A consultant is a person, either working independently or with others, who sell professional advice. It is common to find that each consultant will have an area of specialism and will be viewed as an ‘expert’ in that field.
Read more on a Consultant.
Businesses must generate profit which in turn can be substantially converted into cash. Cash is the lifeblood of the business and without strong profits the future funds available for re-investment will be diminished.
Many business owners believe more sales generate more wealth for the business, however, the detrimental impact more sales may have on the business may not be understood. Higher receivables, higher stocks, overtrading all consume cash and may jeopardise the business. The chart offers guidance on key everyday aspects of business life to help the business owner achieve better than break even.
Discover more on how you can improve your business performance mangement.
To achieve success it is essential for business owners to plan the direction in which they wish to take their business.
A clear business strategy is necessary to provide focus to achieve the owner's business and personal goals and more importantly identify how the strategic goals are to be achieved.
The business strategy should include:
- the direction that the business will take
- how it will develop
- the resources required to achieve the goals
and the business strategy must be relevant to the business core objectives remembering that the business strategy is an on-going process, to be regularly reviewed and updated to reflect the changing environment in which the business works.
If you would like to learn more visit the Business Strategy section on the DAW Consulting website.
Imagine you will soon inherit the family business. Will it be a gift or a burden? Are you equipped with the necessary skills to successfully carry on the business or would you prefer to let the opportunity of business owner pass?
How do you commmunicate your wishes to the family without upset? Read more.
David Willetts was invited by Open Advantage Birmingham, United Kingdom to present at their Open source software event on 28th February 2007.
The presentation centred on the journey taken in the development of the DAW Consulting website and the part Joomla! has played - from purpose written software; to the postnuke platform and finally using Joomla!
Control your stock levels at all times. Too much stock and the business will be absorbing cash in current assets that may not be quickly converted into re-saleable product, and too little stock may result in missed sales opportunities.
Manage your Business Cash Flow.
Generating value in a business is a desirable objective; however, extracting the value for the benefit of the business owner can be undertaken in different ways. Plan your desired exit option.
Read the full article here.
The business owner may lack reliable data on which to take informed decisions. However, in many cases financial accounting systems are used, but unfortunately not always in a manner designed to achieve maximum benefits.
It may be that the accounting system is used for accumulating data to form the basis of annual accounts, with maybe some integration with sales ledger (receivables) and purchase ledger (payables).
If this is the case in your business, or even if you generate monthly management accounts from your accounting system, step back and consider how much more valued information your system could give you at little or no further cost.
The accounting system should be viewed as an integral part of your systems and not considered a stand alone system that only benefits the accountant or bookkeeper.
If you need help in appreciating how much more benefit you can derive from your accounting system contact DAW Consulting for a free consultation.
DAW Consulting Limited is a private limited company incorporated in England in 2002. It was established by David Willetts to provide part time finance director, business consultant, mentor and NED services to business owners.
DAW Consulting employs professional qualified accounting and senior managerial staff and works with business owners to improve business performance, profit and cash flow.
Specific areas of interest that may be covered include start up, business development, business turnaround, accounting, business strategy, planning and business exit.
Qualifying business owners in the United Kingdom can offer an incentive to staff through the Enterprise Management Incentive Scheme (EMI). Discover the features and tax advantages to be gained.
A DAW financial management consultant will work with the business owner to identify and deliver solutions that are robust and assist the business in implementing its business strategy . Learn more about the DAW Consultant.
