Category Archives: Top Business Tips

7 Key Legal Business Musts

The short answer to the question “Why must you know these 7 things?” can be summed up by the words of Justice Spender, in TPC v British Building Society & Ors (1988) ATPR 40-880 at 49,545, when considering the need for a corporation to have an effective trade practices compliance program, he said:

“… (B)usiness men, particularly at senior levels, who remain in ignorance of the Competition and Consumer Act, 2010 1974 do so at their peril.”

The peril stems from the substantial criminal, pecuniary and other penalties that apply under various statutes that require businesses to comply with.

The key 7 areas of law to know are:

1. Competition and Consumer Laws (eg under the Competition and Consumer Act, 2001);

2. Environmental laws (eg Contaminated Land Management Act, 1997, and the Dangerous Goods (Road and Rail Transport) Act 2008;

3. Intellectual Property (eg Trade Marks Act, 1995, and the Copyright Act, 1968);

4. Asset Protection (Corporations Act, 2001, Succession Act, 2006 and theTrust Act, 1925);

5. Tax (Taxation Administration Act, 1953 and the Income Tax Assessment Acts of 1936 and 1997);

6. Industrial Relations (Fair Work Act, 2009, Anti-Discrimination Legislation and Employment Legislation, such as, Workers’ Compensation, Long Service Leave Act, and Holiday Pay Act);

7. Occupational Health & Safety Acts;

The penalties that spur businesses to adhere to the prescribed minimum standards of behaviour are various. For instance:

Breaches of the Australian Consumer Law can be as high as $1.1m for corporations and $220,000 for individuals. The penalties for competition breaches can be $10m.

Under Environmental legislation, the penalties involve criminal sanctions such as jail terms besides pecuniary fines.

There are various levels of liability to contend with. Breaches of the competition provisions are in the nature of strict liability. There is no due diligence defence for engaging in prohibited anti-competitive conduct under the Competition and Consumer Act, 2010.

Due diligence can be a defence for the purposes of the Environmental Protection Act.

Despite the strict liability or otherwise of particular legislation, effective compliance programs play a role. Hence, knowing what to not do is critical for business survival. The Courts have consistently said that a business that has an effective compliance program may raise this in mitigation of a penalty that can be imposed by a Court, either as a means of reducing a fine where there is strict liability or raising an outright defence, where due diligence operates as a defence. In TPC v CSR Limited (1991) ATPR 40-076, Justice French pointed to the need for corporations to have a training program to achieve compliance with the Trade Practices Act

Since a breach of an act may, in some instances, occur regardless of whether there was any intention to engage in prohibited conduct (eg under the Competition and Consumer Act, 2010), to demonstrate compliance with the requirements of legislation, Corporations need to show that they have instituted effective and efficient procedures of managerial control “designed in recognition of human frailties of a proportion of their employees”: Eva v Preston Motors Pty Limited (1977) ATPR 40-048.

As prevention is better than cure, it is good business practice to know what you must know and implement and use a compliance program. Court cases such a Universal Telecasters (QLD) Limited v Guthrie (1978) ATPR 40-062 clearly demonstrate that the establishment of a compliance program assist in preventing: breaches of the relevant legislation and goes to the question of mitigation of damage.

Compliance programs operate at three levels:

Prevention

defence; and

mitigation of penalty.

Businesses using a compliance program in a defensive way or in a mitigation context, must show that its program was undertaken systematically and properly carried out.

Risk management is the identification, measurement and management of risk through control. Risk management involves the establishment and maintenance of programs designed to minimise the potential exposures of businesses to loss.

Effective risk management programs depend upon the ability of responsible officers to

• identify potential risks,

• take practical steps to eliminate/minimise risks,

• implement ongoing controls,

• be fully aware of the latest techniques for eliminating/minimising risk,

• have up to date knowledge of the legal aspects of risk management.

Accordingly, the first step of any compliance program is to identify potential risks. For you to be able to do this you must know what your need to know of the 7 Key Legal Business Issues before you can even identify the potential risks that may arise in your business.

