Having issues with cash? Here are the next steps.
If your business is having issues with cash, it's important to take proactive steps to address the problem before it becomes a crisis.
If your business is having issues with cash, it's important to take proactive steps to address the problem before it becomes a crisis.
Here are some steps you can take:
1. Analyse your cash flow: Start by analyzing your cash flow to understand where the problem is coming from. Look at your cash inflows and outflows to identify any trends or patterns. Determine if there are any particular areas of your business where cash is tied up.
2. Prioritise payments: Once you have a clear picture of your cash flow, prioritise payments. Make sure you pay your most important bills first, such as payroll, rent, and utilities. If you can't pay all your bills
3. Reduce expenses: Look for ways to reduce expenses to free up cash. Cut back on unnecessary expenses, negotiate better prices with suppliers, and look for ways to streamline operations.
4. Accelerate cash inflows: Look for ways to accelerate cash inflows. Offer discounts for early payment or require deposits for new orders. Send invoices promptly and follow up on overdue payments.
5. Consider financing options: If you need additional cash to cover expenses, consider financing options such as a line of credit, factoring, or equipment leasing. Be sure to review the terms carefully and understand the costs involved.
6. Develop a cash flow forecast: Develop a cash flow forecast to help you plan your cash needs and identify potential shortfalls. Monitor your cash flow regularly and adjust your forecast as necessary.
7. Seek professional help: If you're having trouble managing your cash flow, consider seeking professional help. An accountant or financial advisor can help you identify the root of the problem and develop a plan to address it.
In summary, if your business is having issues with cash, it's important to take proactive steps to address the problem.
Analyse your cash flow, prioritise payments, reduce expenses, accelerate cash inflows, consider financing options, develop a cash flow forecast, and seek professional help if necessary. By taking these steps, you can improve your cash flow and ensure the long-term financial health of your business.
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Measuring Success
Measuring success is an essential part of any business or organisation. Without proper measurement, it can be challenging to determine whether your efforts are having the desired impact and whether you are moving towards achieving your goals.
Measuring success is an essential part of any business or organisation. Without proper measurement, it can be challenging to determine whether your efforts are having the desired impact and whether you are moving towards achieving your goals.
Here are some tips for measuring success:
1. Define clear and specific goals: Before measuring success, you must first define what success looks like. This means setting clear and specific goals that are aligned with your organisation's mission and vision.
2. Identify key performance indicators (KPIs): KPIs are metrics that you use to track progress towards your goals. Identify the KPIs that are most relevant to your goals and use them to track progress.
3. Set benchmarks: To determine whether you are making progress towards your goals, set benchmarks that represent your desired outcomes. This will allow you to track progress over time and make adjustments as necessary.
4. Use data: Use data to measure success. Collect data from relevant sources, such as customer feedback, sales figures, and website analytics. Analyse the data to determine whether you are making progress towards your goals.
5. Review and adjust: Review your progress regularly and make adjustments as necessary. Use the data you collect to identify areas where you need to improve and make changes to your strategies and tactics.
Why is measuring success important?
Measuring success is important for several reasons:
1. Helps track progress: Measuring success enables you to track your progress towards your goals. It helps you to identify what is working and what isn't, so you can adjust your strategies and tactics as needed to stay on track.
2. Provides clarity and focus: When you measure success, you have a clear understanding of what you want to achieve and how you plan to get there. This clarity and focus help you stay motivated and committed to achieving your goals.
3. Enables data-driven decision making:Measuring success allows you to make data-driven decisions based on objective metrics rather than intuition or guesswork. This approach enables you to make 1. more informed decisions and reduces the risk of making costly mistakes.
4. Facilitates accountability: Measuring success provides a framework for accountability. It allows you to establish clear expectations for performance and hold yourself and your team accountable for achieving your goals.
5. Encourages continuous improvement: Measuring success encourages continuous improvement by enabling you to identify areas for improvement and track progress towards making those improvements. This approach fosters a culture of learning and growth within your organisation.
Overall, measuring success is essential for achieving your goals and driving growth and success in your organisation. By tracking progress, providing clarity and focus, enabling data-driven decision making, facilitating accountability, and encouraging continuous improvement, measuring success helps you to maximise your potential and achieve your objectives.
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OKR Approach
OKR (Objectives and Key Results) is an approach to goal-setting that helps organisations align their efforts and focus on what truly matters.
OKR (Objectives and Key Results) is an approach to goal-setting that helps organisations align their efforts and focus on what truly matters.
Here's an overview of the OKR approach:
1. Objectives: Objectives are specific and measurable goals that the organisation wants to achieve. They should be aligned with the organisation's mission and vision and be challenging but achievable.
