‘I love deadlines…. especially the whooshing noise they make as they go by!’ That’s one of my favourite “Dilbert” quotes about business but it flies in the face of what motorsport stands for. Motorsport is a business of hitting deadlines because it doesn’t matter what reasons or excuses there are, the race will always start on time…. Whether you are there or not.
One of the tougher challenges for many trade businesses today in terms of finance is what’s commonly referred to as a cash gap.
A cash gap is a lag which occurs between income and cost of goods sold (COGS); that is, cash inflows and outflows. Businesses that suffer from a cash gap may be profitable on paper, but have cash flow problems because they have to pay their suppliers (COGS) much earlier than they receive money from their clients (income).
How did trust, that fundamental building block of human behaviour, become a cornerstone of modern business? Once something that required significant time and investment to build, maintain and yield results, trust is now being made and broken by strangers at speed – and that shift is being commoditised.
The concept behind Auckland-based social enterprise Eat My Lunch is a simple one. Buy a lunch and a kiwi-kid in need gets one for free. But there’s a level of complexity behind the scenes to ensure its sustainable future – from carefully planning menus to ensure zero-waste kitchen to thorough financial forecasting.
Good managers can make or break a business. They’re essential to developing a positive and productive workforce, which, in turn, improves employee retention levels and ensures everybody in the business is working in line with the company’s strategy and objectives.
Freelancing and gigging are gaining popularity fast. Not only do you get the flexibility to work when and how you want, a lot of these jobs let you work from home. However, if you’ve never worked from home before this can be a challenge.
Treating your home like an office can take practice, especially if you don’t have enough space for a dedicated home office. If you’re freelancing and want to work more efficiently, here are some tips to help.
Much like finding an old $20 in those jeans that you’ve had away since last winter, or like realising you’ve ordered your pizza on cheap Tuesday when you go to foot the bill, figuring out that just a small change to the way you work can save you time and money is gold.
Sometimes, it’s the minor details that matter. It might seem like a small win at the time, but it’s one that can make a big difference to your business.
Hiring the right person for the job isn’t always a straightforward process. There are many variables to consider and whether you are a startup looking to hire your very first member of staff or already have a few team members on board and are looking to expand, the right person with the right skills can really enhance your work environment and have a positive impact on production. Hiring the wrong person does just the opposite and can not only be a costly exercise, but it can also be time-consuming and even have a negative impact on employee morale.
In the world of small business, the changing nature of competition requires us to constantly adjust and adapt, succeed and remain grounded. Everyday business decisions can be a continuous battle between the urge to stand still and consolidate, or push to achieve more.
So how do you strike the right balance? Multi-medal winning swimmer Michael Klim shares four top tips.
Applying for funding from a bank can be daunting. It’s a lengthy process which involves jumping through hoop after hoop with no guarantee of success.
But it doesn’t have to be that way, follow our guide to ensure you go into the loan process with the correct information and watch your chances of approval soar.