In business, there is such a thing as a ‘good problem’.
One example is a business which provides a good product or service in high demand by customers. The business needs to produce more and invest in marketing, sales, and customer management. There’s an opportunity to grow which should be good news… but what happens when the business doesn’t have the cash to fund this growth?
Read MoreTopics: Business Improvement, Wealth Creation, Growth
COVID-19 has had a big impact on employment, though the impact is not yet fully understood.
No doubt there will be positive outcomes, like employees leaving unrewarding jobs to pursue new challenges. Likewise, some businesses will ‘rationalise’ their workforces to better serve shareholders, customers and employees.
One thing won’t change. Most businesses will still need people to complete certain work. And some of these people will be ‘employed’ (as opposed to engaged as contractors or consultants). For now, finding employees is more competitive in most industries and businesses are working harder to position themselves as attractive employers.
Read MoreTopics: Business Improvement, Team Development, Employment
In some ways, managing a business is not so difficult, at least from a financial perspective. By attracting more customers or selling more to existing customers, you grow revenue. You also try to ensure that revenue greatly exceeds expenses – in which case profits are high!
Simple, right? But what’s missing from this analysis?
Read MoreTopics: Business Improvement, Wealth Creation, Cash Flow, Profit, Growth
It’s good business practice to manage expenses carefully. Even a successful, cash-rich business should be meticulous about how they’re spending money. (Often that is how they become cash-rich and successful in the first place). A business which is short of cash or is forecasting losses needs even closer oversight.
Enter the humble Expense Report, one of the tools used to manage expenses.
Read MoreTopics: Business Improvement, Expenses, Accountability
The ‘digital revolution’ is not exactly new... but we still see businesses battling with basic things. Financial reporting is an example… where leaders may need multiple reports from different systems to see their bank balance, accounts receivable, invoicing status, payroll, sales performance, timesheets, and so on.
Not surprisingly, businesses continue to invest in digital, data, and analytics to improve performance and get ahead of the competition. Let’s look at some approaches which help you succeed in this area.
Topics: Business Improvement, Technology, Digital Strategy
