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Category: Operations

3 Ways to Improve Your Cash Flow

In part 1 of this post, we looked at the 5 Factors that Impact Your Cash flow. Now, let’s review some strategies for improving your company’s cash flow: 1. Look at your assets Review your inventory management system. Is there room to tighten up, so you’re not sitting on large amounts of inventory or carrying […]

Cash flow is all about timing

Every business will experience the need for more cash from time to time. The key to improving your cash flow is to accelerate your inflows and delay or reduce your cash outflows. In other words: make sure more money is coming in than going out. It sounds easy, but there are several factors at play. […]

(Photo credit: Unsplash, Sergio Souza) Modifying, improving and refining your systems is an essential practice in keeping your business running smoothly. If you’re finding that your business systems aren’t operating as well as they used to, it’s time to refine them. Perhaps you’ve grown considerably in the last year, or hired new staff. In the […]

( Photo by rawpixel on Unsplash ) Having an operations manual makes your business more scalable. Period. Simply put, you cannot step out from working in your business until you properly document how you run your business. As you transition from being solely owner-operated you should consider how you will teach your staff to greet your customers, make […]

Picture of child with rock

Sole proprietorships, general partnerships and corporations aren’t your only options when you’re considering the right structure for your business. If you’re exploring social entrepreneurship, you may have heard of Co-operatives, Community Contribution Companies (C3 or CCC), Not-for-Profit Societies and Charities, but how do they differ and which one is right for you? Read more to […]

Unbelievable as it may sound, many small business owners do not have a business operation manual. A business operation manual is of utmost importance for the success of your business and having one may add up to more than 25% to the value of your business. The secret to putting together a good operations manual […]

Last month I stepped away from my desk for a short time, leaving my phone in plain sight. During my brief absence, someone stopped into the office to ask for directions and left with my phone. It took a while for me to notice it was gone, but when I did, panic set in. After […]

In my last blog, I discussed how to protect your family and business with life insurance. Here are two more ideas for you to build a strong safety net. Idea #2 Protect yourself with Disability and Critical Illness insurance Disability Insurance (DI) and Critical Illness insurance (CI) are complementary types of coverage, and are often […]

An entrepreneur’s optimism is a key factor in her success. And yet, that same optimism can sometimes lead business owners to gloss over the troubling “What if…?” questions. Despite our attempts to control our destiny, life happens. The difference between a successful, long term business owner and financial ruin may just come down to having […]

A lunch with a client is never just lunch. A lot of business decisions are made over business lunches. So, what are some do’s and don’ts for a successful business lunch? Here is a short and sweet 12-point guideline to entertaining business clients. How to cater to your client’s personal needs 1. Make it close […]

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