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During economic downturns, one of the main reasons why businesses go under is because they run out of cash. However sound your business is in other ways, successful cashflow management should be your main priority with a recession looking more likely. Here are some key suggestions to help improve your cashflow:
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While it may be tempting to ignore business debt, it could turn out to be the worst thing you could do. There are many avenues open to you to resolve debt-related problems. So, where do you start?
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In reality, most of us already know how to solve our problems; we just need someone else to tell us and focus us in on them. Just ask any consulting company and I am sure you will find that a percentage of what they tell you is what you already know, but they will most probably charge you a lot to tell you.
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If there’s one piece of advice to hold above all others while running your business, it’s this: cash is king.
It doesn’t matter how much you are selling or the size of your profit if your business doesn’t have enough cash. It’s possible for highly profitable businesses to run out of cash, normally because they don’t have enough money or can’t borrow enough to buy resources to fulfil orders.
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There are three Cs to running a successful business: Cash, cash and cash.
As long as you’ve got plenty of cash coming into your business (and not quite as much flowing out), you have a viable operation.
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If your customers do not pay you on time (or at all), then they are inflicting serious damage to your business. It is something that is so often over looked as ‘one of those things’
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Unless you’ve got mortgage-free commercial premises or machinery, the biggest asset in your business is probably its sales ledger.
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Small companies have, for years been vulnerable to slow payments from large clients. Severe late payment can even lead to insolvency in the worst cases. In most cases, chasing payment and managing debtors is a day-to-day task for many small businesses.
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To raise money to grow your business, you have to convince likely lenders that your idea is profitable, or at least has the potential to be.
This guide explores the main types of finance available, and highlights what investors and lenders look for in a business before they lend it money.
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If you’ve ever watched an episode of Dragons’ Den (and find me anyone in business who hasn’t watched at least one episode) you’ve seen some venture capitalists in action.
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One day you’re sitting in the middle of a faceless thankless office pretending to do whatever it is that they pay you to do, when BOOM, your head almost explodes with the force of impact of a business idea popping into existence. It’s amazing, it’s earth-shattering, it’s going to be the biggest thing since sliced bread met the sandwich toaster!
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If you are looking to take advantage of new opportunities and grow your company, funding is often the key.
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Borrowing money from a bank to finance your business is a lot harder than getting a loan to buy a new car or to improve your home.
Banks have a number of tough rules that you need to know before you approach them for a loan, and these rules have become even more stringent as a result of the credit crunch.
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At Bytestart, we have come across hundreds of would-be entrepreneurs over the past decade. We have also had the pleasure of meeting plenty of angel investors and industry insiders. Here are some tips on what business owners should do to impress potential investors.
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Launched in 1995, shortly after the introduction of the Enterprise Investment Scheme (EIS), Venture Capital Trusts allow individuals to invest in a range of small unquoted companies and spread their risk. Income tax and CGT reliefs are available to investors in VCTs.
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Despite it not really reflecting the diverse range of small businesses started in the UK, the TV programme Dragons’ Den has done a great job in educating people about a handy source of funding: Business Angels.
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Created in 1994, the Enterprise Investment Scheme (EIS) provides investors with a series of attractive reliefs in return for investing in unquoted companies which may carry a higher degree of risk. How do companies and potential investors qualify to take part in the Scheme?
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Stock market quoted companies are valued according to widely accepted formulas, however there are no ‘standard’ ways to value small or micro businesses. We look at some of the issues which arise if you are planning to sell your business.
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Most small businesses will, at some stage, seek funding or investment – for growth, starting up, or to see them through a transitional period (or a downturn). In this article, we look at the main sources of funding that are available.
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