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How to manage excessive pay demands June 18, 2008

Posted by businessgrowthmastery in Entrepreneurial, Financial Management, Leadership, Mastermind Group, Vision & Strategy.
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Alastair Darling, the UK Chancellor has come out today warning that trade unions guard against a ‘disastrous return to 1970’s style inflationary pay demands.

He is right to be concerned as the global economy is feeling the impact of inflationary pressures on oil prices, the cost of food and increasing energy costs. Although the official inflation rate in the UK is quoted at just 3.3%, it is well established that if you take just these three core items, the the rate would be well north of 8%.

So as a business owner, how can you guard against excessive pay demands?

On the one hand, you need to ensure that you pay a fare salary, otherwise you are likely to struggle to retain top talent. Having said that all the research that I have seen is that money is lower in the priorities of the employee than it is in the perception of management.

Let me explain.

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Thriving in a Downturn – Part 1 – How would you like this next year to be 14 months long? June 12, 2008

Posted by businessgrowthmastery in Entrepreneurial, Leadership, Mastermind Group.
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Time is something that we all have equality in. No one has any more time than anyone else. However, what if I can show you a way to give you an extra 2 months in every year – what do you think you’d do with this extra time?Successful people in all walks of life put a high value on time – it is after all, the one thing that once lost can never be reclaimed.

So, if you are to thrive in the coming weeks, months and years it follows that you need to really maximise the time that you have available. Success tends to come from working smarter rather than harder. I’m not a strong believer in burning the candle at both ends – you need to get a good balance between focused effort and recuperation. The question is how you can improve your time management skills to allow you to achieve this.

Before we look at a proven way to improve your time management skills, let’s look at the 7 key time wasters;…

 

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The ‘R’ Word – is it all doom and gloom for business? June 12, 2008

Posted by businessgrowthmastery in Economic Environment, Leadership.
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I’ve been away for a couple of weeks and have come back to hear even more mentions of the dreaded ‘R’ word in the media. It seems that not a day goes by without another so called expert blurting out why the ‘end is near’ and the economy is in freefall.

If we are not careful, we will all start to believe them and then we will be in trouble!

In every depression, recession, downturn, disaster and slow down, there are as many businesses that grow and prosper as there are those that go to the wall.

I believe that it is up to you which way your businesses go.

Just think, if your competitors are struggling and start to believe the hype, there will be lots of opportunities for you to go at. Are you ready to take advantage?

Over the next few days and weeks, I will use this blog to introduce helpful hints and tips that will help you to not only survive this so called ‘recession’ but to really thrive.

So bookmark us now and we’ll ping you to let you know our latest post is issued

AIM – promised land or nightmare destination? June 12, 2008

Posted by businessgrowthmastery in Entrepreneurial, Financial Management, Leadership, Vision & Strategy.
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Ever since the Alternative Investment Market was established in 1995, it have become the listing of choice for ambitious entrepreneurs. However, many business owners have found the market to be too intrusive for them to develop their business. So, what do you need to know?Close on 1700 business trade on AIM, with a combined value of £88bn – so it is certainly the promised land for raising funds!

The attraction of AIM to many business owners is the ability to rise funds for future growth of their business. Although AIM is a regulated marketplace, its regulatory framework is significantly less rigorous that the main market and as such AIM is attractive as there are;…

 

 

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When does a business need professional support? June 12, 2008

Posted by businessgrowthmastery in Entrepreneurial, Financial Management, General, Leadership, Vision & Strategy.
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An article, written by Rupert Merson, posed the question “when is it right for a young business to recruit a finance director?”Like Rupert, I believe that upon appointing their first finance director, an entrepreneur will realise that they are running ‘the’ business, rather than ‘my’ business. It is a time when they ‘grow up’ and realise that for their success to be sustainable, they need to be willing to share responsibility for the big decisions.

 

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5 strategies to improve your cashflow June 12, 2008

Posted by businessgrowthmastery in Entrepreneurial, Financial Management, Operations.
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One of the biggest challenges that businesses of all sizes face, is maintaining a healthy cashflow.Although I said that businesses of all sizes face this challenge, the ones that feel this challenge the most are typically SMEs.

It can be more difficult for smaller businesses to manage cashflow as they are usually dealing with smaller amounts and ensuring that sufficient money is available to pay suppliers and salaries can put a major strain on even the most successful business. This strain is often felt the most by the owner manager!

Many businesses focus on increasing their sales and profits and often fall into the trap of forgetting about cashflow. If you are making lots of sales and profits, then there will surely be plenty of cash available in the business, right?

Unfortunately, no, it isn’t right!

One of the main reasons businesses fail is poor cashflow. A business can survive for a long time with making a loss as long as they have sufficient cash, but they can’t survive without cash even if they are making good profits.
If you are not sure why cash and profit can be so different, please get some support

 

BGM Mentor Services

can provide you with professional FD level support that will help you with this and many other challenges faced by growth businesses.Ever heard the phrase – Cash is King?

When it comes to running a business, there isn’t much more closer to the truth. Effective cash management is vital to ensure that your business can survive and thrive.

So how can you manage and improve your cashflow? Here are my top 5 tips to help you along the way….

 

 

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