2. Key Results: Key Results are the specific metrics used to measure progress towards achieving the objectives. They should be quantitative and measurable and should indicate whether or not the objective has been achieved.
3. Alignment: OKRs are cascaded throughout the organisation to ensure alignment and focus. Each department, team, and individual should have their own set of OKRs that are aligned with the overall organisational goals.
4. Regular check-ins: Regular check-ins are conducted to monitor progress and make adjustments as necessary. This helps ensure that the organisation stays on track and can adapt to changes in the business environment.
5. Continuous improvement: OKRs are not set in stone and should be reviewed and revised regularly. This allows the organisation to adapt to changes and continuously improve its performance.
The OKR approach is used by many successful organisations, including Google, Intel, and LinkedIn. By setting clear and measurable goals, aligning efforts, and regularly monitoring progress, organisations can focus their efforts and achieve their most important objectives.
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It's nearly end of financial year, how should I set next financial year to be better?
As the end of the financial year approaches, it's a good time to reflect on the past year's performance and set goals for the upcoming financial year.
As the end of the financial year approaches, it's a good time to reflect on the past year's performance and set goals for the upcoming financial year.
Here are some steps you can take to set yourself up for success in the next financial year:
1. Review your financial performance: Look at your financial statements for the past year, including your income statement, balance sheet, and cash flow statement. Analyse your revenue, expenses, profits, and cash flow to identify areas for improvement.
2. Set realistic goals: Based on your financial performance review, set realistic goals for the upcoming financial year. Be specific about what you want to achieve, such as increasing revenue, reducing expenses, or improving profitability. Make sure your goals are achievable and measurable.
3. Develop a budget: Create a detailed budget for the upcoming financial year that aligns with your goals. Identify areas where you can reduce costs or increase revenue. Make sure to account for any expected changes in the business environment, such as inflation or new regulations.
4. Evaluate your pricing strategy: Review your pricing strategy and consider whether you need to make any changes. Are you pricing your products or services competitively? Are you leaving money on the table by underpricing? Consider adjusting your pricing to better reflect the value you provide.
5. Assess your marketing strategy: Review your marketing strategy and consider whether you need to make any changes. Are you targeting the right audience? Are you using the most effective channels to reach your customers? Consider investing in new marketing channels or strategies to drive growth.
6. Improve your financial management: Consider implementing new financial management practices to improve your financial performance. This could include improving your cash flow management, streamlining your accounting processes, or investing in new financial software or tools.
By taking these steps, you can set yourself up for success in the upcoming financial year.
By reviewing your financial performance, setting realistic goals, developing a budget, evaluating your pricing and marketing strategies, and improving your financial management practices, you can position your business for growth and profitability in the next financial year.
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How do you build a cashflow forecast?
Building a cash flow forecast can help businesses plan their cash needs and ensure they have enough liquidity to cover their expenses.
Building a cash flow forecast can help businesses plan their cash needs and ensure they have enough liquidity to cover their expenses.
Here are the steps to build a cash flow forecast:
1. Determine the time frame: Decide on the period you want to forecast (typically a week, month, or quarter).
2. List all sources of cash: Start by listing all the sources of cash for your business, including sales revenue, loans, and investments.
3. List all cash outflows: Next, list all the cash outflows for your business, including salaries, rent, inventory, and other expenses.
4. Estimate the timing of cash flows: Estimate when the cash inflows and outflows will occur during the forecast period. For example, you may receive payment from a customer in 30 days or pay rent every month.
5. Calculate the net cash flow: Subtract the cash outflows from the cash inflows to determine the net cash flow for each period.
6. Adjust for changes: Review the forecast and make adjustments for any changes that may affect cash flow, such as new sales contracts, changes in expenses, or changes in borrowing.
7. Monitor actual cash flow: Compare the actual cash flow with the forecast regularly to identify any discrepancies and adjust the forecast as necessary. Cash can come from a variety of sources, such as sales revenue, loans, investments, or other income.
By building a cash flow forecast, businesses can better plan their cash needs and ensure they have enough liquidity to cover their expenses.
It can also help businesses identify potential cash shortfalls and take proactive steps to address them before they become a problem.
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5 Tips To Optimise The Working Capital Position Of A Company
Working capital is a financial concept that refers to the amount of money a business has available to cover its day-to-day operations.
In simpler terms, it is the money a business needs to pay its bills, buy inventory, and pay its employees.
Working capital is a financial concept that refers to the amount of money a business has available to cover its day-to-day operations.
In simpler terms, it is the money a business needs to pay its bills, buy inventory, and pay its employees.
Working capital is calculated by subtracting a business's current liabilities (the bills and expenses it owes in the short term) from its current assets (the money it has on hand, such as cash and accounts receivable).
