Issue 15 | Month Year

In this Issue:

• It's time for Cashflow focus - 3 practical tips

• Ready to make 2012 a big success?

• Getting the most out of your people

It's time for Cashflow focus - 3 practical tips

In many industries right now, business has slowed and confidence is shaky. There is increased cash stress from slower paying account customers and business stocks have increased. Cashflow is really suffering.

New figures from credit agency Dun & Bradstreet have highlighted the critical need for companies to closely watch their cashflow over the next 12 months.

What to do ? ….  There are many things you can do, but here are my 3 big ones;

1. Get back to fundamentals-  concentrate on giving great service to your customers, review your pricing and margins for profit opportunities, examine opportunities for upselling,  tighten up on cost leakages/trim the fat, follow up on all sales enquiries promptly, examine your staffing level  etc 

2. Get the Cash in faster… there is a LOT you can do that will help get the cash in faster. Having a proper documented system from quote through to payment receipt is absolutely critical. How promptly do your invoices go out, what payment terms do you offer, who follows up slow payers and how.  The squeaky wheel gets the oil, so do some serious squeaking and have a proper procedure and you’ll get paid faster. Guaranteed. A standard procedure from start to finish is the way to go, and it can be put in place very easily.

3. Minimise your Stock holding- Do you really need all the stock you are carrying. Holding stock is the biggest drain on business cash. . Imagine what a boost a 10% reduction in your stock would add to your bank balance? Go through your stock and mark down all excess, old and slow moving items..  then don’t replace them. The money is better off in your bank account not your suppliers. Follow that up with careful stock ordering going forward.

Ready to make 2012 a big success?

If you’d like to give your business a boost in 2012 (and who doesn’t?) here’s a simple step-by- step action plan you can use….

1. Make a clear list of what needs to improve in your business
2. Brainstorm your options and strategies… with someone you can trust
3. Set Targets for implementation. Make these achievable. 1 thing at a time.
4. Measure and monitor monthly
5. Get someone to make you accountable
6. Most important of all, take Action… doing nothing should not be an option

Sometimes just starting is the hardest part. If you would like a little help to get started,  I’ve got some great tools, and some great success stories, that I’m happy to share.

Take advantage of my 1 hour no-obligation (1 on 1) initial meeting offer. I’d love to help.

Lindsay

Getting the most out of your people

Proven strategies from an experienced HR specialist
Where to start in getting more out of your employees may seem like a daunting task. To ensure you grow your business, it is essential that you have a productive, loyal and happy workforce.
It need not be as difficult as you think!  Below are a few practical tips to help give you a flying start to 2012. 

1. Recruit the right people
Ensure you have the right people in the right roles.

2. Regularly meet with your people
Keep in touch with what is going on in your business and build rapport.

3. Create clear job descriptions
Create clarity, focus and accountability. Document your expectations.

4. Recognise good work as soon as you see it
Praise your staff when they deserve it and avoid focusing on the negatives.

5. Review performance
Recognise a job well done and set new targets to keep them motivated

6. Deal with performance issues quickly
Swiftly address problems as soon as they happen, but also support your employees to succeed.

Loren Mitchell – Human Resources Consultant
HR Solutions for your Business and its People
www.lorenmitchell.com.au
M:  0404 849 505

Unsubscribe [email address suppressed] from this list.

Profit Measures
PO Box 255, Bathurst NSW 2795 Australia

T: 02 6331 2660 | M: 0417 270 871 | E: info@profitmeasures.com.au
W:www.profitmeasures.com.au

Copyright (C) 2010 Profit Measures All Rights Reserved.

Forward this email to a friend