Performance Indicators (KPI‘s) are important management tools and we encourage business leaders to use KPI’s in their businesses.
A KPI is quantifiable measurement or metric which helps track the progress towards business goals. Leaders use KPI’s to make better, data-driven decisions. They also guide behavior, productivity and decision-making, while providing transparency and accountability.
Read MoreTopics: Business Improvement, Business Planning, Accountability
As Accountants, we hope our Clients never face a business crisis… but we also know that business is unpredictable and factors beyond our control can leave a business in dire straits.
Even the largest, well-funded, most successful organizations can face a crisis… and most will rise to the occasion and emerge stronger.
Let’s look at what leaders can do to reduce risk and properly deal with a business crisis.
Read MoreTopics: Business Improvement, Risk Management, Accountability, Crisis management