Browse Category: Business Development

How to Know if Your Business Will Be Around in 10 years

Business will be around, business built to last

Whether you’re just starting out or running an established operation, odds aren’t in your favor. Over 70% of small businesses fail before reaching their 10th birthday.

Businesses fail for all sorts of reasons. In the beginning, getting beyond the startup phase is no small feat. Businesses face cash-flow problems or fail because of poor budget planning. Companies succumb to stronger competitors and customers have no incentive to remain loyal.

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Take The Manual Work Out Of Your Purchase Order System

tricia napolitanoTBG Homes is essentially 3 companies in one; a real estate development company with a construction division and a real estate broker. Here’s how they manage it all:

TBG Homes are currently creating a track map of 46 homes for which they have 6 different customisable designs. Doing the paper work for these 3 companies have involved creating a lot of spreadsheets, says Trish Napolitano, Secretary Treasurer for all 3 organizations.
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What’s The Difference Between a Purchase Order And a Sales Order?

purchase vs sales order

Some people still confuse purchase orders with sales orders. I am not certain if what confuses them are the words “purchase and sales” or the “order” at the end. While there is an overlap between purchase and sales orders, they differ greatly.

Misunderstanding these financial terms is not an option. So, I think drawing some parallels between the two would help.
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Do You Make These Common Mistakes When Approving POs?

 

1Do-you-make-these-common-mistakes-when-approving-POs

Procurement mistakes are part and parcel of growing a successful business. They serve as valuable lessons but they shouldn’t happen all the time. Failure to curb procurement mistakes early on can deplete your budget. Before you know it, you may find yourself out of business, and looking for a job.

Procurement mistakes are often hard to detect. Particularly when your company uses Excel spreadsheets and email to process purchase orders. You can simply avoid this drawback by using an efficient purchase order software.
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Two Approaches to Preparing Your Budget Efficiently

 

1-Two-Approaches-to-Preparing-Your-Budget-EfficientlyFailure to budget efficiently does not mean your business idea is not working. It could just be a sign that you need to equip yourself with the right budgeting tools.

Please keep reading only if:

  1. You had a great sales month but, to your dismay, have no money in the bank.
  2. Your business is growing fast but there is never enough left over to give yourself that raise you so richly deserve.

Or my favorite:

  1. Opening your management accounts feels like scratching off a scratch card – you never know what you are going to get.

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