Debtor days measures how quickly cash is being collected from debtors. The longer it takes for a business to collect, the greater the number of debtor days.
Running your own business is awesome, right? There are not many other lifestyles that afford the opportunity to enjoy the kind of life you’ve always dreamed of, on your own terms. Time, money, flexibility… the chance to have it all.
One of the complexities of managing a small to medium sized business is having the ability to optimise your organisation, enabling it to run more efficiently.
Almost every small business struggles through ups and downs on their journey to funding business growth.
When it comes to creating a vibrant company, values are absolutely foundational – in fact, they’re one of the most visible aspects of any company culture.
Stockouts almost always make it to the “worst nightmare” lists of retailers, and for good reason. Not only do they lead to lost sales, but out-of-stocks also result in reduced customer satisfaction and lower loyalty levels.
Whether you’re just setting up shop or been running your store for decades, acquiring new customers is always the name of the game.
Who is your favorite retailer and why? We posted that question on LinkedIn last week because we wanted to learn more about the retailers that consumers love.
As some countries ring in the new financial year, now is the time to reflect and make New Year’s resolutions for your SME for the financial year ahead.
We have scoured the marketplace to bring you the five best Xero apps of 2018. From reporting software to time management applications, we’ve covered a wide variety of apps designed to make your life easier.
How much money do you lose to stockouts and overstocked items every year? The answer might surprise you.
Conflicts are inevitable, even in the most engaged of workplaces. Regardless of the source of the conflict, if they are left unresolved, conflicts can quickly impact employee morale and productivity.
As industries increase in globalisation, establishing trading relationships with suppliers further and further afield, there is a concurrent and rather ironic push for consumers to support local entities and ‘shop small’.
The success of a business, amongst other things, is largely dependent on their ability to supply their product or service to a customer exactly when and in what quantity they require.
It is a difficult task to gauge customer satisfaction without some form of survey to do so. However, understanding the extent to which your customer base is happy with your services is integral to your company’s success.
Customer Success is one of the most important strategic priorities at Spotlight Reporting. The more we learn about Customer Success principles, strategy and practice, the more we can see the powerful resonance this could have for accountants in practice.
Dealing with difficult customers can be… well, difficult, but it doesn’t have to be. With the right attitude and action steps, you can effectively navigate these tricky customer situations and emerge (hopefully) unscathed.
Every seasonal business – whether it’s a haunted house attraction open on Halloween or a summer souvenirs shop on the beach – dreads the off-peak season.
Free healthy meals at work, discounted travel, opportunities for personal development and study, flexible working, and paid time off for volunteering – these are just some of the compelling employee benefits that leading company’s offer.
Global sourcing occurs when companies go beyond their home borders for sourcing goods and services.
One of the best ways to get inspired in your retail business is to see merchants like yourself who are killing it.
The growth of the coffee industry has been truly unprecedented and experts have been prepared for the bubble to pop.
There has been a lot of chatter in the media recently that another economic downturn might be around the corner. As The Wow Company found in their recent “How recession-proof is your business” survey, a surprisingly high number of UK-based businesses are not prepared for the next recession.
Strategy lies at the heart of most successful businesses. Businesses that plan and have clear objectives or goals, robust accountability and a shared sense of purpose should always outperform those that just show up and go through the motions.
After spending months thinking about it, you finally decided to quit your 9-5 job and start your very first business. You think that this will be a win-win situation for you because you get to do what you love and be your own boss.
If you’re shipping your goods out to your customers, it’s essential to ensure your freight costs are as low as possible. At the same time, we all know how important it is to reduce our impact on the environment.
Working from home is becoming increasingly common as many employees look for flexibility and work-life balance.
Most small businesses are trying to grow their market share and revenue. This typically means thinking deeply about one of the major factors affecting inventory management: pricing strategy.
The 3 Best (and 3 Worst) Things You Can Do On Social Networks. Successfully managing your social media efforts takes more than just creating an account and posting a few updates every now and then.
Sales numbers are not the only factor that influence a business’ bottom-line. Inventory management is just as important, and managers need to be wary of a few common inventory management mistakes to avoid.
Over the last five years, peer to peer lending has become a popular alternative to traditional bank lending for individuals.
There are several advantages to getting some good PR for your business. In addition to generating buzz, getting covered by the press can drive traffic and sales while boosting your credibility in the process.