The aims of a compliance program are twofold:

1 Pre-emptive, whereby the Compliance Program is designed to create a corporate culture of best practice which promotes compliance with the relevant legislation; and

2. Pro-active; where the aim of the program is to prevent breaches occurring.

Different business activities, distribution, marketing, personnel and equipment will mean that compliance needs will always be unique to each business. It is possible to outline the principals involved in the determination of legal requirements but these serve only as a guide to compliance officers. All Corporations share common aspects. The implementation of a compliance program will involve:

1. If you do not already know the key aspects of the 7 key legal business issues you will need to find out what they are.

2. Identification of the business activities undertaken by the.

3. The identification of the legal risks associated with the business activities undertaken.

4. Analysing the nature of the risks ascertained.

5. Identifying steps to reduce the risks controlling the impact of such risks.

6. Keeping records which, for instance, may help to establish that reasonable precautions were taken and due diligence exercised to avoid a contravention.

To do this an examination of the structure and exposure to activities of your business is required This can be undertaken by looking at the key operating departments or divisions and for each division briefly listing their major functions and activities.

Having ascertained the activities assess how each activity is performed in light of the requirements of the relevant legislation.

Assess the severity of loss associated from non-compliance.

Provide a priority rating by multiplying in frequency and severity indices.

You should develop for your business a compliance program to avoid being in peril of remaining ignorant of the Australian Consumer Law and restrictive trade practices in the Competition and Consumer Act.

Tips In Choosing The Right Executive Coach For You

In the business world today, getting an executive coach became a top priority for surviving the fast-changing and highly competitive job market today. Working with an executive coach can help you gain new perspectives, sharper critical and creative thinking skills, increased productivity and enhanced confidence – all of which are vital for taking on the challenges that your career throws your way.

Your choice can make or break your coaching experience. The demand for coaching has increased, prompting the increase in the number of professionals today offering their services as a certified professional coach. However, selecting the right coach will still entail serious research, planning and decision-making. Apart from looking at the credentials of a potential coach, you also need to determine if the values, techniques and personality of the coach suits your needs and preferences.

Always take note that when you work with a top executive coach, it won’t be a short-time endeavor. Rather, it will entail the consistent commitment of all parties involved for the coaching partnership to result in significant gains.

Some of the tips you that may help when hiring a coach include the following:

1. Before you go hunting for a coach, invest in gaining a good understating of executive coaching first. Do your research, read up on the topic and ask others who may have expertise and experience with executive coaching. By doing so, you can obtain the tools you need to set expectations and have a clearer direction during your selection process.

2. Check out their qualifications. Know more about the training specific to coaching that they have received. See if they have relevant accreditations and memberships to industry associations. Ask about their coaching experience – not just the length of time but their areas of focus or specialities, if any.

3. Once you have done your background checks, narrow down your list and have a dialogue with the coaches you’re interested in working with. Aside from using the opportunity to know more about their coaching principles, also make it a point to observe how you get along and how the conversation flows. A strong “connection” between you and the coach can mean a better coaching journey with him or her.

Your work doesn’t stop after you have elected the executive coach to hire. It pays to be open and clear about your goals right from the start, and to continue to strive for transparency should you have some questions during the process. The process of executive coaching is akin to building a partnership. Respecting the process and learning to maximize support from a specialist allows you to get closer to achieving the career and personal growth you aspire for.

Hiring People Sucks – Here Are My Top 7 Tips That Changed My World

Unfortunately, I have hired and fired hundreds of people in my 21 years of owning my business. In short, I was terrible at it. But because I recognized the impact both culturally and financially to CFF, I forced myself to get better and develop a system that works. You can put this process into place within your company and I guarantee your hiring problems will be dramatically reduced. Here are my 7 tips to a better hiring process.

1. You need to look at a lot of candidates. On any given day, CFF will have hiring ads placed in various places. Hiring is a full time job for growing companies. At CFF, we use Indeed, Ladders, Zip Recruiter, Craigslist and referral sources, 24 hours a day 7 days a week. We receive resumes daily. Think of it like fishing… the more hooks you have in the water, the better your chances of catching someone.

2. Make them call you. We don’t put a lot of weight into resumes but we put a lot of weight in the initial phone call. We offer our phone number and proper contact on every job posting we have. Why? Because communication is vital to success – people need to talk to people. Put a phone number in your posting and allow applicants to call you. Trust me on this… it’s easy for anyone to send you a resume, but when they call you, they have just taken initiative.

