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

Wednesday, June 27, 2007

Are Your Financial Skills Adequate to Meet Your Business Needs?

Business owners must accept from starting up their business they hold responsibility for the financial well being and development of the business.

The business owners are expected immediately to be capable of resolving all business concerns in an expert and efficient manner. Some business owners may be adept at handling different problems, but for many it would be unreasonable to assume they have acquired sufficient skills to address the commercial issues.

This is particularly true in the area of finance.

The result is that:
- an inadequate and incomplete attempt at addressing the financial concerns is undertaken
- the financial issues absorb an ever increasing amount of time
- the business owner works increasingly outside his/her area of expertise, adding little value to the business
- the control over the business wanes
If these symptoms are recognized seek expert financial help to refocus your business, relieve the anxiety and avoid your business becoming out of control.

Discover the benefits of engaging a part time FD. Resolve your problems and create wealth for your business.

Monday, June 25, 2007

The Profit and Loss Battleground

All businesses must generate profit and positive cash flow to survive. However, many small and medium sized business owners (SME) do not appreciate the impact their day to day actions have on their business performance.

Often it is not one single event that may put at risk the business, but rather small errors frequently repeated, that in isolation may be unimportant but compounded have a dramatic impact on the long term business prospects.

One single event is identifiable and corrective action may be easily taken. Many small detrimental actions are perhaps accepted as 'custom and practice' of the business, but the harmful effect may not be realised until it may be too late.

If you are a business owner and would like help to check the health of your business - How Much You are in Control the click here.

For an easy guide to the positive and negative factors affecting your profit visit The Profit and Loss Battleground.

Saturday, June 23, 2007

Monday, June 18, 2007

Factors That Determine Business Success

Have you considered what factors determine entrpreneurial success?

As a business person you will want to succeed, but what are the important drivers that, if followed, create the business wealth?

Friday, June 15, 2007

Quality Management System - Implementation Mistakes

Are you about to implement a quality management system (QMS) in your business? If so avoid some of the common mistakes.

Read ' Discover 10 Most Common Mistakes When Implementing a Quality Management System '

If you need help with your quality management system implementation then contact DAW Consulting today.

Tuesday, June 12, 2007

Learn How a Mentor Can Help You

Often business owners attend training courses and may be:
- Coached
- Taught
- Counselled

They may leave the event full of enthusiasm to put into practice the knowledge they have gained.

However, the eagerness to implement change quickly disappears and old routines and procedures return producing similar results to those prior to the training.

Why should this be?

One should consider the situation the business owner will find himself/herself in. The comfort of the classroom in being told what should be done is very different from understanding how to and having the courage to implement change.

The coach, teacher or counseller may start the change process, however, a mentor may be required to successfully complete the initiative.

In the classroom the emphasis is different from that of the workplace and upon return to the business, the owner will require a different set of values from those of the classroom if success is to be achieved.

This is particularly evident in areas of:
- focus
- skill transfer
- goals
- learning environment

A mentor will be able to take the educational aspects of classroom work and help the owner to convert enthusiasm for change into reality. A mentor will do this in the following ways:

The mentor will extend the knowledge and self confidence gained in the classroom through building new competencies, in order for the owner to comfortably take all required actions.

Skill Transfer
The mentor will replace the classroom mode of instruction and explanation by encouraging the owner to discover the solutions themselves.

Goal setting
Rather than set goals the mentor will work with the business owner on the goals that may already be in place.

Learning Environment
The teacher pupil relationship of one-way transfer of data to the pupil will be replaced by the mentor with a two-way alternative. This will encourage an open sharing of information environment in which the working relationship will flourish.

Wednesday, June 06, 2007

7 Tips on Business Turnaround

When a business hits troubled times it is important for the business owner to take remedial action at the earliest opportunity.

What immediate actions shoud be taken?

1 Recognise the warning signs, the adverse trends in the key performance indicators
2 Identify the CAUSES of the concern not the EFFECTS
3 Plan the corrective action
4 Take action to remedy the identied causes to avoid the issue developing into a crisis
5 Review related systems and processes to ensure no issues exist elsewhere
6 Measure results post taking action
7 If matters do not improve and things become worrying appoint a business adviser to add to the skill set and help move the business forward

Sunday, June 03, 2007

Practising Certificate- CIMA

David Willetts awarded the CIMA Practising Certificate
David Willetts has been awarded a Paractising Certificate licensed by The Institute of Chartered Management Accountants (CIMA).