Business to Business (B2B) marketing practices are changing. Here we identify the latest trends and best practices of 2017.
Is your New Year's resolution to update your website? Use our tips to help you create engaging content! Is your New Year's resolution to update your business website?
Creating a highly-engaged workforce and a thriving workplace continues to be a major focus for all HR managers. And the reason is simple.
If you’ve been keeping abreast with the latest trends then you’ve likely heard about the shifting shopping habits of consumers.
The best suppliers will provide the most suitable goods or services at the right prices and within the right time frames for your business needs. Below we give you six factors you need to know when considering a new supplier.
Many virtual currencies, such as Bitcoin have emerged over the last 10 years but just how safe are they? We explain how virtual currencies work and the risks you take buying, trading or investing in them.
Training in the workplace is a very valuable and important component of running a successful business.
Conducting business is no longer as simple, and dare we say primitive, as being present in the store at the point of sale, making said sale, recording said sale and replenishing inventory stock – all in a very hands-on manner.
Online purchasing has not-so-slowly and very surely become the way people shop. It is efficient, convenient and best of all can be done without any concern for traffic or trying to find dreaded car-parking at a mall.
Take a moment to put yourself in your target customer’s shoes. Now, pretend you’re someone who’s walking into your store for the first time.
Holiday seasons are often just as exciting for food manufacturers as they are for consumers. Holiday seasons are big business for food manufacturers.
If your business is doing well and you’re looking to expand, that can be a sign of success. However, moving to the next stage of business development can be a risky endeavour.
Having reliable rostering software, like goRoster, means that you know who is working in your business at any given time. It’s a great tool to help you manage your staff without having to be on site 24/7.
If there were no customers, there would be no business. And with no business, there is no income. So, it would be safe to summarise that customers should be the point of business, would it not?
Buy now, pay later payment services allow you to delay payment or pay by instalments (often fortnightly) over a period of time.
Inventory control and supply chain management has evolved on a near continuous basis since the 1980s.
To manage people in fast-growing small businesses like yours, you need to streamline all areas of HR administration – which would be hard to do without HR software.
If you’re reading this, then you’re likely: a) not meeting your retail sales targets; or b) meeting your targets but want to find ways to blow past them.
Millennials. They’ve been called everything from entitled and lazy to fearless and empowered. But whatever you think about this generation, one thing is clear: Millennials (aka Gen Y) continue to have a significant impact on the economy and society in general.
Business plans help define goals and help you achieve them. If you take time to set concrete and achievable goals, you can then chart a plan to reach these goals successfully. Having tangible goals can make a business thrive.
Three quarters of small and medium sized UK builders say that late payment has directly hampered their business growth according to a recent Federation of Master Builders survey.
Don't cut corners when creating content for your website. So you’ve decided to start an online business—congratulations!
Most of us look forward to Christmas as a time for fun, festivities and spending time with the family. If you’re a small business owner though, it’s not always the carefree holiday you might hope for.
Millennials have a significant influence in consumer trends in a wide range of industries. The alcoholic beverage industry, for example, is becoming increasingly conditioned by trends among millennial consumers.
The coffee category of the hot beverage industry is thriving, with the number of coffee drinkers growing each year. Cafes and coffee vans are everywhere, meeting our seemingly unstoppable need for a regular caffeine fix.
Promotions are almost always part of a retailer’s sales and marketing mix, and for good reason — they can drive sales and help you move inventory.
Managing your business’s impact on the environment is not only good for the environment but it can also help to improve your business’s reputation and reduce business costs.
For most businesses the question is no longer whether it is appropriate to adopt a cloud service, but rather when is the right time and what services to move.
Writing great job ads is often more difficult than it looks. As well as selling the key requirements of the role, and presenting your company in a positive way, the job ad has to attract the right talent, and drive a response from suitably qualified candidates.
Many businesses in the building, civil and mining and professional services industries in particular, underestimate the benefit of a well-constructed employment contract.
So, you’re doing your homework on employee onboarding and preparing new starter kits infused with your company’s values. You also want to mastermind an onboarding process that even the tech giants would be proud of.
A new trend is rising, changing the way people can are securing financial needs. This new trend gives both individuals and businesses an alternative source of financing.