Positive working capital means that a business has enough money to cover its short-term obligations and invest in its operations. Negative working capital means that a business may struggle to pay its bills and may need to borrow money to cover its expenses.
Working capital is important because it helps a business maintain its day-to-day operations and invest in growth opportunities. For example, if a business doesn't have enough working capital to buy inventory, it may not be able to meet customer demand and could lose sales.
On the other hand, if a business has too much working capital, it may be missing out on investment opportunities that could help it grow.
Managing working capital effectively is crucial for the success of a business. By monitoring cash flow, controlling expenses, and managing inventory levels, businesses can maintain positive working capital and ensure that they have the resources they need to operate and grow over the long term.
Here are five tips to optimise the working capital position of a company:
1. Streamline Accounts Receivable: The longer it takes for a company to collect money from its customers, the longer the company's money is tied up in unpaid invoices. To optimise working capital, it's important to streamline accounts receivable by setting clear payment terms and following up on overdue invoices.
2. Control Inventory Levels: Holding excessive inventory ties up valuable working capital. By controlling inventory levels and using inventory management techniques such as just-in-time (JIT) inventory, companies can reduce the amount of money tied up in inventory.
3. Manage Accounts Payable: It's important to pay bills on time to maintain good relationships with suppliers, but paying too early can tie up working capital unnecessarily. By managing accounts payable and negotiating favorable payment terms with suppliers, companies can maintain positive working capital and build stronger relationships with suppliers.
4. Improve Cash Flow Forecasting: By improving cash flow forecasting, companies can better anticipate short-term cash needs and optimise working capital accordingly. Accurate forecasting can help companies avoid cash shortages and ensure that they have enough cash on hand to cover day-to-day expenses.
5. Consider Alternative Financing Options: In some cases, companies may need to borrow money to cover short-term cash needs. By considering alternative financing options such as invoice financing, asset-based lending, or supply chain financing, companies can access the working capital they need without tying up valuable assets or taking on unnecessary debt.
By implementing these five tips, companies can optimise their working capital position and improve their financial health over the long term. Growth opportunities such as new product development, marketing, or expansion into new markets. This can lead to falling behind competitors and losing market share.
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How is cash different to profit?
Cash and profit are two important financial concepts that are often used interchangeably, but they are not the same thing.
Understanding the difference between cash and profit is crucial for managing a business's finances effectively. In this article, we will explore how cash is different from profit.
Cash and profit are two important financial concepts that are often used interchangeably, but they are not the same thing.
Understanding the difference between cash and profit is crucial for managing a business's finances effectively. In this article, we will explore how cash is different from profit.
What is cash?
Cash refers to the actual physical currency or money that a business has on hand or in the bank. It includes all the liquid assets that can be used to pay for expenses or invest in new opportunities.
Cash can come from a variety of sources, such as sales revenue, loans, investments, or other income.
What is profit?
Profit, on the other hand, is the difference between the revenue that a business generates and the expenses that it incurs. It represents the financial gain or profit that a business makes over a given period of time.
Profit can be calculated on a monthly, quarterly, or annual basis, and is typically reported on a company's income statement.
How are cash and profit different?
While cash and profit are related, they are not the same thing. The main difference between cash and profit is that cash represents the actual money that a business has on hand, while profit is a measure of financial gain over a period of time.
Here are some of the key differences between cash and profit:
1. Timing: Cash and profit are measured over different time periods. Cash represents the money a business has on hand at a given point in time, while profit is calculated over a period of time, such as a month or a year.
2. Revenue recognition: Cash is only generated when a business receives payment for its goods or services, while revenue is recognized when goods or services are sold, regardless of when payment is received. This means that a business can have revenue without cash, and vice versa.
3. Non-cash expenses: Profit is calculated by subtracting all expenses from revenue, including non-cash expenses such as depreciation. However, these expenses do not impact cash flow directly, so a business can have positive cash flow even if it is not making a profit.
4. Timing of expenses: Expenses can be paid with cash at the time they are incurred or can be paid later. This means that a business can have negative cash flow even if it is profitable, because it is paying expenses that it incurred in a previous period.
Can a business fail because they don't manage their cash?
Yes, a business can certainly fail if they don't manage their cash properly. In fact, poor cash management is one of the most common reasons that businesses fail. Here are some of the ways that not managing cash can lead to failure:
1. Running out of cash: If a business doesn't manage its cash flow properly, it can quickly run out of money to pay its bills and employees. This can lead to missed payments, defaulted loans, and even bankruptcy.
2. Inability to invest in growth: Without a strong cash position, businesses may be unable to invest in growth opportunities such as new product development, marketing, or expansion into new markets. This can lead to falling behind competitors and losing market share.
3. Poor financial performance: Poor cash management can lead to poor financial performance, including falling profits and declining revenue. This can make it difficult for a business to attract investment and grow over the long term.
