Last week seemed to generate a huge amount of energy around everything and apart from all the stuff happening with MP’s and Government and all the drama and issues that comes out of that, it’s like the world suddenly woke up that Xmas is on its’ way and we need to get sorted before it’s here and we’ve missed the boat. I saw some ‘Xmas Gifting Ideas’ in my local grocery store on Sunday – I kid you not!
Talking about the world suddenly waking up – that one speaking engagement that I was talking about last week – well it’s not only about the speaking engagement but also about a Networking opportunity. The topic is one that many SME’s struggle with and that is “How to Manage Your Cash Flow Crisis”. Although its’ best not to get to the “Crisis” point, the tips given should help you to avoid this too – here are the details.
Join Nikki Viljoen from Viljoen Consulting as she takes you through the steps of Managing your Cash Flow Crisis.
When: Wednesday 30th August 2017
Time : 08h00 for 08h30am
Cost : R80 per person (includes breakfast & Coffee)
Venue: Piza e Vino, Eagles Landing (corner Scott & Christiaan de Wet Street, Randburg.
Don’t forget to bring your business cards, banners etc. and enjoy some Networking too.
This has been put together through ROCCI (Roodepoort Chamber of Commerce & Industry) and the Business Doctors and of course Piza e Vino in Eagles Landing.
Anyway . . . on a lighter note, but still being proactive.
So this is what my friend Peter Carruthers said about to the response to his first webinar on the subject of PoPI (Protection of Public Information Act) that recently took place. Please see below (my weekly tip) for the link if you were not able to attend the last webinar.
“Last night I was stunned at the number of questions asked at my Free POPI/ Protection of Personal Information Webinar. Great questions. The event lasted for two hours.
But it was when we began to look at the costs of compliance that the brown stuff hit the fan. All the expensive training on offer tells you what to do, but not how to do it.
So, next week, Tuesday night, 22 August, 8 PM, I’m going to present the webinar again. I will build into the core material the answers to the questions I was asked. (250 people ask many questions.)
This POPI issue is a little like my uncle Stanley. We know he’s there, but we are all a little afraid of him, so we don’t want to go too close.
The bottom line is 670,000 businesses in South Africa have to comply with this new legislation. It doesn’t matter whether we think it’s bogus. The option is simple: Comply or Consequences.
Compliance will cost money. It’s going to cost time. Lots of time. And it’s going to cost effort, learning what needs to be done, and doing it.
Consequences will be a whole lot more expensive if we choose to ignore this.
In this free webinar I’m trying to offer a fast track that we small business owners can use.
I was told last night that this free webinar offers as much useful content as seminars costing R3000 upwards and taking up an entire morning or afternoon”
Here’s the deal . . .
Please feel free to engage with me, or not. Please feel free to send me your own snippets of information, early warnings, appropriate funnies and what have you, to share with other like-minded individuals, entrepreneurs and start-ups.
I hope and trust that you will enjoy the journey with me.
This weeks’ Blog:
BUSINESS TIPS – Managing Your Business – Part 4
By Nikki Viljoen – Viljoen Consulting CC
We’ve looked at Managing your cash flow and making sure that your margins are where they should be, as well as ensuring that you are meeting your client’s needs. Today we will have a look at ‘managing your working capital’ and your advertising.
First off, let’s have a look at your ‘Working Capital Management’. Ensuring that you manage your working capital correctly, will have quite an effect on your cash flow as it ‘releases’ monies that would normally go towards expenses. Let me explain – your clients pay you 30 days, but your suppliers want payment up front. This means that you are carrying the whole thing financially on your own (it will also have an impact on your risk management too). By negotiating better payment terms with your suppliers and/or your clients, you will decrease your risk and have a better cash flow situation and a stronger working capital, which could go towards growth and/or expansion.
Other critical areas to look at are (but not limited to), your debtors list. Make sure that you follow up outstanding or overdue accounts on a regular basis and don’t be scared to put ‘errant’ clients on ‘hold’ or in extreme cases, even firing them. Remember this is your business and you make the rules.
Stock is also something that needs to be managed both effectively and efficiently as this is one of the first areas that you will experience losses when there is downturn in the economy (ok, if the truth be told this is all the time, not only when things become a bit rough). So stock needs to be properly controlled to ensure that the shrinkage is kept to a minimum and that stock levels are kept to acceptable levels. Too much or too little stock on hand also has its own consequences. Oh, and don’t forget to make sure that your stock is properly and adequately insured and that (particularly with perishables) that the FIFO (first in first out) method is used, that way you will not end up with stock that has expired.
One of the first things that seem to go for a ball of chalk when times are tough is your advertising. This is not good at all. Think about it logically and calmly for a moment. Taking your marketing out of the equation means that less and less customers are going to know about you and less and less customers are therefore going to buy from you! Crazy that – you are wanting to increase your sales, which means your marketing and advertising should increase.
By all means, modify the way that you market yourself. Cut down on say, using the big PR agencies (or any agency for that matter) and try and do things for yourself. Get an e-mail campaign going or use the social networking sites and twitter to drive people to your website. Start a newsletter and give ‘useful’ information to your clients. Make sure that you are still in the forefront of their minds and that they don’t forget you and go to your opposition or competitors as a result of this.
So change the way that your market yourself, if you must, but ensure that the amount of marketing increases rather than decreases.
Next time we will have a look at some of the other issues around what to do when your business is going through a tough time.
Look what happening in the world of Pete Carruthers.
A new law kicks in soon. It affects each of the 670 000 businesses in SA, including yours.
Most small business owners know nothing about it yet. They may have heard about the R10million fines and the 10 years in jail, but that’s about all most people know about PoPI.
Find out what you must do to survive the Protection of Personal Information Act, coming soon to your business.
Free online webinars, in association with Nikki Viljoen of Viljoen Consulting at 8pm on 22nd April. Click here to attend goo.gl/XNafUW
It’s FREE folks so you have nothing to lose and some knowledge and wisdom to gain.