Projecting cash flow to build a more resilient business

· · Posted in Accounting, Business

Cash flow projection
Cash flow is the single most important aspect of financial management for any small — or large — business. Running out of cash is the major reason businesses fail.

As a business owner, making sure you have cash available (or at least the potential to generate cash) to meet your obligations is not only essential for survival, but is in many cases a legal obligation.

Projecting your cash flows is one of the best ways to make sure you stay on top of your cash position and avoid the sort of cash crisis that can destroy your business. Here are four simple ways to make sure your cash flow projections are realistic.

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Blogging to grow your business

· · Posted in Business, Tips & Tricks

Business blogging

Blogs are the great marketing equaliser.

Before the blog, marketing was something that only big companies could do. They alone could afford to pay hundreds of thousands or even millions of dollars to buy advertisements on television and in newspapers. That meant they could crush their smaller rivals under piles of marketing money.

These days that has all changed, thanks to the internet.

With blogging software like WordPress or Tumblr, any business can build a professional site without knowing anything about programming.

The same software gives you the power to create posts that tell your company story to potential clients around the world, with minimal cost.

So how do you start? Below, we have listed five steps to get you blogging.

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Social media meets field service

· · Posted in Business

Social Media for Tradesmen

We all know by now that it’s essential for a business to have an internet presence; a company website is the mainstay for anyone doing business in the 21st century.

But what about a company Facebook page, Twitter account or LinkedIn profile? Are you losing out on potential customers by ignoring these social networking heavies? Do you panic when you think about how your lack of social media savvy has caused you to miss out on reaching your sales goals?

Well, relax. According to a 2015 Aberdeen group study, a social media presence is not about bringing in new business, it’s all about keeping the ones you have happy.

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Hidden barriers to cash flow

· · Posted in Accounting, Business

Cash flow invoicing software
This is a guest post from Heather Jennings at Intuit

Small businesses are particularly susceptible to hidden cash flow problems. Find out what the most common hidden barriers to cash flow are and how you can plan for them.

A healthy cash flow is top priority for small businesses to have viable long-term operations. However, most small businesses at one time or another will encounter hidden cash-flow problems that can be damaging to their business. Thankfully, with some preparation and the right strategy in place, you can address the common problems that pop up with cash flow.

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simPRO Software at Xerocon London

· · Posted in Announcements

Xerocon London

“It’s the world’s most beautiful and innovative conference for leaders in cloud accounting. Are you in?”

Well, we certainly are!

Come the 9th of February and you’ll find us at the Battersea Evolution in London — taking part in the massive two-day event that is Xero’s annual conference.

Attended by hundreds each year – and taking place in four different locations worldwide – Xerocon brings together accountants, bookkeepers, the Xero team and its partners for two days of inspiration, connection, and transformation.

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Is it time to rethink your pricing strategy?

· · Posted in Accounting, Business

Pricing strategy

Can a business improve its pricing performance? The short answer is yes — provided it approaches pricing in a structured way.

Now the premise that it may be time to rethink your pricing strategy assumes that you already have one in place. In fact, many field service businesses do not have a formal or defined strategy to begin with. Instead, employers look to the market and use a ‘best guess’ method to set costs.

The most common issue that comes from this method is setting prices too low. A new business may do this to win initial clients and to build up a strong customer base. The problem many owners then find themselves in is when the company fails to readjust the prices back up to market rates.

While you may continue to win new customers and be busier than ever, it’s simply not sustainable for the business.

It can be tough to pinpoint if pricing is your issue, so we’ve listed a few signs that indicate it might be time to rethink your pricing strategy.

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Tips for dealing with late payers

· · Posted in Business

Late payers

Having a healthy cash flow helps your business reduce financing costs while making it easier to pay your suppliers, bills, and employees. Many field service businesses, however, often find that while their profit and sales are good, their cash flow seems to be constantly low.

One of the primary culprits behind cash flow issues is unpaid invoices. But chasing customers for money can be a delicate business.

Being stern or demanding can damage the relationship – while being too soft can create its own problems.

Here are some tips for getting what is owed.

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Business numbers made easy

· · Posted in Accounting, Business

Improve cash flow

This is a guest post by Sue Hirst at CFO On-Call.

The numbers are often a bit of a mystery to business owners. When you’re busy running everything involved in a business, there just isn’t time to do a degree in finance to understand how it all works in detail. A few accountants are good at explaining financial concepts in plain English to business owners.

We’ve decided to throw out the text book on financial accounting and come up with a simple way of looking at how the numbers work in most businesses. If you’ve seen our infographic Business Numbers Made Easy – Roadmap, you will see that the key numbers are actually quite simple. Here’s a little more explanation about each one:

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