4. High debt levels: If a business relies too heavily on debt to cover its expenses, it can quickly become burdened with high interest payments and struggle to keep up with repayments. This can lead to a cycle of borrowing and more debt, making it difficult to ever become financially stable.
5. Strained relationships: If a business is unable to pay its bills on time, it can strain relationships with suppliers, creditors, and employees. This can make it difficult to maintain key partnerships and retain talented employees.
In conclusion, managing cash is crucial to the success of any business. By keeping a close eye on cash flow, investing in growth opportunities, and avoiding excessive debt, businesses can maintain a strong financial position and avoid the risks of failure.
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How to build a 13-week cashflow forecast
Cash flow forecasting is an essential tool for any business, helping to predict how much cash will be coming in and going out over a given period of time.
Cash flow forecasting is an essential tool for any business, helping to predict how much cash will be coming in and going out over a given period of time.
A 13-week cash flow forecast is a short-term projection of cash flow that can help businesses anticipate any potential cash flow gaps and plan accordingly. In this article, we'll go through the steps to build a 13-week cash flow forecast
Step 1: Gather your data
The first step in building a cash flow forecast is to gather all the relevant data. This includes historical cash flow statements, accounts payable and receivable reports, payroll reports, and any other financial reports that will help you to project cash flow over the next 13 weeks.
Step 2: Determine your starting cash balance
The next step is to determine your starting cash balance, which is the amount of cash you have on hand at the beginning of the 13-week period. This can be calculated by adding up all your available cash, including cash in the bank, petty cash, and any other sources of cash.
Step 3: Project your cash inflows
The next step is to project your cash inflows, which are the amounts of cash that you expect to receive over the 13-week period. This includes all sources of cash, such as sales revenue, loan proceeds, and other cash inflows.
Step 4: Project your cash outflows
The next step is to project your cash outflows, which are the amounts of cash that you expect to pay out over the 13-week period. This includes all expenses, such as payroll, rent, utilities, inventory, and other operating expenses.
Step 5: Calculate your net cash flow
Once you have projected your cash inflows and outflows, the next step is to calculate your net cash flow, which is the difference between your inflows and outflows. A positive net cash flow means that you will have more cash coming in than going out, while a negative net cash flow means the opposite
Step 6: Adjust your forecast
After calculating your net cash flow, review your forecast and make any necessary adjustments. This may include revising your projections for sales revenue, expenses, or other factors that can impact your cash flow.
Step 7: Monitor your cash flow regularly
Once you have built your cash flow forecast, it's important to monitor it regularly to ensure that you stay on track. Review your actual cash flow against your forecast on a weekly basis and make any necessary adjustments to your projections.
In conclusion, building a 13-week cash flow forecast is a critical tool for any business to manage its cash position.
By gathering all relevant data, projecting cash inflows and outflows, calculating net cash flow, and making regular adjustments, businesses can ensure they have the necessary cash to cover expenses and pursue opportunities.
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Cash is King
In conclusion, cash truly is king in the business world. A healthy cash position is critical to the success of any business, and managing cash flow effectively is essential.
By monitoring cash flow regularly, businesses can ensure a strong cash position and stay ahead of the competition.
The phrase "cash is king" has become a popular adage in the business world, and for good reason. Cash flow is the lifeblood of any business, and having a healthy cash position is critical to success.
In this article, we'll explore the importance of cash in business and why it truly is king.
Here are a few reasons why cash is king:
1. Liquidity: Cash is the most liquid asset. It can be used to pay bills, invest in new opportunities, and meet unexpected expenses. Having a healthy cash balance can provide a cushion in times of economic uncertainty or financial distress.
2. Flexibility: Cash provides flexibility and allows a business to respond quickly to changing market conditions. With cash on hand, a business can take advantage of new opportunities or quickly pivot its strategy in response to changing circumstances.
3. Credit worthiness: A strong cash position can help a business maintain good creditworthiness. Creditors and investors prefer businesses that have a healthy cash balance as it indicates that the business is financially stable and can meet its obligations.
4. Growth: Cash is essential for business growth. It can be used to invest in new equipment, hire new employees, or expand into new markets. A business with a strong cash position has more options for growth and can take advantage of opportunities as they arise.
5. Survival: Ultimately, cash is king because it is necessary for the survival of a business. Without cash, a business cannot pay
Why is cash important?
Cash is important for a number of reasons, including:
1. Operating expenses: Cash is needed to cover the day-to-day expenses of running a business, such as payroll, rent, and utilities.
2. Investments: Cash can be used to invest in new projects, technologies, or equipment to help the business grow and stay competitive.
