Money is the lifeblood of business, and ensuring optimal cashflow keeps its heart beating and makes for smoother operations and its continuation. Sometimes, however, a business accrues debt during its operations. This could be due to a loan, start-up costs, inventory and stocking costs, or even invoices not being paid for services rendered. There are…
The business management style you adopt will depend on the needs of your business, what motivates your employees, and your style of work. Therefore, you do have some flexibility when it comes to the choices you make and how you manage your business. However, there are some which you should always avoid due to the…
Innovation is one of the pinnacles of good business practice. However, sometimes innovation isn’t a process that can be achieved by one person alone. In business, some of the best ideas and practices that your business might achieve could occur through collaboration. Most businesses will have understood the impact and importance of internal collaboration between…
Many businesses may have found that their positions and practices have required a rethink. You might have noticed that your business is now situated in a more digitised environment, or that your employees’ roles and responsibilities have had to change and adapt to accommodate new norms. There’s a growing need for skilled individuals to step…
Emergencies can crop up without any warning, but a business needs to be prepared for any eventuality. Unexpected disruptions to business operations can be prevented with a well-thought-out emergency management plan and recovery plan to help protect your business before, during and after an emergency. Natural disasters, such as floods, fire and earthquakes can strike…
Emergencies can crop up without any warning, but a business needs to be prepared for any eventuality. Unexpected disruptions to business operations can be prevented with a well-thought-out emergency management plan and recovery plan to help protect your business before, during and after an emergency. Natural disasters, such as floods, fire and earthquakes can strike…
Partnerships and joint ventures are both valid structures for businesses, but there may be factors in place that prompt you to choose one over the other when it comes to deciding what’s best for your business. In some instances, a joint venture might be the preferred structure for the situation as is required. A joint…
With the demanding conditions that have plagued the retail industry over the past twelve months, business owners need to be aware of all the restructuring options available before it is too late. COVID-19 has unfortunately resulted in reduced foot traffic, store closures, the accumulation of legacy creditors and significant deteriorations in working capital positions. Even…
Starting a business needs a lot of preparation, time and effort. Therefore, running two businesses at the same time means that your workload is even greater, and will require even more preparation. You may choose to start another business if you have been making consistent profits for your first/initial business and you come across…
From petrol stations to hotels, to hair salons and fast-food chains and more, franchises are a common sight across almost every industry sector. With varying levels of complexity and market share, creating employment and prosperity for the nation, franchises are a business structure that you may want to consider investigating. Franchises can range from small,…