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Knowledge & Insight
Top Tip Tuesdays are part of our YouTube Channel where we give you top tips on improving your business cash flow. Click to see view.
Many of you have seen the new release movie Ford v Ferrari which depicts the story behind the only American made car (a Ford GT40) that won The 24 Hours of Le Mans – which is the world’s oldest active sports car race in endurance racing, held annually since 1923 near the town of Le Mans, France. It follows the passion of 2 men – Ken Miles, who was an exceptionally talented British race driver as well as a skilled mechanic and engineer; and Carroll Shelby, who was an American automotive designer, racing driver and entrepreneur. Together (more...)
Financial hardship can bite anyone at any time. Struggling to pay for basics like food and utility bills is a scenario that few people imagine themselves in. According to the University of Melbourne Financial Hardship Project, many Australians end up in this situation through no fault of their own. Unforeseen expenses, losing a job, a medical condition, a relationship break-up, a death in the family or a natural disaster are all events that trigger financial hardship.(more...)
You have a small business, your customer is owing you money and your not able to get them to pay it on time or at all. So, what do you do? You enlist the help of a trusted debt collection agent of course. However, this is going to cost you money, generally in the form of commission charges or recovery fees. Most logical thing to do? Add the charge of the commission or fees to your customer’s outstanding invoice, correct? Not necessarily! (more...)
Yes, of course, after all it’s you that’s not being paid for the product or service you delivered. However, doing this by yourself is going to take you away from your actual business, unless you have experienced staff to help. And I say experienced for a reason, there are a number of rules and guidelines governing debt collection, and you will be very limited in what you can do yourself. Besides, a fair few of business owners aren’t comfortable with the confrontation that comes with asking customers for money and some business owners prefer to keep at arm’s length when it comes to debt collection (more...)
Having difficult conversations with your team or individuals in your team? We all either have had those or definitely will in the future. It’s part of managing a team. Sometimes this is easier said than done. I personally know some really good leaders who can inspire and motivate their teams, but struggle to have difficult conversations with that same team. It’s too confronting, too awkward and too challenging for both the leader and the individuals involved. But… it doesn’t have to be. Here are 4 tips to help make that next conversation slightly easier for you: (more...)
The dream team… do you have one? What does it look like? How do you get it? All possible questions that crossed your mind as you read the title.
Do you have one? I’m sure you can answer that straight away. Sometimes you are lucky enough to inherit a great team when you first join an organisation, but usually you as a leader, will need to create a great team, or at the very least, maintain a great team. Having a dream team is not a set and forget exercise, it takes constant investment… investment in your people. (more...)
It can be a daunting task to recruit for your business or team, whether this is for replacement staff or whether you’re growing your team. You want to make sure that you hire the right person for the job, because once they are employed and you run into issues with their work or behaviour, it will be very difficult to deal with. Here are 8 tips to consider when you next recruit: (more...)
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