3. Opportunities: Having a strong cash position allows businesses to take advantage of unexpected opportunities, such as a competitor going out of business or a new market opening up.
4. Emergencies: Cash reserves can help businesses weather unexpected events, such as natural disasters, economic downturns, or supply chain disruptions.
To ensure a healthy cash position, businesses must manage their cash flow effectively.
Here are some tips for managing cash flow:
1. Monitor cash flow regularly: Keep track of all cash inflows and outflows and monitor your cash position regularly.
2. Forecast cash flow: Use forecasting tools to project cash flow for the coming weeks and months, and adjust your plans as needed.
3. Collect receivables promptly: Make sure your customers pay their bills on time, and follow up with overdue accounts.
4. Manage inventory levels: Keep inventory levels in check to avoid tying up cash in excess inventory.
5. Negotiate terms with suppliers: Negotiate favorable payment terms with suppliers to help manage cash flow.
6. Consider financing options: If you need additional cash, consider financing options such as loans or lines of credit.
In conclusion, cash truly is king in the business world. A healthy cash position is critical to the success of any business, and managing cash flow effectively is essential.
By monitoring cash flow regularly, businesses can ensure a strong cash position and stay ahead of the competition.
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Do I have a capability or a capacity issue?
As a business owner or manager, it can be difficult to know whether a particular issue is related to capability or capacity.
In general, CAPABILITY refers to the skills and knowledge needed to perform a task, while CAPACITY refers to the available resources (time, staff, equipment, etc.) to complete the task.
As a business owner or manager, it can be difficult to know whether a particular issue is related to capability or capacity.
In general, CAPABILITY refers to the skills and knowledge needed to perform a task, while CAPACITY refers to the available resources (time, staff, equipment, etc.) to complete the task.
In this article, we'll explore the differences between capability and capacity issues and how to identify which one you may be facing.
CAPABILITY ISSUES: Capability issues refer to situations where an employee or team may not have the necessary skills, knowledge, or experience to complete a task or project. Some common signs of capability issues include:
• Consistently poor performance or quality of work
• Lack of motivation or engagement
• Frequent errors or mistakes
• Difficulty understanding or following instructions
• Lack of confidence or hesitation in completing tasks
• Inability to learn or adapt to new processes or technology
If you're experiencing capability issues, it's important to provide training and development opportunities for your employees. This may include additional coaching or mentoring, job shadowing, or workshops to develop new skills.
It's also important to communicate clear expectations and provide regular feedback to help your employees improve their performance.
CAPACITY ISSUES: Capacity issues refer to situations where a team or employee may not have the necessary resources (time, staff, equipment, etc.) to complete a task or project. Some common signs of capacity issues include:
• Overworked or stressed employees
• Missed deadlines or delayed projects
• Inability to take on additional work or projects
• Difficulty managing workload or priorities
• Poor time management or organization
• Lack of resources or equipment to complete tasks
If you're experiencing capacity issues, it may be necessary to reassess your workload or resource allocation. This may include delegating tasks to other team members or departments, outsourcing certain tasks or projects, or investing in additional resources or equipment to help your team work more efficiently.
It's important to communicate with your team and stakeholders to manage expectations and ensure everyone is on the same page.
In conclusion, whether you're facing capability or capacity issues, it's important to identify the root cause of the problem and develop a plan to address it.
Capability issues may require additional training or development, while capacity issues may require a reassessment of resources or workload. By focusing on the specific issue at hand, you can develop targeted solutions to help your team work more effectively and efficiently.
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How do I help my team to be more effective?
As a leader, one of your primary responsibilities is to help your team be as effective as possible.
There are a variety of strategies you can use to support your team's productivity and performance.
Here are five key ways to help your team be more effective:
As a leader, one of your primary responsibilities is to help your
team be as effective as possible. regardless of its size or industry.
There are a variety of strategies you can use to support your team's productivity and performance.
Here are five key ways to help your team be more effective:
1. Set clear goals and expectations: Clear goals and expectations are essential for helping your team stay focused and on track. Make sure everyone on your team understands what they are working toward and what is expected of them.
Clearly define key performance indicators (KPIs) and regularly communicate progress toward these goals.
2. Foster open communication: Effective communication is critical for any team to succeed. Encourage your team to share ideas and perspectives and create a safe environment for open and honest communication. Make sure everyone on the team understands the importance of communication and feels comfortable raising concerns or asking questions.
3. Provide the necessary resources: Your team needs the tools, resources, and support necessary to be effective. Make sure everyone has access to the tools and technology they need to do their jobs and provide training and development opportunities to help your team build the skills they need to succeed.
4. Empower your team: Empowering your team means giving them the autonomy and authority to make decisions and take action. This can help boost motivation and engagement, as team members feel more invested in their work and the outcomes they achieve. Trust your team to make decisions and take responsibility for their work.
