Anticipating future demand is a tough job, wrought with ways you might go wrong. Proper demand forecasting and inventory control can save a company from buying too much or too little of something, which of course avoids expensive overstock scenarios or stockouts.
Offers for grants worth over $3.5 million will support 7 businesses to help launch their innovative products, processes and services into domestic and international markets.
The funding has been provided from the Accelerating Commercialisation element of the Entrepreneurs’ Programme.
There’s literally hundreds of blog posts giving you the 7-10 steps to reduce debtors and improve cashflow. Yet the debtors problem still exists to some extent in the majority of small and medium size enterprises (SMEs) globally.
Too often businesses leave collecting debts at the bottom of the pile. Why? Often there is anxiety and worry around the process, or lack of trust in collection agencies. Sometimes lack of time and understanding of the process.
Clichés. Can’t live with them, can’t live without them. (See what just happened there—it’s that bad).
The most widespread, just-waiting-to-pop-out-at-you, cliché is a very short one, measuring just three words—time is money.
Tax time is fast approaching—it’s important to do your homework and know exactly what tax deductions you can claim.
Over 2,000 years ago, Aristotle said “ First, have a definite, clear and practical ideal; a goal, an objective. Second, have the necessary means to achieve your ends: wisdom, money, materials and methods. Third, adjust all your means to that end.”
Many firms will decide to take on debt at some point, at different stages of growth and for several reasons.
Scammers use clever tricks to reel you in and get you to reply to their email or not hang up the phone. Most scams seem like genuine offers but they are carefully designed to trick you into giving away your money or your personal details.
Cash flow can be hard to get to grips with for any business; whether you’re growing, just starting out, or established. In fact, 82% of businesses become insolvent because of bad cash flow.
No matter how inventive or simple your business model is, you can still have problems with cash flow. Here is a rundown of the best and worst businesses for cash flow.
If you are a startup owner or entrepreneur, it is no secret that you may be working within a tight budget. The ability to make pennies stretch is an important survival skill.
After spending months thinking about it, you finally decided to quit your 9-5 job and start your very first business. You think that this will be a win-win situation for you because you get to do what you love and be your own boss.
There has been a lot of chatter in the media recently that another economic downturn might be around the corner. As The Wow Company found in their recent “How recession-proof is your business” survey, a surprisingly high number of UK-based businesses are not prepared for the next recession.
Over the last five years, peer to peer lending has become a popular alternative to traditional bank lending for individuals.
Take a moment to put yourself in your target customer’s shoes. Now, pretend you’re someone who’s walking into your store for the first time.
Many virtual currencies, such as Bitcoin have emerged over the last 10 years but just how safe are they? We explain how virtual currencies work and the risks you take buying, trading or investing in them.
The best suppliers will provide the most suitable goods or services at the right prices and within the right time frames for your business needs. Below we give you six factors you need to know when considering a new supplier.
If there were no customers, there would be no business. And with no business, there is no income. So, it would be safe to summarise that customers should be the point of business, would it not?
Three quarters of small and medium sized UK builders say that late payment has directly hampered their business growth according to a recent Federation of Master Builders survey.
Promotions are almost always part of a retailer’s sales and marketing mix, and for good reason — they can drive sales and help you move inventory.
The coffee category of the hot beverage industry is thriving, with the number of coffee drinkers growing each year. Cafes and coffee vans are everywhere, meeting our seemingly unstoppable need for a regular caffeine fix.
Most of us look forward to Christmas as a time for fun, festivities and spending time with the family. If you’re a small business owner though, it’s not always the carefree holiday you might hope for.
A new trend is rising, changing the way people can are securing financial needs. This new trend gives both individuals and businesses an alternative source of financing.
Every day, business owners work hard to increase their profit. But far too often, they lack a clear strategy and practical plan to make that happen. Your Profit & Loss Budget should be a direct reflection of your Strategy and Plan.
Inventory forecasting is critical for the smooth operation of any stock-based business. Managing demand can be tricky, however, if a large part of your inventory is subject to seasonal demand.
Have you ever heard about the parable of the boiling frog?
Many businesses use trade discounts to simplify variable pricing, protect a market recognised price point, stimulate sales or reward customer loyalty.
What is cashflow management? In its simplest form, cashflow management is doing everything possible to ensure that money flows into your business as quickly as possible, and leaves the business as slowly as possible.
Forecasting is the process of estimating the effects trends, costs and external factors will have on your business in order to give yourself time to prepare.
There are many reasons why you may want to improve cash flow in your business. Maybe you’re looking to free up some cash to put towards growth, or maybe you’d like to build up your cash cushion to protect yourself from any bumps in the road.
Inventory management can be overwhelming. There can be an incredibly large amount of tangible inventory, which can translate to a huge amount of responsibility and pressure to manage this inventory properly.
With global recessions, increasing oil prices and increasing competition, saving money wherever possible and thereby maximising profits is the name of the game.
Choosing a pricing strategy is a difficult decision, but one that every business needs to make. Pricing strategy affects most aspects of a business, including its revenue, market share and profitability.
There are many factors to consider when you’re selecting an ecommerce platform, and when you first start selling online, it can be hard to find one that’s the right match.
The thing is, employee wellbeing and happiness isn’t just about nap rooms, onsite massages, and cafeterias serving healthy food and snacks (though that would be nice!)
Helpful and informative retail books abound everywhere you look these days.
You need to keep track of transactions for the tax office, lenders, but most importantly for yourself, as a business owner.
If you’re in business, making decent money is important. Sometimes, though, it doesn’t always work out the way you’d planned...
Even if a business has some other, high value, assets such as factory plant, inventory is likely to essential to the business’ ability to trade profitably.
Inaccurate information about your company’s expenditure can greatly inhibit your capacity to make and maintain a successful business.