Top Business Tips
We all want to do business well. One way is to share valuable insights and ideas. If you have a great tip or idea to share, submit it here and each week we will choose the best tip to share across the Chamber membership. You never know when a great tip might just make the difference to your day.
Top Business Tips Expanded
Each month we expand on our weekly top tips with links, resources, contacts and additional information to help you stay on top of key areas of your business.
How do I Measure Performance in my Business?
Business owners are frustrated that their business is not achieving the results that they had forecast, planned and expected. Often business owners aren’t sure what their team are doing or not doing to contribute to the success of the business; and often there are no measurements in place to draw any correlation between performance and results. Measuring performance doesn’t need to be too arduous.
Cleansing a Toxic Workplace
When building a business, you likely focus on crunching numbers, crafting a business plan or devising sales strategies. But running a successful business also requires that entrepreneurs deal with the more human aspect of their business. And sometimes, that means dealing with employees who create a toxic atmosphere at work.
This can sap morale and it can also dramatically impact your company’s bottom line. Employees forced to contend with one or more disruptive personalities can’t focus on the job at hand, which leaks productivity and drives performance into the ground.
Take these steps to ensuring a good work environment and happy employees.
How do I Manage my Time Effectively?
- Create a daily plan. Plan your day before it unfolds.
- To Do Lists. To do lists are simple yet effective tools. They are a great way of mapping out all the tasks you need to do.
- Prioritising. With every list and plan you need to know your deadlines. Mark the deadlines out clearly in your calendar and organiser so you know when you need to finish them.
- Knowing your resources. When making a plan it is important to consider the resources available.
- Schedule time for interruptions. Plan time to be pulled away from what you're doing so that you can assist where you need to.
Fact or Myth? Should you use a Credit Card to Fund your Business?
If you can be disciplined to treat the card like a loan and pay in full before the interest is due, or factor interest on the purchase, then you may well have a very good credit line for your business. Be business savvy - avoid fees where possible, ensure business partners are in agreement, get the highest credit line you can but ensure you are self-disciplined to manage this debt. Always show the credit card in your accounting system as a creditor. And the last golden rule, consider whether any line of credit or credit card is warranted & always seek financial & legal advice before any borrowings.
Review our cashflow links below and/or seek specialist support on 0800 24 26 23.