“Cash is king.” We all know this saying. Lack of cash is even the reason that most businesses fail. Having cash on hand can help your business withstand challenging times or decide to invest to grow your business. It will allow you to take advantage of unexpected business opportunities. It gives you more peace of
Many African small businesses struggle to survive because of cash flow problems. Not enough money is coming into the business to pay the bills. Or, too much money is leaving the business too fast and you don’t know how to deal with that problem. Last week, we talked about cash flow and why it is
Profit does not equal cash flow Your business can fail even though you are making good profits. How can this be possible? One main reason is cash flow. Many business owners do not focus on generating consistent cash flow. Even if they are selling good amounts of products or services, unless that money is coming
For restaurant owners, keeping costs low is a key strategy to improve profitability. Last week, we talked about 16 strategies that any restaurant owner – big or small – can use to save money and increase profits. Today, I am sharing 10 advanced strategies. These advanced strategies can be used by bigger restaurant owners. They
When you run a restaurant, it can be hard to make good money. There are so many things to take into account. Waste of products because you bought too much and customers did not come. Loss of products or utensils through carelessness. Higher costs and lower profits because you struggle to calculate the true costs
In my conversations with African business owners, one of the main issues that they raise is the fact that their business is not making the profit they expected it to make. Or, sometimes, the business venture is not even profitable. So, the question that I am often asked is, What can I do to increase
The reason why your customers are abandoning your business may not be what you think. Research shows that over 70% of customers who abandon your business do so because they have problems with your customer service. In theory, this means that it would be possible for you to retain 70% of your customers if you
Small business strategies to increase profits There are 3 main ways for a business owner to increase profits: increase sales increase your price cut costs Increasing sales is a great strategy, but it can take some time to get new customers. You can also increase sales if you convince your current customers to start buying
Do you want to increase sales without reducing your prices? I think every business owner wants higher sales. Higher sales mean that more money is coming into the business. This money can then be used to grow the business. A small business should not lower prices It is true that when you reduce prices, you
One of the things many of you ask me during our meetings is how to build financial reserves in your small business. Well, first of all, your business should be making profit. You cannot build reserves if your business is not profitable. If your business is not profitable, you need to address that problem first.
One of the main reasons why businesses do not succeed is because they run out of cash. This is often caused by them having problems with pricing and costs. This means that their financial management is not as it should be. A business budget can help you to avoid these issues. What are the benefits
Over the past few weeks, we have been looking at Financial Business Management 101. We started with an easy way to do record keeping Followed by how to create your sales forecast for the coming year Then, we looked at how to determine if you have the full overview of all your costs and expenses
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