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• Business

Family-owned Businesses come in an assortment of shapes and sizes covering a range of industries, including retail & hospitality, health & fitness, Petcare services and tourism! You name it and there will be a family-owned Business ready to deliver quality goods and services to you. 

But behind the scenes often complex family dynamics play out, dynamics that if left untamed or unmanaged can hamper both Business and family relationships and outcomes. Personal viewpoints, status, skills, role and beliefs can and do affect working relationships positively or negatively. 

The key to achieving success is to harness the strengths of family dynamics by recognizing and addressing the complexities of those differences. 

5 Strategies to achieve your Business success:   

1. Develop a Family Constitution: Create a Constitution to guide, inform and direct Members. This is an effective tool to clearly state roles and responsibilities, along with rules that govern interaction between parties. It can also provide a framework for resolving disputes and help clarify members expectations, for example, the process and requirements for members joining or leaving the Business. Such a framework and by adopting good governance practices ensures all family members are treated equally based on ‘merit’, not simply family ties or perceived favouritism, helps minimize risk with family involvement and deal objectively with any issues that may arise
2. Balance Business & Family: separate Business and personal responsibilities and set boundaries to provide work and family life balance. Both are important, take and enjoy time out, set aside 'family' only and avoid bringing Business issues to the family dinner table or family gatherings. Well balanced strong healthy relationships are the cornerstone of personal and Business achievements and successes.  

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• Cashflow
• Business

Adopt these 'healthy' practices to get your cash flowing:  

1. Profit margins: with the current ever-increasing costs of doing business, it’s critical to have true-cost pricing. Don’t let your profit margins be eaten away. 

Tip: Regularly check the cost of goods and products and determine realistic profit margins by setting prices not too low or too high. Pricing points are needed to keep you competitive and in the red. Offer value for money and your customers will keep coming back! 

2. Overdue payments - monies due to you: Slow and late payments pose the greatest risk to small Business. Cash in keeps the money flow flowing, without it the cash river dries up! 

Tip: Have an efficient invoicing and billing system in place, one that generates accounts at point of sale and offers various payment methods. Electronic systems can also monitor receipts and overdue accounts allowing you to better manage and avoid late payments. Keep on top of your debtor's ledger, remember you are running a Business, it's your livelihood.  

3. Personal and Business financial matters: Mixing money, personal and Company transactions is fraught with danger, including relationship friction and can easily lead to ‘robbing Peter to pay Paul’! 

Tip: Keep separate systems and records and avoid ‘borrowing’ from either.  Makes it simpler for all concerned including for providing true and accurate Business financial reports, taxes and audits. 

Read more …

• Cashflow
• Business

Are you struggling with the challenges of managing your cashflow?

You are not alone, with a recent survey revealing, ‘nearly 80% of small to medium Businesses have experienced a lack of cashflow in the past 12months.’ Many, a quarter, survived by not paying themselves a salary or dipping into personal savings.   

Yes, running a successful Business isn’t easy, it takes courage and a range of skills to stay on top of things. It's weathering the ‘storms’, complexities and demands of everyday operations, including customer relations, Suppliers, and sales! Sound familiar! 

The key to success is Cashflow, the amount of money going in and out of your Business.  In today’s trading environment this flow has never been more important, vital if you are to remain financially stable.  

To tackle cashflow challenges Businesses need to adopt 'sound' business strategies to keep the cash flowing now and to be better prepared for future challenges.   

Firstly, let’s look at Cashflow, what it is and how it impacts your Business  

Cash flowing-in is usually the money you get from sales but can also include sale of assets, grants or money from debt repayments. 

Your outgoings include; wages, rent, maintenance, payments to suppliers and loan repayments. 

Common flow causes include: 

Declining revenue, inaccurate forecasting, low profit margins, lengthy payment terms and supply chain issues. Examples include; 

• High overhead expenses: Having high administrative costs that support company functions but don't generate funds returns eg rent increases due to inflation 

• Expensive debt: poor debt management practices or taking on too much debt or extending credit card debts

• Inadequate cash reserves: little or no backup cash on hand to cover emergencies and lean periods  

• Seasonal fluctuations: Having seasonal highs and lows in sales, which can lead to extra costs like hiring more staff or buying more stock 

• Excess inventory: Having excess stock reserves you can't sell, which ties up cash  

• Decreasing sales: Selling products or services at low prices or offering discounts that reduce profit margins  

• Slow payments: Receiving late or slow payments from customers, which means you've already paid for production but haven't been paid yet. 
• Capital Expenditure: Upcoming fitout or new office fitout costs and new machinery acquisition's have significant impact on your cashflow

Impact on Operations and Growth 

Business viability and sustainability, loss of confidence, yours and others, poor staff morale, operational inefficiencies and investment limitations. Simply put your Business is, is stifled and stymied and at risk of sinking. 

These are the symptoms and causes of unhealthy cashflow, for remedies check our '8 Tips & Strategies' 

• Business

Authentic’!

just another buzzword, trendy or trite expression! 

You wouldn’t be alone in thinking that, but I am pleased to say once we delve deeper, we find there is more to "leadership" than just a word. Its real! 

Here are 6 Ways how you can become a more authentic leader!

The idea leaders should be authentic isn’t new but the term ‘authentic leadership’ has come into the spotlight since being coined by Bill George in his 2003 book, Authentic Leadership.  

And it’s a leadership style that has become relevant in today’s more complex and global interconnected Business environment, along with changed industrial relations expectations. Meaningful workplace relationships are the key to successful outcomes. Happy people, happy workplace, greater productivity. If you are a Business owner who doesn’t want that. 

Let's start by identifying and understanding what it is, what are the characteristics, impact and benefits of authentic leadership.  

Definition:  

Authentic leadership is a management style where leaders are genuine, sincere and true to themselves, their core values and beliefs. It’s about being honest and reliable at all times, acting in the best interests of all.  

Characteristics:  

• Genuineness, modesty and humility – a leader acknowledges their learnings and is courageous in sharing their journey

• Integrity – makes decisions made on principles  

• Self-awareness – understands themselves, their relationships with others and is willing to undertake self-improvement, adaptation and growth. 

• Transparency – open communication, open about their thoughts and feelings, sharing personal experiences and stories to create a connection that builds trust. 

• Vulnerability – they embrace vulnerability as a way to foster trust and growth but know when and how to maintain professional boundaries. 

• Empathy – having an understanding of other’s feelings. Stand in their shoes. 

• Ethics – embraces high standards, follows a strong moral code of right and wrong. 

• Results focused – creates a vision for the future and inspires, motivates others to see it. 

Benefits: 

• Authentic leaders inspire loyalty, trust and strong performance from their employees.  

• Employees are more likely to be job-satisfied, engaged and motivated.  

• Leaders who embody authenticity have the ability to create safe supportive workplaces and a culture that boosts team performance and happiness. 

• They create a collaborative and create work environment through open, honest relationships. 

There is more, check our Blog,

6 Ways to Become a More Authentic Leader