3. Do personality testing – We believe that personality testing is vital to our hiring process. We use THE PREDICTIVE INDEX test. It takes 10 minutes to complete and after our initial phone call, if we think the applicant could be a fit, we send them a link to it. If they fill it out, GREAT, if they don’t, you don’t want them anyway. If the test shows they fit our culture, we invite them to the next step.

4. Have a hiring expo. Set a date (we do it every other week) and invite all of the qualified candidates to a HIRING EXPO. This gets multiple qualified applicants to your office at one time. Therefore, you don’t have to meet with them individually. The hiring expo allows you to see how they interact with strangers, their level of preparation and it allows you to deliver your message to a group rather than individually. This process has been a HUGE time saver for us.

5. 3 Interview Process – I believe in a 3 interview process at my company. Here is how it works:

Interview #1 – With me and my VP of the appropriate department. I ask one primary question: “what are you most proud of in your life during the last 6 months?” This tells me a lot. If they have difficulty answering, they are not winning in the game of life. I’m looking for people who want to WIN, and I force them to give me current examples from within their life.

Interview #2 – is with everyone else in my company. Yes… everyone. I believe in full transparency, so I allow applicants who have made it this far to meet their potential co-workers, Operations, IT, Accounting, Video Production and Sales all make time. We provide 5 minutes with each person, and the applicant can ask anything they want. “How hard is it… really?” “How many calls do I REALLY need to make?” “Do you like your boss?” are all questions that end up getting asked and discussed in these short meetings.

Interview #3 – customer service surveys. We will pull our last 50 deals (about one week for us) and print simple one-page customer service surveys for each. The applicant, in this interview, will call these clients and ask them a few questions such as, “Did we return your calls promptly?” “Did we save you money?” “Why did you choose CFF?” and most importantly, “Would you do business with us again?” This final interview allows the applicant to hear directly from our clients of their experience with us. It provides the applicant the confidence that they are making the correct choice by working for us. In addition, we get to hear the applicant on the phone. If they can’t have simple conversations like these, how will they ever handle difficult conversations about strategy and market share with a client.

6. Forget about references. I used to collect 3 references from applicants. Two business related and one personal. I never got a bad reference, and hired many bad employees. References are not part of our hiring process anymore. If you are lucky to get an applicant from a referral source you trust, that is about as good as you can hope for.

7. Break some bread. I remember taking a new salesperson to lunch, AFTER WE HAD HIRED HIM, and realized by the time we were done with lunch, that he was not a good hire. He treated the waiter poorly, couldn’t decide what to order, and didn’t want to talk about business at all. During your hiring process, you need to break some bread. Breakfast, lunch or dinner, it doesn’t matter, but you need to see the applicant outside of the work environment.

Bonus tip: Your gut is not a good indicator. I knew it all in the past and would only trust my gut during the hiring process. I was so wrong. Patience, conversations, interviews, feedback, personality tests, and customer surveys tell me a story that is far better than the story my gut could ever tell me.

Hiring is one of the biggest challenges any employer will face. It is a full time job that never stops. The effort you put into hiring great people will pay off in droves. Doing it poorly… well you already know how that story plays out.

Skills You Were Not Taught in School – Networking For Career Success

There are the technical skills you were taught in school: engineering, geology, environmental services. The science and methods (The why). As you start working in the industry though you need to gain more skills and experiences related to real life business activities.

As your career progresses you will earn professional registrations and most likely be promoted to the Project levels. Your responsibilities begin to increase and it’s up to you to meet the deadlines and prepare deliverables. You learn to write reports, interact with clients and manage project teams.

At first you will find it tough going, but with time and experience, it becomes like second nature. Because you know the why, and have learned the how.

One of the most difficult activities engineering and environmental professionals are tasked with is Business development; networking. You understand the technical aspects to your job; the science and engineering (the why), but the how (how to build relationships, how to establish clients, and how network with associates) is beyond your education. This is a skill you most definitely were not taught in school and need to develop as a professional to advance your career. But where do you start?

Here are some tips on how to network

· It’s important to remember that no one ever died from networking (we checked).