5. Celebrate successes and learn from failures: Celebrate your team's successes and acknowledge their hard work and accomplishments. At the same time, don't shy away from failure. Use failures as opportunities for learning and growth and encourage your team to take risks and try new things.
In conclusion, there are many ways to help your team be more effective, including setting clear goals and expectations, fostering open communication, providing necessary resources, empowering your team and celebrating successes and learning from failures.
As a leader, your role is to support your team and help them achieve their goals. By focusing on these key strategies, you can help your team become more productive, engaged, and successful.
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People are working 15-hour days but there is no outcome
Many individuals find themselves working tirelessly for long hours, sometimes up to 15 hours a day, in pursuit of their goals and aspirations.
Despite their unwavering dedication, they often encounter a frustrating reality - there is little to no tangible outcome to show for their efforts.
Many individuals find themselves working tirelessly for long hours, sometimes up to 15 hours a day, in pursuit of their goals and aspirations.
Despite their unwavering dedication, they often encounter a frustrating reality - there is little to no tangible outcome to show for their efforts. This phenomenon begs the question: why are people investing so much time and energy without seeing the desired results?
In this article, we will explore the challenges and potential solutions to this predicament, shedding light on the underlying factors that contribute to this phenomenon and offering insights on how individuals can break free from this cycle to achieve meaningful outcomes.
1. Identify the root cause: The first step in addressing the issue of long workdays without outcomes is to identify the root cause. Is it a lack of direction or unclear goals?
Are there too many distractions or interruptions during the workday? By identifying the underlying issue, you can begin to develop strategies for addressing it.
2. Set clear goals and priorities: To ensure that long workdays lead to tangible outcomes, it's important to set clear goals and priorities. Work with your team or supervisor to identify the most important tasks or projects and focus your energy on completing them. Avoid getting bogged down in less important tasks or distractions.
3. Break tasks into manageable chunks: Long workdays can be overwhelming if you feel like you're not making progress. One way to combat this is to break tasks into manageable chunks. Set achievable goals for each day or week and focus on making progress toward those goals. This can help you feel more productive and motivated.
4. Take breaks and prioritise self-care: Working long hours can be exhausting, both physically and mentally. It's important to take breaks throughout the day to recharge your energy and focus.
Additionally, prioritise self-care activities such as exercise, meditation, or time with friends and family. These activities can help you stay energised and focused during long workdays.
5. Consider delegation or outsourcing: If you're working long hours but still not seeing outcomes, it may be time to consider delegating or outsourcing tasks.
Work with your team or supervisor to identify tasks that can be delegated to others or outsourced to outside professionals. This can help free up your time and energy to focus on more important tasks.
In conclusion, working 15-hour days without seeing outcomes can be frustrating and demotivating.
However, by identifying the root cause, setting clear goals and priorities, breaking tasks into manageable chunks, taking breaks and prioritising self-care, and considering delegation or outsourcing, you can improve productivity and achieve tangible results.
Remember, productivity is not about how many hours you work, but rather about how effectively you use your time and energy to achieve your goals.
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How to reduce meetings in your organisation
Meetings can be a valuable tool for collaboration and communication in an organisation, but they can also be a major source of frustration and time-wasting
Too many meetings can lead to decreased productivity, increased stress, and a negative impact on employee morale.
Meetings can be a valuable tool for collaboration and communication in an organisation, but they can also be a major source of frustration and time-wasting
Too many meetings can lead to decreased productivity, increased stress, and a negative impact on employee morale. In this article, we'll explore some strategies for reducing the number of meetings in your organisation, without sacrificing the benefits of collaboration and communication.
1. Assess the need for each meeting: The first step in reducing the number of meetings in your organisation is to assess the need for each one. Are all of the meetings on your calendar necessary?
Are there any that could be eliminated or consolidated? By carefully evaluating each meeting, you can identify areas where you can reduce the number of meetings without compromising productivity.
2. Limit meeting attendance: Another way to reduce the number of meetings in your organisation is to limit attendance. Only invite people who are essential to the meeting's purpose, and avoid inviting those who don't need to be there. By limiting attendance, you can reduce the number of meetings and minimize interruptions to people's work.
3. Shorten meeting duration: Meetings can often go on for too long, which can lead to decreased productivity and employee frustration. By shortening the duration of meetings, you can reduce the time people spend in meetings and free up more time for other work. Consider setting a time limit for each meeting and stick to it.
4. Encourage alternative forms of communication: Meetings are not the only way to communicate and collaborate. Encourage your employees to use alternative forms of communication, such as email, instant messaging, or project management software. These tools can be just as effective as meetings and can help to reduce the number of meetings needed.
