Small businesses are particularly vulnerable in tough economic times.

When sales are slow, there are still overheads and salaries that need to be sorted. Pre-planning and being proactive can help you weather tighter economic periods and allow you to continue to thrive.

Make sure you have a clear picture of your payroll, and any other planned expenses that will need to be accounted for.

If there’s even a possibility that there could be a shortfall, it’s essential to meet this head-on. Whether this means talking to your supplier or creditors to figure out an arrangement, or compromising on other business outgoings, you must make a plan to ensure that the business, or your staff, won’t suffer.

Minimize the stress of cash-flow

Invoice early – Send any invoices that you can, and in advance if possible. Perhaps consider whether you have any regular clients or customers that you could offer a retainer or similar deal to if they book services or make a purchase from you in advance.

Chase payment – Use this opportunity to chase up any outstanding payments. Strong communication and relationships matter – talk to clients and chase invoices.

Talk to suppliers – A little honesty can go a long way. Perhaps they can extend a line of credit for your payments to them. In most cases, a good supplier would rather offer a little flexibility to keep an ongoing business relationship.

Review Inventory – Can you find a cheaper supplier locally to avoid the shipping costs or discuss alternative products that allow you to reduce expenses?

Review your costs – It’s also a good idea to do a general review of expenses. Business costs can creep up, and it’s a great idea to make a time to check on your expenses regularly, no matter what your financial situation. Review all of your regular payments and subscriptions as well as upcoming costs. There may be travel, functions or purchases which you can decide on an alternative approach to.

Talk to the bank or tax department – If cashflow is tight, make sure you have conversations early so you have everything in place to see you through.

We can help you implement strategies to protect your business for the long term and help you alleviate cashflow worries.

The following content was originally published by BOMA. We have updated some of this article for our readers.

You spend a lot of time making sure your business runs like clockwork. But is your business delivering for you personally, as the owner and/or founder?

In this series, we’ll look at the core ways your business can be structured to deliver on your own personal, family, philanthropic and leisure goals.

A business that supports your personal vision and life goals

When you started your business, you’ll have had a clear idea of how this new venture would provide for you and your family. But, over time, your attention can become focused on the day-to-day operations, with less awareness of how the company is delivering on your own personal and entrepreneurial goals.

In this series, we want to reverse that flow. We want you to think clearly about what you want from life, your business and your wider position as an entrepreneur.

We’ll look at:

Maintaining a healthy work/life balance

Think about how you structure your business to allow for flexibility and time for your own personal pursuits. This could involve working remotely to spend more time with your family, flexible working hours or having the right team to delegate work to.

Securing your lifestyle

Make sure your business generates enough income to support the lifestyle you’re aiming for. This may mean reviewing your budget and expected income, setting financial goals and developing a business model that delivers the revenue you need.

Making enough to retire

If the end game is to retire, you need a nest egg to do this. Funding a comfortable retirement might mean reinvesting dividend income into a pension, exploring tax-efficient strategies and developing a long-term financial plan.

Investing in your passions

What gives you joy outside work? You can use your business as a platform to pursue your passions, whether it’s supporting local charities, promoting sustainability or creating products that reflect your personal and ethical values.

Passing the business to the next generation

Before you retire, it’s important to plan for a smooth transition to the next generation, whether those successors are family members or other members of your existing team. This will mean putting serious thought into succession planning and training.

Helping you set and track your personal goals

Over the course of this series, we’ll explore each of these five goals in more detail. In the meantime, we’re here if you want to track how you’re performing against your personal goals.

Come and have a chat about what you want from your business.

The following content was originally published by BOMA. We have updated some of this article for our readers.

It’s tough making a success of your business alone. So, why not partner with other businesses to help form a strategic partnership that benefits you both?

In this series, we’ll look at some key ways to optimize your business, exploring different avenues to evolve your enterprise and create a legacy you can be proud of.

Let’s take a look at some different options for exploring strategic partnerships.

5 ways to find your ideal strategic partner

Partnering with another company really helps you expand the reach and capabilities of your existing business. And by working with new people – and with a new audience – you also bring new ideas to the table and can begin to innovate in new spaces

Here are five ways a strategic partnership adds value:

1. Explore new markets

Partnering with complementary businesses gives you access to new industries, sectors and customer segments. It can be an amazing way to expand your market reach by working with a company that already has a profile in this space.