· Start out by attending an association luncheon. If you choose an event with a speaker or topic that you’re interested in you’ll have something to talk about during the networking session.

· Bring cards and be prepared with your elevator speech. This is who you are, who you work for, and how your firm relates to the days topic, in 30 seconds. If your marketing department doesn’t have that message crafted, try Google.

· Have a plan. If the event attendees aren’t listed online, show up to the event early and scan the name tags. Make a mental note of who you’d like to talk to.

· If you recognize a name of someone you don’t know but would like to meet (a decision maker at a potential client firm, perhaps), hang out at the registration table and see who picks up that name tag.

· As other attendees show up, it’s OK to make a beeline for a friendly face. Ask your friend to introduce you around. Caveat: don’t hang out with your friend for the entire networking session. Give her time to mingle on her own; make sure you mingle on your own as well.

· The easiest way to find someone to talk to is locate a person standing by himself, wishing he were anywhere but there. Put your nerves aside, walk up, and say hi.

· (Speaking of nerves, it’s perfectly normal to be nervous. Many seasoned business development professionals get butterflies before every networking event).

· The best ice-breaker is to ask your new acquaintance about himself. People love to talk about themselves.

· Ask open-ended questions. A yes-or-no question is a conversation killer. Lead him with questions that lead to more questions, but don’t interrogate him!

· It’s OK, even preferable, to talk about topic other than business. Relationships are developed over time by getting to know someone as a person, instead of potential work.

· Know when to move on. Don’t monopolize one person’s time, or let one person monopolize yours. Once you make an acquaintance, learn about him and exchange information, move on.

· Make it your goal to meet at least three new people during the networking time. This will keep you moving around and maximize the use of your time.

· When it’s time to be seated for lunch DO NOT sit with someone you’ve already talked to. This is the time to find one of the people you want to meet and find a seat at, or near, her table. Introduce yourself and chat for just a moment, with a promise to follow-up at a later time.

· Once everyone is seated, pass a stack of your cards around the table. Everyone else should do the same. Then introduce yourself to the people on either side of you. Keep the conversation light. Now is not the time to set meetings or discuss projects.

· Please, please, use common sense when making conversation! Politics, religion, sex, or anything controversial is off-limits.

· Industry gossip, no matter how juicy, is also off-limits. You don’t know who knows who, and the very nature of gossip is negative. Don’t get drawn into it.

· After the presentation is over, close the loop with your table mates and the other people you talked to. Everyone has to get back to work, so now is not the time to strike up an in-depth conversation.

· The most important part of any networking event is the follow-up. Send an email to every person you met. Remind them of your conversation, provide any information you promised to share, and ask for a follow-up meeting.

The more often you attend events, the wider your circle of contacts becomes. Keep in touch with your network. Develop relationships, share information, and move forward in your career.

When you’ve built your network and are ready for new opportunities, contact Webuild Staffing. They work with a large group of industry leaders who are interested in hiring quality engineers.

Top 5 Effective Marketing Ideas For Businesses Within a Limited Budget

Marketing is very important for the growth of your business. This is the only way to come to know amongst your customer for promoting or selling products or services. There are so many marketing tools out in the market that help you to advertise your products and services to gain the attention of a buyer. However, it actually requires investment in terms of time and money as well. This is the major reason why some small businesses try to avoid it. But it is actually the main ingredient for the growth of your business. What’s more, if you get some marketing ideas within your stipulated budget? Don’t be surprised. Here is a list of top 5 effective marketing ideas, which you should include in your strategy and give you the guarantee results.

Facebook Campaign: Nowadays, almost every person is on Facebook, and it is one of the best and highly effective ways to reach new audiences without spending a lot. For this, you can take the help of Facebook campaigns and post something about your products and services that can seem interesting to your readers. It will provide outstanding results for very little investments.

Killer content: Another effective way to advertise your business within a small investment is by creating a killer content. You can submit articles, blogs on different high ranked sites for free that help to promote your business and quickly catch by the web spiders, which in result help to increase your website ranking.

Guest Post: An old marketing tactic that is still stronger than any other techniques is guest blogging. It allows you to post a blog on another website with the permission of its owner that helps to increase your readers and also attract large clients to your website.

