3. Create a fulfilling environment People who have chosen a career in design or engineering are both creative and inquisitive by nature. An environment where they are able be difficult for architecture and engineering businesses to maintain to express their creativity and increase their knowledge is key to job a balanced cash flow throughout the year. A successful business will satisfaction — it can even be more important than financial gain. always be aware of current cash flow and accounts receivables to enable regular distributions and dividend payments. Invoicing systems and clear 4. Increase workplace flexibility payment terms can both help to ensure prompt payment from clients. Our Not only does this mean remote working arrangements but also clients operate with non-work 14 to 30 day payment terms accommodating needs and responsibilities of employees. a staff member to attend a lecture, pick up their 3. LackDoes of reliable systems.want A financial management system canchildren be a from school or regular sporting event? Look at ways to cater to of thisyour need significant asset in understanding the strengths and weaknesses and they will be extremely grateful. Overly rigidcan conditions drive business. Strong reliable and up-to-date systems help youcan to clearly to greener pastures.so that you can react to issues before see employees your incomings and expenses theyStay arise. will also benefit from the ability to quickly filter 5. onYour top business of your employees’ moods. financial data by revenue so that you can which areas Nobody likes working stream in an environment withquickly undue see stress, educate of the business are and aren’t making money. Financial and business your managers to look for indicators of stress amongst staff and in management systems can significantly ease the administrative burden ways to diffuse potential conflict situations. through automation and efficiency. Always remember, a job isn’t just a salary. Sometimes you will need to increase 4. Reducing costs rather than increasing revenues: the ebb and flow of a an employee’s package to retain them but time spent understanding an project-based workflow can mean fluctuations between financial gain employee’s needs and career aspirations will pay true long-term dividends. and financial strain. It’s easy to rush to cut costs in times of difficulty, but be careful not to cut off valuable revenue streams and / or people at the same time. If money is being spent to stimulate growth then the revenue generated from spending could be far more valuable. Have a good look at your business development strategies and only cut once you have analysed what is and isn’t working for your business.
Business continuity — are you ready?
Big picture thinking. Profit for the sake of it is all good and well, but sometimes a smallsuccess, profit gain way ofthe long-term business In times of operational it cancan be get easyintothe overlook need to plan for the success. Always think about the big picture and long-term goals of your next downturn. Businesses that don’t take time to predict and plan for this lose — with that financial forecasting you’ve done in mind before profitbusiness and clients. Reduction in workload due to economic changes will— lead to saying yes to projects that will bring in money in the short-term, but that resourcing challenges. The loss of sensitive information due to an IT or systems may ultimately but obstructive to future progress. failure can lead to lengthy lawsuits, not to mention a serious case of losing face. 5.
The list of potential disasters for which a business should be prepared for is extensive.
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.
