The goal is for you to achieve financial freedom

  Just as you need to have an individual or family plan for how to manage in an emergency, so too should your business. The better prepared you are to navigate through any situation that might arise, the easier it will be to get back into the usual operation. Unexpected disruptions to business operations can be prevented with a well-thought-out emergency management plan and recovery plan to help protect your business before, during and after an emergency. Natural disasters, such as floods, fires and earthquakes can strike without warning, and throw a spanner into the general running of your business. Your primary aim with an emergency plan is to ensure that your business is able to act and continue to be operational. To do so, you need to have in place specific plans for your business to manage operations in the event of an emergency prior to, during and after its occurrence.  You will want to ensure that you have the following plans developed for your business: The continuity plan ,  

  Small business owners often spend all of their time trying to provide value to customers and overlook the importance of looking after the product of their business’s success; their personal wealth. But spending a little more time and effort managing personal investments can make a business and its owner's personal journey far less painful in the future. Here are some basics to assist business owners on their investment journey: Risk and return Similar to business, the limits governing investment decisions are risk and return. Low investment risk usually results in low investment returns. As an investment's risk increases, a greater return is required to compensate for the additional risk. Diversification Diversification can be summed up by the adage 'don’t put all your eggs in one basket'. Spreading your capital over several investments lessens the possibility of losses that can arise if your investments perform poorly. Asset classes Asset classes are investment group

 Setting realistic sales targets is a key factor in improving performance and maximising profits. Realistic sales targets can help improve cash flow, increase motivation of sales staff and meet your overall business goals. Sales targets can be used for products and services, regions or even for particular types of customers. For a business to continually grow, business owners must set sales targets in areas that will boost growth and development. When setting sales targets, here are three things to keep in mind: Tailor for your business Every business is different and sales goals will vary depending on the stage of the business cycle it is in, i.e start-up or an established business. Sales targets will vary according to seasonal factors, marketing, production and supply costs.   A good way to work out a sales target for your business is to calculate the minimum sales requirement. This is the point at which both your fixed costs and your profit goal are covered by your gross profit (the

 It can be difficult for small businesses to grow their customer base beyond the realms of the local community. Generating new business, however, is fundamental to business success, no matter how challenging it may seem. Here are three ideas small businesses can do to help keep their local customer base strong, while at the same time, spread the word about their business to larger communities: Get on social media To ensure your business is found online, set up a business profile on Facebook, LinkedIn or even Twitter. Social media can be a powerful tool to promote your small business to more customers, gain followers and increase your network by connecting to other businesses online. Nurture existing customers Most experienced business owners know for a fact that it is far more cost-effective to retain old customers than gain new ones. So make sure you continue to keep your current customer base happy. Always go the extra mile so customers will remember your business for its friendly se

  Sometimes it can pay off in the long-run to play it safe rather than take risks in small business. Many talk about the importance of risk-taking in small business. But for all the successful entrepreneurs out there, there are just as many, if not more, who have taken too high of a risk only to fade away, never to be heard of again. There will be times when a small business must take leaps of faith. However, it is worth remembering that, at times, there’s value to being conservative. Here are some aspects small business owners should keep an eye on to ensure they grow a healthy and sustainable business: Marketing Many entrepreneurs mistakenly believe that simply marketing their products or services will guarantee success. However, successful marketing requires time, strategic thinking and a ton of experience to master. Therefore, small businesses should focus first on simple marketing practices that guarantee a more tangible return on investment. Cash It is a sad fact of business life

 The sale of a business is a complex process; there are often unforeseeable issues that may arise between buyers and sellers, along with financial and tax implications to take into account. Here are a few things to keep in mind when preparing for the sale of your business: Timing The timing of the transaction is one of the most crucial considerations. Establish a closing date or range of dates and plan the rest of the sale process accordingly. Consider the settlement period, any handover training that may be required for the buyer and arrangements for your existing staff. As a seller you may have different priorities to the buyer, for example, you may want to sell quickly; therefore you need to be willing to compromise for the best outcome. Due diligence Sellers must have a well-organised, comprehensive and efficient due diligence program to reduce transaction risk and costs for all parties. Having un-organised records may be met with skepticism; a skeptical buyer may require stricter

  Creating the right brand is one of the most important parts of establishing a successful business. Branding is a way of identifying, recognising and experiencing a business. It involves more than just creating a fancy logo; a business's branding should be reflected in everything from its customer service and employee uniforms to its actual premises and marketing materials. There are a countless number of brands and businesses that are recognised around the world for having successful branding. But there are also just as many brands and businesses that have failed miserably. However, avoiding a branding disaster isn't as difficult as it may seem, as long as you keep a few key components in mind. Don't forget the human element Your business is made up of humans that try to appeal to customers who are also humans. Therefore, your brand needs to show that. People want to see a human element they can relate to, so owners need to talk to them and show them how the business work