Video production: Another effective and affordable way to promote your business is video production. For this, you just need to create a quality video related to your products and service, which easily capture the attention of your visitors. This is the best way to promote your business even with low-cost.

Email marketing: Last but not the least method of marketing ideas for businesses is the use of email marketing. It allows you to connect with a wider audience in an efficient and economical way. It not only help in the promotion of your business but also make your customers up-to-date from your recent offers, discounts or added products and services that pull them to visit your site again and again.

No doubt, all above points will clear your doubts that marketing is possible even in the budget of a shoestring, you just need to know how to do it.

Why Facebook Is Essential to Marketing

One question on Quora asks: why is Facebook essential to B2B marketing? Actually, Facebook is an insanely powerful tool in B2B Marketing (likewise in B2C). Facebook has 1.23 billion monthly active users, 945 million mobile users, and 757 million daily users – that is the rough estimate of possible prospects in B2C. Of course, with that broad number, it is also helpful in connecting with B2B leads. Moreover, should you need a more niche-specific social media platform, I would recommend LinkedIn. It is easier and more lead-specific compared to Facebook. Moreover, it is easier to decipher if the prospect is a DM (decision maker) or not. The information displayed on LinkedIn, furthermore, offers good research grounds in your B2B lead generation.

Moreover, another question asks: ‘what social media channels should I use to get customers aside from Facebook and Instagram?’ Well, there is power in social media – it is actually overwhelming. Actually, quantity is not the key. Facebook and Instagram are powerful social media channels. I suggest you go focus on creating quality posts. Build the profile that you want. Create an appealing logo, picture of your shop, make the best version of your shop for your profile picture and cover photo, just fill out your profile. Next ask friends to like and share your page. You can also enroll your page in Facebook’s ads. It’s pretty affordable and that will also allow you to specify your target audience. You can also join groups and post your services there.

Moreover, you can also make a blog or website of your shop. It is pretty easy. You can use free blogging platforms like WordPress or Blogger. On the other hand, you can also purchase your own domain. Remember, marketing is one key to business success.

Lastly, another question is aired: ‘how can I get my sales team to use social media?’ Actually, you can start small by inviting them to like and share the status or post of your company. You may then proceed by setting up a meeting and showing them the relevance of social media in lead generation. To some, it may just be ‘added work’, but encourage them that the task will magnify the chances of better prospecting. You can encourage them to use several social media platforms such as LinkedIn (best for B2B), Facebook, or any other platform worth checking out. Education is the key.

Facebook is a powerful tool in marketing and holds the key to more opportunities among the roster of people using social media. Facebook is also a good tool in studying the market, and in lead generation as well.

4 Content Marketing Trends for Business Owners in 2017

As we approach 2017, it’s interesting to think about where we’re headed in the coming year when it comes to marketing our business.

All business owners want to stay on top of their game by being prepared for what’s ahead but in today’s fast-changing world, what does that look like?

Below are some content marketing trends you’ll want to prepare for when marketing your business in the coming year:

1) Incorporate More Social Media Graphics, Infographics, Visuals and Videos. Since your followers are 80 percent more likely to read your content if you use coloured visuals, this area needs to be built up more across your social media channels.

The popularity of visual content will only increase, so you must be prepared. Using Facebook live is still a hot commodity so be sure to dive into that opportunity too!

2) Build a Team. 60 percent of marketers in one survey said content creation was their biggest challenge last year.

To overcome this obstacle, get a team of people to help make content development and publishing easy. This includes having a good writer and social media specialist.

3) Tap Into Influencers. 90% of consumers trust peer recommendations where only 33% trust ads.

Consumers have begun to tune out traditional ads and increasingly connect to their social networks to guide their buying decisions. That’s why connecting with influencers is so important.

What is an influencer? “Influencers are people with significant networks (followers, readers, etc.) who can speak to a broad range of products and services with the ability to sway opinions in their favor.” – Jess Estrada.

Identify influencers to reach out to in your industry. Follow them on social media and see where you can strike up a conversation.

4) Drive Content Marketing Leads into a Funnel. High value content is one thing, but if you don’t build in a strategy that continues building rapport with prospects in the right way, you are leaving money on the table.

