To the blog for small and medium sized business (SME) owners.

Thursday, May 31, 2007

How To Succeed in Business

In order to gain success in today's rapidly changing business environment, the business owner must continually rethink, plan and implement strategies that will give a competitive edge and meet the needs and expectations of customers.

Whilst small improvement changes in product or service are always desirable, it will be the result of radical actions that will benefit the business most in the long term.

A quote from David Lloyd George "Don't be afraid to take a big step if one is required. You cannot cross a chasm in two small jumps."

Some of the factors to be considered when setting a new business strategy include:

- Develop an entrepreneurial spirit
- Evaluate and implement appropriate change
- Move the business in a challenging and rewarding direction
- Introduce new products or services into new and existing markets
- Reduce the product/service introduction time
- Revisit systems and processes to ensure they are targetting 'world class' status
- Benchmark - Learn from others
- Focus on quality throughout the organisation
- Improve the internal and external communication channels
- Train staff as necessary
- Plan to Manage the Change

Saturday, May 26, 2007

The Importance of Management Accounts to the Business Owner

Many small and medium sized business owners may not understand the import of preparing management accounts. Some consider they do not have time or the knowledge to prepare such data. Control of all business activity is of critical importance to enable good, timely and informed decision making to be made. The business owner should stay in control and the use of up to date management accounts data is an essential part of that process.

Friday, May 25, 2007

How Can A Business Consultant Help Your Organisation

When a business is starting, growing or simply implementing change, one of the best ways to address the challenges is to hire a consultant. Consultants are brought into companies that are in need of a helping hand during times of trouble or opportunity. The growing business of consulting is used by thousands of companies a year, ......

Read more

Thursday, May 24, 2007

No Robust Business Strategy - Enforced Change?

Discover 10 Reasons Why Businesses Implement Change

Many business owners do not have business goals or business strategy but would rather continue adopting past business thinking, without recognition of the fast changing business environment in which they work. However, things do go wrong and business change may become inevitable.

Do you have a business strategy? Are you in control of your business and does your management team support your plans?

Should you implement business saving strategies or wait for others to force change?

Read more on why businesses are forced to implement change.

Tuesday, May 22, 2007

Business Consultant

When hiring a business consultant it is important to ensure the consultant is knowledgeable, able to work with the management team and be able to understand the causes of problems and effectively communicate solutions.

Many business consultants possess skills that are transferrable across industries. In many instances this affords the client the opportunity of 'breaking away' from unrewarding customs and practice of their industry through gaining an insight into how successful businesses operate. This learning process, the understanding of how others create value in today's business environment, should be invaluable in moving your business forward.

Learn more about business consultants.

Monday, May 21, 2007

Yorkshire's Voice

A new business website and David Willetts of DAW Consulting was asked to contribute business articles. Check out the site here.

Thursday, May 17, 2007

How Good is Your Finance Director?

As the business owner your Finance Director should be helping you in the management of your business, but how effective is the position holder?

How does your Finance Director rate?

Ask YOURSELF the following questions:

1. Is MY Finance Director the first person I refer to when I need to discuss issues?
2. Does MY Finance Director prepare accounts and other management information in a timely and understandable manner?
3. Does MY Finance Director communicate well and in a timely manner with other directors and members of staff to avoid surprises?
4. Is MY Finance Director pro-active in the decision making process?
5. Is MY Finance Director respected by his/her peers?
6. Is MY Finance Director actively assisting ME in developing the strategy of the business?
7. Is MY Finance Director’s relationship with banks, investors, auditors, customers, suppliers and other third parties built on respect and trust?
8. Does MY Finance Director behave ethically in all business relationships?
9. Does MY Finance Director research and fully evaluate issues prior to taking investment and strategy decisions?
10.Is MY Finance Director committed to his/her Continual Professional Development (CPD)?
11.Does MY Finance Director train others in understanding the import of good financial management within the business?
12.Does MY Finance Director seek ways to continually improve business systems, procedures and practices?

If you have answered NO to just one question you will be managing an organization where improvements can be made.

If you need help with this or any other business matter contact David Willetts at DAW Consulting.

Monday, May 14, 2007

Accounting Terminology and the Business Owner

Often the terms and acroymns used in accounting may confuse and mystify the business owner. As a consequence inappropriate decisions may from time to time be taken. Accounting Terminology and the Business Owner gives definitions to a few of the common terms used.

Wednesday, May 02, 2007

What is The Most Important section of a Business Plan?

Initially you may think all parts of your business plan are important. To some degree this is the case. However, if the purpose of preparing your plan is to attract investors or to gain the confidence of others in the future of your business, then it is critical that the reader's attention is gained, and retained, throughout the reading of the document.

Consequently, the Executive Summary will most probably be the first section of the plan to be read, and it should therefore be written in an informed and interesting manner to encourage the reader to read more.

The Executive Summary should be succinct, incorporate the highlights of the plan so that the reader will gain an understanding of what the business does, how it proposes to operate in the future and the potential financial rewards.

It is important to remember the section is a summary of the whole future business, and is to 'whet the appetite' of the reader to find out more.