Cash flow lesson – Should you hold on to seasonal stock?

With Christmas over, this would be a pertinent issue for retailers who have stocked up on Christmas goods.  While it may seem like it is only relevant to retailers, other business owners could also learn something by considering this scenario.  Financial management is an essential skill for every business owner. This particular question relates to cash flow and opportunity cost.  I’ll be using …

Business etiquette - no spamming

Business etiquette tip – Don’t spam your networking contacts!

It seems ridiculous that such an obvious statement needs to be made, but I’ve written about this before – that it’s poor business etiquette to spam someone you’ve met networking. No matter how you sugar-coat it, adding someone to your list without their permission is spamming (see definition on the right). Handing over my business card when I first meet a …

Meetings Don’t Have to be Boring!

Sitting on a hard, plastic chair in the overly warm/chilled conference room, your eyes slowly drying up as you try to focus on the presentation in front of you, your brain drifting into wistful thoughts of the upcoming weekend…we’ve all been there. Hell hath no fury like the tedium of a pointless meeting. Meetings have a bad reputation as being …

Defining your target market

Underpinning any marketing strategy is your target market i.e. who your customers or clients are.  But tackling this question is surprisingly difficult for most business owners.  Answers are usually vague and when asked for specifics, many reply with demographics such as gender, age group, income – answers that are not quite enough for strategy formulation. When I try to tease the answer …

Every step counts

Habits, comfort zones, procrastination whatever you want to all it, all keeps us stuck.  Stuck doing the same thing over and over again. I found this quote incredibly compelling: “Life begins at the end of your comfort zone” I want to put it out there that every step counts, even the tiniest of changes, because every step takes you closer to …

8 tips for planning a successful event

Event planning is often a stressful and time-consuming process.  When time and opportunity cost are factored in, many decide to outsource to specialist providers.  However, if you have budget constraints and are prepared to give this a go by yourself, here are some tips from Mary Tan from Plan Ahead Events Camberwell. How to create a successful event? Success has a …

Price vs Loyalty – How to price your services so your customers stay

The price of a relationship I found myself in an unenviable position recently, caught between loyalty to a service provider and an irresistible offer. I had an established relationship with my current provider and had no complaints or issues.  The service and relationship were good enough that I would happily provide a recommendation.  But the offer was irresistible.  My mental calculations …

4 ways to risk-proof your business partnership

Setting up a business in partnership?  Before you carried away with the euphoria and excitement, there are some things you need to consider.  Many partnerships start wonderfully and later turn sour due to misunderstandings, differing expectations or change of personal circumstances.  Dealing with these possibilities up front will save you a lot of potential grief. “Many hands make light work” …