Content Marketing is a highly effective way to segment your audience and send them targeted follow-ups and offers, instead of adding them to your main email list.

Creating an Effective Content Marketing Plan for 2017

One of the biggest mistakes I have seen businesses make is they jump into content marketing without a strategy. While trying to appeal to their target market, they slap together a couple of eBooks and free offerings and hope it will be enough to drive sales.

The first step to making content marketing really work for you is to have a solid, smart content marketing plan in place.

Make sure you outline the following essentials in your content marketing plan:

Understand Who You Are Marketing to. Before starting any kind of marketing strategy, it’s vital you understand who your ideal target market is. There’s no point in investing your time and money into marketing when you don’t have a clear understanding of who you want to buy from you.

A Comprehensive Review of Past Efforts. Review your past content marketing efforts and results from 2016. This helps you to see what was most effective, what wasn’t, and develop a plan to improve for next year.

Set Goals and Benchmarks to Determine Future Campaign Success. Having a clear understanding of what you want to accomplish and what that will look like is important.

Do you want to develop awareness? Are you working to build brand loyalty? Are you educating prospects? Want to increase engagement with your tribe? Are you increasing sales and profitability?

Develop Content Ideas that Align with Sales Goals. Here’s some example sales goals:

o Boost sales of Mega Fit Bootcamp by 25%.

o Get 50 new leads a month into our sales funnel.

o Create an eBook on Sales Tips for People Who Hate to Sell to drive leads to the funnel.

Plan a Content Marketing Calendar with Dates and Deadlines. Create an editorial calendar that clearly lays out your dates and deadlines so you can easily prioritize your efforts. This eliminates the “what do I write” problem.

It also makes it much easier to work ahead on content and delegate to team members.

I hope you’d enjoyed these highlights, stats, and facts to help you prepare for content marketing in the coming year.

Smart Ideas Shared By The Experts For Business Growth And Expansion

For most business owners, aiming for their business to last for years and even grow and expand is the main goal. However, it can actually be a huge challenge. If you want to ensure business growth and expansion, it is not enough to simply have a long-term vision but you should have a tangible plan.

You need to determine what sets your business apart. Know your value proposition and what sets your business apart from other industry players. Know why customers should choose you over other companies offering essentially the same products or services that you offer. Companies compete differently. Some outpace the competition by offering lower prices while others have anchored their success upon authority. Either way, your value proposition should be something that only your business can offer customers.

If you let go of that value proposition, there is considerable risk that your company’s competitiveness will be undermined. It is also bets to know your ideal customers. Companies that thrive over the long term do so by offering a solution to a specific problem. While it is enticing to pursue almost every potential customer you might come across, that will only spread your resources thin, leaving little value for actual customers who can benefit from your products or services.

Growth entails making decisive changes. And so, know the key indicators for this growth. Since not all changes are worth pursuing, know what those changes are that can bring about true growth.

In order to determine the right answer to that, you have to identify key indicators which influence growth. After determining those, you will need to funnel your resources toward those. Additional revenue streams can make a business profitable. However, there are some revenue streams that are not sustainable over the long term. There are also products or services which may seem great at the onset but do not bring significant revenues.

Additionally, take cues from the competition. Even if you are routinely beating the competition, there are some areas where your competitors are doing things right. Look at what other players in your industry are doing, evaluate their decisions, and take cues from their success. This is very important in business growth and expansion.

Lastly, learn to hire the right people. Your employees are your greatest assets as they often are in contact with your customers and are attuned to their needs. If you do not have sufficient funds, you can cut back on some expenses and luxuries and funnel those funds toward the compensation and development of your employees. This is one of the secrets for ensuring business growth and expansion.

7 Top Tips For Managing Business Cash Flow

In the ‘good old days’ the onus on prompt payment was on the customer. That made it much easier for business owners to manage their cash flow.

Now, along with everything else you have to do, the onus on managing your cash flow is firmly on you, the business owner, so we have put together our 7 top tips to help you out.

1. It Pays To Do Your Homework
For bigger customers you may need a signed contract and a purchase order. Find out what you need and their payment terms in advance. For example they may have money left in a budget and need invoicing straight away. For smaller customers make sure you agree the price in advance so there is no query on your invoice. Obtain the mobile number of your contact at the company and if possible find out the name of someone in the credit control department in case of a query.

