Four priorities for every small business as lock-down eases
You can’t look at the internet or turn on the TV at the moment without seeing something about the economic damage that the coronavirus pandemic is causing. There are, though, signs of us coming to the end of the worse of the lock-down, which is great news for businesses and the economy. But, just like […]
Why you need to reconcile your bank account
If there is one thing you need to be able to do to work out exactly where you stand with your finances, it is reconcile your bank account. There are lots of complicated definitions of reconciliation (and if you are an accountant, they all have their place), but for most of us it simply means […]
How to hold on to cash in your business – and still keep your suppliers happy
A lot of cash flow management gets focused on your customers. How you can sell more, get paid more quickly and avoid costly bad debts. On the other side of the coin, the more cash you can retain in your business through the terms you agree with your suppliers, and the longer you can keep […]
Tips for achieving a better Work-Life Balance
I’ve touched on work-life balance in a few of my blogs, normally in the context of making the management of cash flow easier. The topic is, of course, far bigger than that. Finding the perfect work-life balance is one of the most difficult areas for business owners to focus on. There are too many other […]
Where does all the cash go in your business?
Cash is a funny thing in business, it seems to be there one minute and gone the next! But where does it all go and what can you do to manage it better? There are three ways of generating and spending cash and all of them need to be understood and looked after really well. […]
Reconciling business credit cards
So, you think you’ve got everything fully reconciled and you know within a few £’s what your cash position is going to be over the next few days: all of your suppliers’ invoices are entered into your cloud accounting system, along with the invoices you’ve issued to your customers, your employees are entering their expenses […]
How to make running a small business more damn fun
I was intrigued by a recent survey by Yorkshire Bank into the state of mind of business owners up and down the UK. According to the research, only 58% of small business owners classify themselves as happy in their day-to-day working lives and 85% are stressed to some level at work. The ‘always on’ culture […]
Paying the bills on time
In all the conversations that I have with small business owners about running their businesses, one thing stands out above the rest as the thing that keeps them awake most at night – the ability to pay their bills, salaries and taxes on time. Paying the bills seems to trump winning more business, collecting money […]
How much cash should I have in my business?
We’ve all heard the phrase that cash is king (and queen!), when it comes to running a business. Undoubtedly, the most common reason that businesses fail is that they run out of cash at some point. So how much cash should you have access to at any point in time? The answers that follow have […]
5 do’s and 5 don’ts if your business is running short of cash
It’s a fact of business life that cash reserves will sometimes run short. The art of survival is how you respond to these lean periods. Here are some essential do’s and don’ts. Do 1. Cut out any non-essential expenditure – over time, a business can build up any number of small expenditure items that really […]
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