5. Schedule "meeting-free" time: To help employees focus on their work, consider scheduling "meeting-free" time blocks throughout the day or week. During these blocks, no meetings are allowed, and employees can focus on their individual tasks without interruptions. This can be an effective way to increase productivity and reduce the need for meetings.
To sum up, meetings serve as a crucial aspect of fostering collaboration and communication within an organisation. However, they can also become a significant cause of frustration and unproductive use of time.
By assessing the need for each meeting, limiting attendance, shortening meeting duration, encouraging alternative forms of communication, and scheduling "meeting-free" time, you can reduce the number of meetings in your organisation and increase productivity.
Remember, productivity is not about how many meetings you have, but rather about how effectively you use your time and energy to achieve your goals.work done, even when you feel too busy.
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Am I too busy to get any work done?
As the pace of life continues to accelerate, it's becoming increasingly common to feel like we're too busy to get any work done.
Whether it's due to a never-ending to-do list, constant interruptions, or the pressure to multitask, it can be difficult to find the time and focus to be productive.
As the pace of life continues to accelerate, it's becoming increasingly common to feel like we're too busy to get any work done.
Whether it's due to a never-ending to-do list, constant interruptions, or the pressure to multitask, it can be difficult to find the time and focus to be productive.
In this article, we'll explore some strategies for managing your time and energy so that you can get more work done, even when you feel too busy.
1. Prioritise your tasks: One of the most effective ways to manage your workload is to prioritise your tasks. Start by identifying the most important tasks that require your attention and focus on completing them first. This will help you make progress on the most critical work and reduce the feeling of overwhelm.
2. Create a schedule: A schedule can be a powerful tool for managing your time and staying focused. Block out time in your calendar for specific tasks or projects and stick to your schedule as much as possible.
This will help you establish a routine and create a sense of structure, which can help you feel more in control of your workload.
3. Minimise distractions: Distractions are one of the biggest challenges to getting work done when you're feeling busy. Identify the things that distract you the most, such as social media, email notifications, or colleagues, and take steps to minimise them.
For example, you could turn off notifications, use noise-cancelling headphones, or find a quiet place to work.
4. Take breaks: Taking regular breaks can help you recharge your energy and stay focused. Consider taking a short walk, practicing meditation or yoga, or simply stepping away from your desk for a few minutes. This can help you return to your work with renewed focus and energy.
5. Learn to say no: One of the most challenging aspects of feeling busy is the pressure to take on more work or obligations. However, learning to say no can be a powerful tool for managing your workload and protecting your time.
Be selective about the commitments you make and focus on the things that are most important to you.
In conclusion, executing successfully requires a combination of clear goals, effective communication, a strong team, a solid execution plan, and progress measurement and analysis.
By following these top 5 tips, companies can improve their execution and achieve their goals more effectively.
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Top 5 tips to help companies execute
Executing successfully can be a challenging task for any company, regardless of its size or industry.
However, there are certain tips that can help companies improve their execution and achieve their goals more effectively.
Executing successfully can be a challenging task for any company, regardless of its size or industry.
However, there are certain tips that can help companies improve their execution and achieve their goals more effectively.
Here are the top 5 tips to help companies execute successfully:
1. Set clear goals and priorities: A company should set clear goals and priorities that align with its vision, mission, and values. The goals should be specific, measurable, achievable, relevant, and time bound. By setting clear goals and priorities, a company can focus its efforts on what is most important and avoid distractions.
2. Communicate effectively: Effective communication is essential for successful execution. A company should communicate its goals, priorities, expectations, and progress to its employees regularly. The communication should be clear, concise, and timely. A company should also encourage open communication and feedback from its employees.
3. Build a strong team: A company should build a strong team with the necessary skills, knowledge, and experience to execute its goals successfully. The team members should be aligned with the company's vision, mission, and values. A company should also foster a culture of collaboration, innovation, and continuous learning.
4. Develop a solid execution plan: A company should develop a solid execution plan that outlines the tasks, timelines, resources, and responsibilities required to achieve its goals. The plan should be flexible enough to accommodate changes, but also structured enough to ensure accountability and progress tracking.
5. Measure and analyse progress: A company should measure and analyze its progress regularly to ensure that it is on track to achieving its goals. It should establish key performance indicators (KPIs) that are aligned with its goals and track them consistently. A company should also analyze the data to identify areas for improvement and adjust its execution plan accordingly.
In conclusion, executing successfully requires a combination of clear goals, effective communication, a strong team, a solid execution plan, and progress measurement and analysis. By following these top 5 tips, companies can improve their execution and achieve their goals more effectively.
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Why can’t companies execute?