2. Don’t delay
Invoice immediately on completion of the job, or if appropriate take a 50% deposit up front with the remainder payable on completion.

3. Payment terms
Ask for what you want. Don’t feel you have to put ‘Payable within 30 days.’ Either put ‘Pay on receipt’ or a due date within 14 days. If you don’t ask, you won’t get.

4. Check Your Bank Account Regularly
It is worth taking the time to find out immediately whether payment has come through, and if you use cloud accounting software, your bank balance will update regularly so you will know straight away.

5. Don’t Be Shy
If you don’t receive the money when you expect it, ring up your contact in the business and find out why. Why not email? Emails are too easily ignored. Your contact may be able to chase up payment for you, or give you the number of the person you need to speak to.

6. Don’t Take ‘No’ For An Answer
If you don’t get a response, keep trying. Not just every day, but several times a day if you need to. Imagine how it would be if the tables were turned and they were owed the money? Surely they would chase it up.

7. Cash Flow In Other Parts Of Your Business
The two other main areas where you can control cash flow are stock and suppliers. Keep a close eye on your stock, as perishable stock or slow moving stock can suck cash unnecessarily from your business.

Check your suppliers’ credit terms, and use them. Bear in mind however that your long term relationship with your suppliers is like a gold nugget in your business, and they will respect you and respond to your needs if you always pay on time.

Top 10 Tips to Follow for Great Business Productivity

Productivity means a combination of intelligent planning and focused efforts. Maintaining the productivity throughout the work is a great challenge and bringing the best of our work within the timeframe is crucial. Productivity can be continuously improved and by following some of the basic tips, one can achieve the target more easily and continuously.

Below stated are a few simple but effective tips that you need to follow, if you are running a business and want to attain more productivity out of your efforts and efficiencies:-

1. Fine help / Delegate tasks accordingly- taking a large task alone is not possible. You must need some kinds of help from others. In order to get help from others, you need to trust your colleagues/subordinates in helping you to complete your work. If you tell your colleague about the deadline of the project, then they will take it very seriously.

2. Do not dwell into unnecessary meetings- time management is the most important part of getting the maximum benefits of your work. Try not to waste time behind unnecessary stuffs. You must know to shortlist the most and least important meetings and conversations to carry on your works.

3. Create to-do lists- as we said, time management is the greatest factor, creating a checklist of the to do work is really important. This helps you to plan accordingly and will help you to maintain your speed of work to bring the maximum output within the limited time zone.

4. Take breaks- working at a stretch is sometimes very lethargic and affects your energy limit. It is very essential to take breaks within a day or some months. Also, spending 8-10 hours at a desk for too long may invite many diseases like cervical problems, heart related diseases, over-weight and other health problems.

5. Weed out distractions- there could be many distractive things around you. It has been observed that many people are busy surfing their social media profiles unnecessarily to check the updates or read some entertaining articles or contents. They are quite distractive and further, destructive for you. So better, get disconnected from all those disturbances, at least when you are working.

6. Maintain a proper interaction with the clients- foremost thing that must be executed properly to improve your business output. If you want to retain the potential clients and gain many new clients, you must develop many visitor engagement strategies. Replying them politely and instantly will really help to maintain the relationship; and don’t forget to collect the proper feedback. It will also help you to improve the quality of your works and services.

7. Create monthly newsletter to keep in touch with the clients- You need to deliver some useful tips and information on the topics like: how to save money? The current market analysis etc. To the clients through newsletter. This will help in building up a strong relationship with the clients.

8. Stop watching so much TV- the second most important mode of distraction. Sitting idly and continuously watching TV will affect your performance and energy level. It is better to watch useful things on TV for specific period.

9. Set ambitious, yet realistic goals- You should set such goals that are useful, focused, realistic and achievable. It should truly match your work and output.

10. Designate times to handle e-mail- you must be alert and active to handle and reply every mail you receive, make sure you don’t miss any important mails and keep a habit of replying to every important mails. Ignoring unnecessary mails or spam mails is also necessary as it saves your time also.

Thus, once you are following such an easy and effective steps in your life. You are actually following the true steps of success with great productivity.