Management recently conducted ourbusinesses annual Business Conditions be difficultFor forDesign architecture and engineering to maintain Survey, which highlights key issuesthe for year. owners and seniorbusiness executives a balanced cash flowthe throughout A successful will looking intobe 2015. Youofcan viewcash the full results here. always aware current flow and accounts receivables to enable regular and dividend payments. systems Below are 5 distributions top tips to help your business prepareInvoicing for the year ahead.and clear payment terms can both help ensure prompt payment clients. Our be difficult forto architecture andtoengineering businesses tofrom maintain 1. Use Big Data your advantage clients operate to 30 day payment a balanced cashwith flow14throughout year.itterms A business will a Big data is everywhere whether wethe realise orsuccessful not. Almost every action always of current flow and accounts receivables to aenable 3. business Lack ofbe reliable systems. A cash financial management system be oraware consumer takes these days leaves a record. Yourcan business should regular distributions andofdividend payments. Invoicing systems and clear significant asset in understanding strengths and weaknesses ofclient your at least have a database historicalthe information detailing how your payment terms can both help to ensure prompt payment from clients. business. Strong reliable and up-to-date systems can help you to clearly base behaves in terms of project frequency, size and type. Information Our clients operate with 14 toexpenses 30 day payment terms see your incomings and so conditions that you can reactalso to issues before about prospective clients and market should be collected they arise. Your business will also from ability quickly filter — to be drawn on to benefit enhance yourthe advantages in any 3. and Lackcollated of reliable systems. A financial management systemtocan be asituation. financial data byin revenue stream sothe that you canand quickly see which significant asset understanding strengths weaknesses ofareas your 2. Embrace mobile of the business are and aren’t making money. Financial and business business. Stronghas reliable up-to-date can help you to clearly If your business yet toand fully realise thesystems potential behind mobile management systems can significantly ease the administrative burden technology it is pastand time you did. so Mobile technology enables businesses see your incomings expenses that you can react to issues before through automation and efficiency. to have unprecedented of connectivity clients, suppliers, they arise. Your businesslevels will also benefit frombetween the ability to quickly filter management and thought leaders. can provide instant situational financial revenue so Itthat you canthe quickly which Reducingdata costsby rather thanstream increasing revenues: ebb see and flow ofareas a awareness and enable your business to act on or react to market of the businessworkflow are and aren’t making money. Financial business project-based can mean fluctuations betweenand financial gain conditions or potential problems while projects are in those crucial management systems can significantly ease the administrative burden and financial strain. It’s easy to rush to cut costs in times of difficulty, but early stages. through automation andvaluable efficiency. be careful not to cut off revenue streams and / or people at the same time. Ifservice money isthan being spent 3. your the bestincreasing it can to bestimulate 4. Make Reducing costs rather revenues:growth the ebbthen and the flowrevenue of a generated from spending could be far more valuable. Have a good look One of the key findings from our Annual Business Conditions Survey project-based workflow can mean fluctuations between financial gain at your development and only once youbiggest have but was thatbusiness businesses seeeasy improving services ascut one of and financial strain. It’s to strategies rushtheir to cut costs in times ofthe difficulty, analysed what is and isn’t working for your business. priorities for 2015. Take a good hard and — importantly — unbiased look be careful not to cut off valuable revenue streams and / or people at the at thetime. features and benefits of your to offering, plus that ofthen yourthe competitors If money is being stimulate revenue 5. same Big picture thinking. Profit forspent the sake of it is allgrowth good and well, but and see what can be done to create advantage. generated spending could farinmore valuable. Have a good look sometimesfrom a small profit gain canbeget the way of long-term business 4. Communicate collaborate at your business development and only cut oncegoals you have success. Alwaysand think about thestrategies big picture and long-term of your Ask your management, your peers, clients and employees what they analysed what is and working for youryou’ve business. business — with that isn’t financial forecasting done in mind — before think can be improved. Create an environment that isshort-term, conducive but to yes to projectsProfit that will bring in money in the 5. saying Big picture thinking. for the sake of it is all good and well, but that collaboration between stakeholders — sometimes people can be reticent may ultimately butprofit obstructive to future progress. sometimes a small gain can get in the way of long-term business to speak up or ask that all important question ‘why do we do it like this?’ success. Always think about the big picture and long-term goals of your 5. Act on your findings business — with that financial forecasting you’ve done in mind — before Last and importantly, whileinthe iron is because youbut canthat rest saying yes to projects act. thatStrike will bring money inhot, the short-term, assured that your competition is not sitting still! may ultimately but obstructive to future progress. 4.
How embracing change can boost your business
Global financial markets are in constantchange fluctuation, businesses increasingly How embracing canareboost Business for operating on a global objectives rather than local scale, and the world around us is a world of pixels, with everything going digital. Your ability to cope with and thrive in a your business the year ahead changing marketplace can be the factor that sets your business apart. Now is the time markets to be looking at where you want your businessare to be in 12 Global are inValue constant fluctuation, businesses increasingly The IBMfinancial Institute for Business recently published the results of their months time and it is important to compile a clear set of objectives and operating on a global local scale, and 1,400 the world around us is a world Making Change Work rather study. than The study surveyed business professionals in milestones to get you there. The process of setting objectives can be as simple of pixels, with everything going digital. Your ability to cope with and thrive in a 48 as countries closerit look thekey waything change is met within business and or difficultto asget youawant to be.atThe to remember is that simple, changing marketplace can be the factor that sets your business apart. the impact that attitude to change haslikely on company performance. easily understood objectives are more to be achieved. The IBM Institute for Business Value recently published the results of their Making Change Work study. The study surveyed 1,400 business professionals in 48 countries to get a closer look at the way change is met within business and the impact that attitude to change has on company performance.
