How many days is it taking to convert your debtors, stock and work in progress into cash? This is your ‘lock up days.’ The higher your lock up days the more cash either you or the bank needs to tip into your business
If your business has stock or inventory for sale it is essential you understand what stock turn is and how to increase it. Slow-moving, obsolete or ‘dead’ stock will seriously reduce not only your cash flow but your ability to increase profit
How long is it taking you to get paid? How do you measure this and what strategies can you adopt to get paid quicker?
One of the most powerful questions you can ask in business is why? Why do you do what you do? Why would people want to work for you or become your customers?
The New Year is a great time for reflection; a celebration of the successes of last year, a review of what didn’t go so well and thoughts about what to do better this year.
It’s all very well to grow your business by generating new leads but if you can’t convert enough of them into customers then you’ll waste a lot of money on marketing.
No-one can deny that to grow your business you need to consider how you attract new potential customers (or leads). It’s how you generate these leads that is important. Use the Lead Generation STEP as your easy to remember system
The simplest and most cost effective way to grow your business is to make sure you don’t lose clients. Unfortunately, and possibly because we often take customers for granted, it’s a strategy that is so often overlooked.