GROWING A BUSINESS

MONEY & FINANCE

Managing your finances effectively is vital in a growing business. Peter Switzer offers his latest tips on financial planning, risk management, and managing debt to grow your business. Find out innovative ways to save money by trimming costs, and some of the essentials of the Australian tax system that affect your business.

The views presented in these articles are not Optus' views. This article contains general information only and is not intended to be relied on as legal, financial or professional advice. Readers should seek their own advice based on their specific business needs.

Get a goal

The masters of growing businesses seldom disagree that the starting point for any great business is to begin with a big goal. It should be written down and it should be put in a place where you can see it.

Don't know what you don't know

The challenge for all business owners and budding entrepreneurs is, at the risk of sounding like Donald Rumsfeld, they don't know what they don't know.

How to get a government grant

Getting a government grant can be a great way to accelerate the growth of your business.

10 Ways to Boost Morale and Productivity

Cheap and easy ways to increase productivity (and smiles) in the workplace

Tips for getting people to pay up

Sometimes it can be difficult to get debtors into gear in order to pay you so cash flow isn't affected. I asked Dr Neil Flanagan, Managing Director of Plum Management to give clues on how to get debtors to pay up.

Surviving Tough Times

The entrepreneurial stories that grab most would-be entrepreneurs the most are the David and Goliath ones, where a little guy takes on the big boys and wins -- Branson-style and John Symond-style.

Where the rich are looking for opportunities

Of all the green shoot of economic recovery we need to watch, one of the best measures to monitor is the behaviour of the super rich.

Debt rules

Every business at some time experiences a customer who is either a slow payer, or worse still, refuses to pay at all. Few people enjoy harassing customers for unpaid accounts, but essential telephone skills go a long way to getting payment.

Close the risk

Imagine deciding to adopt a big business-approach to life. If anything, it would be materially rewarding. I'm suggesting that you live your life according to a plan - a life plan and a business plan is not a bad idea.

Business angels

Heard of them? I get the question a lot from people wanting to grow their business. Who are these business angels who can lend small businesses money? And what do they require?

Debtor strategies

Research in Europe has shown that one in four businesses wind up on the scrap heap because of late payers!

Spend a penny, I dare you

When you're a bloke like me officially in the advice caper - though I like to think it's more the business and money education industry - you always get what I call the third scariest call of all.

Access to cash

The tide might be turning for small businesses looking for money with the big banks who are becoming increasingly more forthright and even more believable when they say they are supporting small business.

Tax smart

Before the end of the financial year arrives, accountants argue that it's not too late to get your business house in order to save on your tax bill. But the taxman warns to be careful of schemes that are big on tax saving promises.

How to trim your costs

Imagine reading a headline that says "Cut your costs by 50 per cent or more!" That would suck in nearly every small business operator, and when I read it in a American magazine a few years back, it did the trick on me.

Keeping the books

Keeping the books organised and up-to-date is of great importance to any business to ensure its smooth operation.

The scary stuff

Finding new clients can often be a difficult process. Smart and successful marketing is essential to any growing business.

Forewarned is forearmed

Tax time always brings the fear factor and many business owners who want to reduce their tax can make some big mistakes in trying to do last minute tax planning. Around this time, tax schemes become the flavor of the month but they can be traps.

Show Me The Money

Getting big businesses to pay up can sometimes be a hassle. Here are some tips to speaking with clients on the phone, as well as tactics to ensure clients know you mean business.

Cash flow crisis solved

Like many budding entrepreneurs, Sarah Hillier had always wanted to start her own business but lacked the courage to do so.

Stay on top of tax

In business, as in many aspects of life, timing can be everything. And experience suggests that where small businesses often make big mistakes is in the crucial bottom line area of tax.

Let The Cash Flow In

Ensuring cash flow is under control is an important step in ensuring business success.

Negotiate on price

Negotiating can be tough, but knowing the market and doing the research on a product or service you wish to buy can put you in a better position when it comes to doing a deal.

Money matters

Before growing a business, it's important to work out how much you will need to spend to ensure growth is successful.

It all adds up

Creating a budget is an important way to help you stay on top of finances in your business. Budgets are not only essential, they can make or break your bottom line.

Improve cashflow

Ask any business owner what keeps them awake at night and chances are the answer you'll get, especially during times like these, is cash flow.

Improve your business's cash flow

In the end, all the forecasts and accounting programs in the world are no compensation for getting more cash in the door. Here are some tips on how to improve your business's cash flow.

From strength to strength

To get your business through challenging times, it's important make sure it's running efficiently as possible. All businesses should, to borrow the title of the famous Jim Collins book, be 'built to last'.

Head above water

During times of uncertainty in the economy and financial markets, we should take stock of our total financial position.

Debt rules

Every business at some time experiences a customer who is either a slow payer, or worse still, refuses to pay at all. Few people enjoy harassing customers for unpaid accounts, but essential telephone skills go a long way to getting payment.

RECENT ARTICLES

Beating the clock

Most business owners need more time in their day. Here are a few timesaving techniques that will let you concentrate on growing your business.

Business in tough times

During tough times, cutting back on certain parts of your business may be detrimental.

Switzer's Hint

I don't know who thought this one up but it's a beauty: "If we don't take care of our customers, someone else will."