Your Business Improvement Partners
How small businesses can deal with COVID-19 and the impact it will have on their business.
You may have already heard that we are getting a Government stimulus package of $17B but it’s important to keep in mind that you’re not going to be able rely on that, you’re going to need to take control of your business. We are taking the 'Now Where How' approach...
read moreNice Turnover, shame about the profit
What is the difference between Turnover and Profit?
The turnover of a business is the amount of revenue it has earned in a particular accounting period.
The profit of a business is the amount remaining after deducting from the turnover the expenses incurred in earning it.
A difference between turnover and profit is that a rising turnover may be a sign that the business is growing but profit is the indicator of the “health” of the business. You are in business to make a profit, otherwise the business will eventually fail. Increased turnover does not guarantee rising profits, particularly if the business is unable to control costs.
read moreCommon Causes of Business Failure
Seven common Causes of Business Failure
Most businesses go through ups and downs; tough times and better times.
So how does a business owner know the difference between a blip and a downward trend?
read moreTurnaround Management – How To Survive A Downturn In Business
Business is a daily minefield of customers, employees and suppliers all with different and often competing demands for limited resources. Add to this the need to keep up with technology, competitors and new developments within the industry and it is no wonder that maintaining a balance in business can be very difficult.
With so many elements to juggle, often a business can be heading in a downward direction long before it becomes obvious to owners or management. If you find that business is indeed heading the wrong way, here are some tips to help manage and survive the downturn while turning business around.
read moreThe 3 Most Common Mistakes Made When Hiring A Business Coach
Making the decision to hire a business coach is not only a major one for any business, it also represents a significant investment. While making the initial decision to hire a coach may have been easy, what is not so simple is ensuring the right steps are taking during the hiring process.
There are some common mistakes that business owners and managers make when hiring a coach that can significantly reduce the benefits of coaching. Specifically, these are:
1. Lack of clearly defined business outcomes
2. No selection criteria (or criteria that are poorly defined)
3. Rushing the hiring process.
An outline of each of these mistakes along with how to avoid them is outlined below.
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