• Payables policies and practices to improve cash flow

    In our recent article on Cash Management, we briefly discussed the importance of payments in the cash flow cycle. The focus of this article elaborates on the importance of managing accounts payable and a number of key issues. In our recent article on Credit Granting Policies To Improve Cash Flow, we briefly discussed the cost of cash discounts in speeding up cash collections. In this article, we [...]

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    When is social media and digital marketing right for you?

    This question is often missed when people prepare their marketing strategies - most likely because they don't really ask the question.  Often people are blinded by the bright lights and sexy appeal of anything digital and they fail to ask the really pertinent questions that will help them with the correct answer. Before trying to find the answer to the question above, you should ask a few more [...]

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    Coaching your Controller – Part 2

    As the owner of your business, do you have a person heading up the accounting function who has limited or no experience managing an accounting and finance function?  Very few SMEs will have an accountant with a designation and strategic skills in that role, which for convenience I will refer to as the Controller (other common titles are Accountant, Office Manager, Accounting Manager, etc.) As a [...]

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    What the world's business leaders are thinking

    A new IBM study of more than 1,700 Chief Executive Officers from 64 countries and 18 industries worldwide reveals that CEOs are changing the nature of work by adding a powerful dose of openness, transparency and employee empowerment to the command-and-control ethos that has characterized the modern corporation for more than a century. The advantages of the fast-moving trend are clear. [...]

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    The difference between Marketing and Sales

    Many business people still struggle with the difference between marketing and sales.  In reality, the differences are quite significant and unless recognized, could stunt the growth of your business. Recently, I came upon the best definition of marketing and sales I’ve seen in a long time.  Most definitions are textbook based, but this one came from a most unlikely source – the writer of a [...]

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    Customer service is more about what you don't do

    Recently my daughter ran into a problem at the car dealership where she bought her car. When closing the deal the business manager arranged financing through the bank and explained the conditions to us.  The most important issue to my daughter was the amount that she needed to pay.  When she ran into problems with the bank after a month, she approached the dealership that had provided us with [...]

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    Coaching your Controller – Part 1

    This article first appeared in CanadaOne, an online business newspaper and resource centre. As the owner of your business, do you have a person heading up the accounting function who has limited experience managing an accounting and finance function?  Very few SMEs will have an accountant with a designation and strategic skills in that role, which for convenience I will refer to as the Controller[...]

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    Why do customers leave you?

    Does someone in your business ever-so-often ask, "Whatever happened to (fill in the name) and how come he doesn't shop with us any more? Several surveys asking this same question were taken through the years by (but not limited to) the American Society for Quality Control, the Harvard Business Review, U S News & World Report -- even the Swedish Post Office titled "Satsa pa kunden" [...]

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    Creativity comes in many forms

    In tough times, the extra bit of creativity could make the difference.  Here's a story you will love: An old man lived alone in Idaho. He wanted to spade his potato garden, but it was very hard work. His only son, Bubba, who used to help him, was in prison. The old man wrote a letter to his son and described his predicament. Dear Bubba: I am feeling pretty bad because it looks like I [...]

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    Oblivion without change

    I recently came across an article in Forbes magazine that put this topic into clear and unambiguous  perspective (I will attach a link to the full article at the bottom of the blog post - it is a must read).  Following on from my blog post in February: The leading face of change, this article provides some context on the reasons why change not only needs to be embraced, but actively led: "If [...]

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