As technology and digital marketing tools continue to improve, businesses will have to adapt to trends in marketing and consumer behavior.
The world of inventory management is ever evolving, and for the better. It is commonplace and highly recommended now to have a software-based inventory management system...
Workplace training is an important part of company work life which, as expensive as it may be, is a necessary means to a skilled workforce.
B2B eCommerce is short for business-to-business, electronic commerce, where it is selling products or services between businesses via an online sales portal.
Every day, business owners work hard to increase their profit. But far too often, they lack a clear strategy and practical plan to make that happen. Your Profit & Loss Budget should be a direct reflection of your Strategy and Plan.
A business plan is essentially a blueprint for your business, so it is essential to get right at the outset.
A Chat with Christine Guillot. Nothing makes retailers cringe more than slow-moving (or worse — “dead”) stock.
Gift cards. No matter what type of store you have or how big your business is, you’ll likely benefit from carrying them in your shops.
At its core, cloud computing is about changing the way that we do business. Computing over the internet has allowed organisations access to their essential business tools at any time from anywhere with an internet connection.
To many business owners, the recruitment process (from advertising and interviewing to onboarding into the team) is extremely time consuming, challenging and at times, pretty painful.
If the business you work in is anything like other small businesses, then your role of office manager means you handle just about anything!
Inventory forecasting is critical for the smooth operation of any stock-based business. Managing demand can be tricky, however, if a large part of your inventory is subject to seasonal demand.
A Chat With Sanford Stein. Thinking about venturing into retail? Good news: there’s never been a greater time to do it.
Is your business plan due for a facelift? Maybe it’s been a while since you last looked at your plan or maybe your business has been going through significant changes recently.
Retailers in various industries—be it fashion, homeware, or food—are reaping the benefits of Instagram.
As we mentioned in a previous post, putting on new staff comes with a mountain of onboarding paperwork. But, that certainly doesn’t mean your new starter’s first day should be all about filling in forms.
Dennis Yarrow began Yarrow Plumbing back in 2003. Before that, he cut his teeth in the plumbing industry working in Papua New Guinea where he learned how to manage a team of 50 (and some other life skills he hadn’t bargained for).
What is cashflow management? In its simplest form, cashflow management is doing everything possible to ensure that money flows into your business as quickly as possible, and leaves the business as slowly as possible.
Many businesses use trade discounts to simplify variable pricing, protect a market recognised price point, stimulate sales or reward customer loyalty.
In any business, large or small, good teamwork is essential for morale, productivity and efficiency.
Brewery inventory management can be done in a variety of ways. Often, companies will rely on a combination of methods, including web apps, written notes and spreadsheets.
When I designed the first Spotlight Reports, I usually included an Action Plan to close the circle between great data analysis and goal-setting.
Have you ever heard about the parable of the boiling frog?
Aside from efficient inventory management, teamwork is an incredibly important component of the ‘successful business’ recipe and if left out, the result can be a real flop.
These days, managing HR in a growing business is a constant task. As an HR manager, you’re probably overloaded with work and you never seem to get to the bottom of it all.
Forecasting is the process of estimating the effects trends, costs and external factors will have on your business in order to give yourself time to prepare.
Whether you’re trying to bridge a cash gap or secure funding to grow your business, the Xero marketplace offers a suite of apps that can help
Let’s get straight to the point: ecommerce is NOT killing brick-and-mortar retail.
At a certain point, every growing business needs to take a leap and invest in new technology. It can be daunting and expensive, but the rewards can greatly outweigh the costs and stress.
There are many reasons why you may want to improve cash flow in your business. Maybe you’re looking to free up some cash to put towards growth, or maybe you’d like to build up your cash cushion to protect yourself from any bumps in the road.
On July 18, 2017, Minister of Finance, Bill Morneau announced the release of a Consultation Paper which focused on three tax practices that the Government considers to provide an unfair tax advantage to private corporations and their owners.
How do you know which Xero Accounting Add Ons to use?
You’ve done the hard work by setting up your business and establishing solid foundations with a good client base – congrats! So how do you expand, and do so profitably?
Inventory management can be overwhelming. There can be an incredibly large amount of tangible inventory, which can translate to a huge amount of responsibility and pressure to manage this inventory properly.
We live in a data-driven age - so why not use data in your business to solve problems, be more efficient and invent new products?