management systems can significantly ease the administrative burden through automation and efficiency. 4.
Reducing costs rather than increasing revenues: the ebb and flow of a project-based workflow can mean fluctuations between financial gain and financial strain. It’s easy to rush to cut costs in times of difficulty, but 4. Make difficult a commitment for to architecture and engineering businesses be careful not cut off valuable revenue streams and / to or maintain people at the One oftime. the main reasons businesses their objectives is that a balanced flowisthroughout year.achieve A successful business will same Ifcash money being spentthe todon’t stimulate growth then the revenue they don’t commit to them. Placing your objectives under the scrutiny always be aware of current cash flow and accounts receivables to enable generated from spending could be far more valuable. Have a good look of key people within yourdividend business puts them out there in ayou wayhave thatclear regular distributions and payments. Invoicing systems and at your business development strategies and only cut once encourages action. payment what termsiscan to ensure prompt payment from clients. Our analysed andboth isn’thelp working for your business. clients operateand withget 14to to 30 day payment terms 5. 5. Be Bigtenacious picture thinking. Profitwork! for the sake of it is all good and well, but Ensure that all stakeholders know their in the plan and 3. sometimes Lack of reliable systems. A financial management canthat be athey talk a small profit gain can get inplace the way ofsystem long-term business to each other. There isabout no room fiefdoms! Never sight of where significant asset in understanding strengths andlose weaknesses ofyour your success. Always think thefor bigthe picture and long-term goals of you want to be. Use situational awareness and mobile technology to keep business.— Strong and up-to-date systems help you to business with reliable that financial forecasting you’ve can done in mind —clearly before track ofyes your soexpenses if will necessary you can your onthat see your incomings and soin that you adjust can react toplanning issues but before saying to progress projects that bring money in the short-term, the Communicate, communicate, communicate! theyfly. arise. Your but business will also from the ability to quickly filter may ultimately obstructive tobenefit future progress. financial data by revenue stream so that you can quickly see which areas of the business are and aren’t making money. Financial and business management systems can significantly ease the administrative burden through automation and efficiency.
Howtop embracing boost The financialchange tips forcan 2015 4. Reducing costs rather than increasing revenues: theatebb andpoint flowin of a your business All signs point to there being a shift in monetary policy some
workflow fluctuations 2015project-based and interest rates have can beenmean sitting at historic between lows for afinancial very longgain time. and financial strain. easy toasrush to cut lending costsbusinesses in market times ofslows difficulty, Competition is fierce for It’s business thefluctuation, home downbut and Global financial markets are in constant are increasingly be careful not to cut off valuable revenue streams and / or people at the new sources revenue are hunted. A cursory look international markets will operating onof a global rather than local scale, and theatworld around us is a world same time. If money is being spent to stimulate growth then the revenue tell you things are starting to heat up in the USA and the Fed will most likely of pixels, with everything going digital. Your ability to cope with and thrive in a generated spending could be economy far more Have a good look raise rates marketplace later from this year. ThebeAustralian isn’t tied to apart. the US as it changing can the factor that setsvaluable. youras business your business development strategies and onlyrates cut once you have onceatwas but historically speaking where US interest go others follow! The IBM Institute forisBusiness recently published the results of their analysed what and isn’tValue working for your business. Making Change Work study. The study surveyed 1,400 business professionals in 5. Big picture thinking. Profit the way sakechange of it is all goodwithin and well, but and 48 countries to get a closer lookfor at the is met business sometimes a small profit gain can get in the way of long-term business the impact that attitude to change has on company performance. success. Always think about the big picture and long-term goals of your business — with that financial forecasting you’ve done in mind — before saying yes to projects that will bring in money in the short-term, but that may ultimately but obstructive to future progress.
How embracing change can boost your business Global financial markets are in constant fluctuation, businesses are increasingly operating on a global 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 changing marketplace can be the factor that sets your business apart. 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. Read on for our top tips to see you through the economic shifts on the horizon for 2015.