2. Boost your revenue streams

You can generate new revenue streams by offering joint products or services with your new business partner. You can also cross-sell to each other’s customer base, or explore new distribution channels.

3. Reduce your costs

Working with a trusted partner means you share resources, such as marketing, logistics or technology. This makes it easier to run campaigns and reach a new audience, while also reducing costs and giving your margins a boost

4. Get more innovative

With a partner on board, you can collaborate on new ideas and develop truly innovative products. You may also be able to access their technology, infrastructure and expertise to enhance your research and development (R&D).

5. Improve your brand visibility

Partnering with well-established brands gets your name seen by a whole new audience. It’s a great way to enhance your brand’s visibility and credibility, bringing in new customers and other potential partnerships with brands.

Talk to us about finding your perfect strategic partner

Creating a broad network of partners, supporters and new customers is an amazing way to optimize your business – and your potential to reach a whole new customer base.

Talk to our team about partnering with new strategic partners. We can introduce you to other companies in our network to find your perfect collaborators.

The following content was originally published by BOMA. We have updated some of this article for our readers.

Your people are one of the most critical elements in your business. But are you doing everything possible to provide a caring, supportive workplace that also drives the success of your business?

In this series, we’ll look at some key ways to optimize your business, exploring different avenues to evolve your enterprise and create a legacy you can be proud of.

Let’s look at ways to improve your employee experience and your connection to the team.

5 to improve your employee relations as an employer

Studies show that happy workers are more productive. Offering your people a working environment where they can flourish is part of being a great employer. But what are the key ways to build these employee relationships and nurture your team?

Here are five ideas for creating the best possible workplace for your employees:

1. Invest in your employee development

Make sure you provide opportunities for professional growth. Offer your employees access to training programs, workshops, conferences and mentorship programs. It’s a chance to enhance their skills, boost morale and make them feel truly valued as team members.

2. Create a positive work environment

Cultivate a workplace that feels positive and supportive of your employees. Be open and transparent with your communication, listen to employee feedback and have a strong focus on employee wellbeing. This includes offering benefits, flexible work arrangements and other team perks.

3. Recognize and reward your employees

When an employee goes above and beyond, make sure it’s recognized and rewarded. You could do this through performance bonuses, employee-of-the-month programs or even extra time off in lieu. Being rewarded, and feeling truly valued, can be an amazing motivator.

4. Empower employees to do more

One of the best things you can do for your employees is give them autonomy. Being trusted to come up with their own solutions, processes and ideas is key to making people feel as if they own their role. Employees feel fully involved in your progress and will help you push things forward.

5. Put wellbeing at the heart of your culture

Work can be stressful. But by paying close attention to employee wellbeing, you make sure no-one gets overwhelmed or left behind. Think about running free stress-management programs, offering mental health support and checking in with every team member on a regular basis.

Talk to us about your employee experience strategy

Making sure you’re a caring and supportive employer is vital to your business strategy. With a team who feel valued, nurtured and encouraged, you’ll all be happier and more productive.

Talk to our team about strategies for improving your employee experience

The following content was originally published by BOMA. We have updated some of this article for our readers.

The beginning of a new calendar year is an excellent time to review last year and reflect on what worked, what didn’t, what you’d like to change and new things you want to implement.

Take the time to review the year and acknowledge all that has happened, good, bad or indifferent. Examining the year with an objective perspective can provide valuable insights to prepare for the coming business year. Planning and goal setting will help provide a focus for your business efforts.

Your Yearly Business Review

• • • What were the most significant impacts on your business in the last 12 months? How well did you meet the challenges?
    • What worked well last year? What systems, technology, products or services were successful?
    • What accomplishments can you celebrate?
    • What situation, event or experience provided the biggest learning opportunity?
    • What is the biggest challenge or frustration you face as you prepare for the year ahead?
    • What did you most enjoy during the year? Do more of it. What did you least enjoy? Do less of it!
    • Analyse your financial reports. Are you earning what you’d like to? Is the business sustainably profitable?

Get Ready for a Great Year

While there are many metrics you could evaluate to track business performance, we’ve given you just a few ideas to inspire your business planning for a positive start to the year.

If you’d like to chat about what you can do differently this year to enable your business to thrive, book a time with us today.

The following content was originally published by BOMA. We have updated some of this article for our readers.