The importance of controlling working capital becomes evident to many business owners only when cash flow is negative and little or no cash is freely available to sustain day to day operations.To address this situation the reaction may include the robust chasing of all receivable overdues and the delaying of payment to creditors for as long as possible. Work to perhaps reduce inventory levels may be undertaken, but this may not immediately reflect in improving the cash position.The SME busin... Read Full Story
The DAW Consulting Forum is now live. It is F-R-E-E to join. Seek help or offer business advice to others, advertise your business, and more.... Register Here Read Full Story
For the SME (small business) owner what are the benefits of having a mentor?How does the SME business owner choose a mentor and how why can a mentor be so important to your business? If you are a business owner you may from time to time yearn for some guidance to help overcome an immediate or long term issue. A business mentor should offer the experience, independence and committment to provide help in overcoming such concerns through an ability to analyse, evaluate, communicate and motivate... Read Full Story
If the call goes out to 'cut costs' for the next financial planning period , consider the impact that across the board cost reductions may have to achieving the strategic goals for the business.Tip: Avoid cost reduction in strategically important resources. Consider long term as well as short term goals. Read Full Story
There are many aspects impacting on your business cash flow. However always remember CASH is the lifeblood of your business and every effort should be made to protect your business cash flow.The 7 golden rules to adopt in control of your cash are:1 Know your Cash Balance at all timesSounds obvious but not always actioned by business owners2 Forecast your Future Cash FlowsMaintain a rolling forecast of your future business cash flow and measure actual results against the forecast and understa... Read Full Story
The communication channels between the business owner and the accountant may not adequately satisfy the concerns and frustrations experienced by both parties.The business owner may feel inferior arising out of a poor understanding of accounting terminology, accounting systems or legal responsibilities; whilst the accountant may forever be awaiting responses to queries and consequently reacting to situations and forced to complete work immediately prior to the deadline.In this environment the ... Read Full Story
The National Business 2 Business Centre recently featured the work undertaken with DAW Consulting Limited. Read the press release here. Read Full Story
David Willetts was interviewed (8 August 2007) by Wu Lu a student of Warwick University, UK.The subject was the adoption of e-business by SME professional service businesses. Wu Lu who was sponsored by the NB2BC commented, "Thank you very much for responding to the Interview about the E-business Adoption in Professional Service SMEs. The information you provided is really appreciated for my research." Read Full Story
Many business owners may be required, perhaps by a third party or as part of the business internal control measures, to prepare financial forecasts.This may be a daunting task to some, but for organizations that do control the performance of the business the exercise will be part of normal routines and probably completed with little difficulty.When preparing a budget the following 7 points are worthy of note:Plan the exerciseSet a timetable and involve all appropriate staff within the organiz... Read Full Story
