Why do I need a business plan?

· · Posted in Business

How to do a business plan

Do you want to expand your business, be more competitive in your industry and achieve certain goals?

If you answered yes to any of the above, you need a business plan!

Whether you’ve just started out or you’ve been running your business for years, business planning can be the key to your success.

We’ve laid out three key reasons why you need to get started on your business plan today.

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5 simple tips for speedier invoicing

· · Posted in Business

Invoicing software

Many small businesses must take care of their own invoicing, but many view the task as a chore. This could explain why the average business takes a week to send an invoice – and for some businesses, up to two months.

While it may be a pain in the neck, prompt and efficient invoicing is vital to the success of a business.

According to research by accounting software provider Xero, small businesses are paid, on average, two weeks late. A recent UK survey found an even longer delay of 21 days.

There are methods you can use to speed things up, though. From tightening payment terms, to chasing invoices more aggressively, to simply getting your invoices out faster – these are just a few of many examples you can use to help keep the cash coming in.

Avoid the dreaded cash crunch that spells the end for many small businesses with these five tips for better – and faster – invoicing.

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Avoid these 4 estimating errors to improve your profitability

· · Posted in Business

Estimation electrical contractors

The profitability of any job undertaken by a field services business can vary significantly from expectations at the time the estimate for that job was created. Removing this variability and delivering consistent profits should be the goal of every business owner.

Being able to accurately forecast profit is largely based on the ability to develop accurate estimates and adopt a disciplined approach to the project. There is a common misconception that when profits are lost, the loss occurs after the project has started and is due to circumstances beyond the business’s control. The reality is that when contractors lose money, the loss is most often a result of mistakes in the cost-estimation process.

Here are some of the most common estimating mistakes that might be putting your business at risk, and what you can do about them.

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Why you shouldn’t give up on the ‘slackers’ in your company: 5 ways to re-engage your staff

· · Posted in Business

Engage staff

We’ve all worked with them at some point – the employees or coworkers who are chronically late for work but who are the first ones to head home at the end of the day.

When they’re on the job, they do the minimum that they can get by with without getting fired. Many label them as ‘lazy’ or ‘slackers’ and quickly write them off as a potential layoff candidate.

The problem with these labels is that they’re often wrong. At one time in their employment, these ‘slackers’ were just as hard-working and engaged as others in the company. Something has simply happened along the way that’s changed their attitude and made mediocrity acceptable in their eyes.

Is this reversible? Can you turn these ‘tired’ employees to enthused, engaged workers? Or should you let them go?

Below, I’ve outlined five different approaches you can take to re-engage employees, making them happier and more productive, which in turn will make your customers happier too.

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No more ‘I reckons’ and other ways to improve your estimating skills

· · Posted in Business, Tips & Tricks

Estimating software trades

Determining the cost of a job accurately and efficiently can be challenging, overwhelming and fraught with risk. When you price a job right and win it, it can deliver instant improvements to your bottom line — but getting it wrong can be a very expensive mistake.

When estimating, there are a number of basic factors that need to be taken into account, from the type and scope of the project to potential risks and resources involved.

We’ve collated five tips to help you calculate an accurate estimate and secure your project’s success.

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