There are countless examples of companies that have great ideas but fail to execute them effectively. In some cases, they may be unable to launch products on time or budget, struggle to scale their business, or simply fail to meet customer needs. But why do so many companies struggle to execute, despite having the necessary resources and talent?
There are countless examples of companies that have great ideas but fail to execute them effectively.
In some cases, they may be unable to launch products on time or budget, struggle to scale their business, or simply fail to meet customer needs. But why do so many companies struggle to execute, despite having the necessary resources and talent? In this article, we will explore some of the reasons why companies can't execute and what they can do to overcome these obstacles.
1. Lack of clarity and focus: One of the biggest reasons companies fail to execute is a lack of clarity and focus. They may have too many projects, initiatives, or goals, making it difficult to prioritise and allocate resources effectively. Without a clear direction, employees may become overwhelmed, confused, or disengaged, leading to delays, mistakes, or even failure.
Solution: To overcome this issue, companies should focus on developing a clear and concise strategy that aligns with their vision, mission, and values. They should identify their most critical objectives, break them down into smaller, manageable tasks, and communicate them to their teams regularly.
By setting clear priorities and expectations, employees can stay motivated and aligned with the company's goals.
2. Ineffective leadership: Another common reason companies struggle to execute is ineffective leadership. Leaders may lack the necessary skills, experience, or vision to lead their teams effectively. They may also fail to communicate effectively, delegate tasks, or provide the necessary resources and support..
Solution: Companies should invest in leadership development programs to ensure that their leaders have the necessary skills and knowledge to lead effectively.
Leaders should also communicate clearly, provide feedback and recognition, and empower their teams to take ownership of their work. By building trust and fostering a culture of accountability, leaders can create a more productive and motivated workforce.
3 Poor project management: Poor project management is another common reason companies struggle to execute. Projects may be poorly planned, executed, or monitored, leading to delays, cost overruns, or quality issues.
Without proper project management, teams may lack direction, focus, or accountability, making it difficult to achieve their goals.
Solution: Companies should invest in project management tools and processes to ensure that projects are planned, executed, and monitored effectively. They should establish clear timelines, budgets, and deliverables, assign clear roles and responsibilities, and communicate progress regularly. By providing a structured and transparent approach to project management, teams can stay focused and accountable, leading to better outcomes.
1. Resistance to change: Resistance to change is another reason why companies struggle to execute. Employees may be resistant to new processes, technologies, or strategies, making it difficult to implement changes effectively. Without buy-in from their employees, companies may face resistance, pushback, or even sabotage.
Solution: Companies should involve their employees in the change process, communicate the reasons for change, and provide the necessary training and support. They should also celebrate successes and recognise the contributions of their employees. By fostering a culture of innovation and continuous improvement, companies can overcome resistance to change and execute more effectively.
In conclusion, companies can't execute for a variety of reasons, including a lack of clarity and focus, ineffective leadership, poor project management, and resistance to change.
By addressing these issues, companies can improve their execution and achieve their goals more effectively. By investing in their employees, processes, and tools, companies can build a more productive, motivated, and successful workforce.
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The CFO role has many dimensions
The CFO role has never been so important. Companies are navigating uncertain territory and having a strong CFO that can manage the nuts and bolts of finance and help navigate the commercial as well is instrumental to how companies navigate this period.
The CFO role has never been so important. Companies are navigating uncertain territory and having a strong CFO that can manage the nuts and bolts of finance and help navigate the commercial as well is instrumental to how companies navigate this period.
The CFO is expected to know the numbers, manage the numbers and be proactive across the key financial metrics that can impact the ability of the business to do what it needs to do. The CFO needs to have the strength to battle the business when necessary, when the financial performance is below the budget/forecast view.
The CFO is also expected to be the strategist, working with the business to understanding/build and execute on the strategy. The budget and 3-5 year plan needs sufficient investment for the businesss to deliver on the longer term plan.
You can’t forget cash, cash is instrumental to ensure the business can operate, if you have a profit but don’t have operating cashflow, you get yourself into challenges. When COVID landed, many businesses that had not actively managed cash, needed to start, however there are businesses out there that don’t actively manage their cashflow, and this is a mistake.
You need to understand your timing of receipts, timing of payments, working capital requirements (inventory etc.) and understand how this interacts with your budget and forecast.
A 13-week cashflow forecast, is a must and allows you to look at your CF weekly against the budget and then roll another 13 weeks to understand the ins/outs of each cash. Once you understand cash, you can start to actively manage cash. Cash is king and in the current environment even more important than ever.
The CFO leads a finance team, sometimes owns other functions, works closely with the CEO and Executive Leadership team, and is actively involved with the Board, Shareholders and other key stakeholders.
The CFO also takes a leadership role with other projects, business unit to demonstrate the importance of Finance in supporting the other business units. Your shareholders will determine what kind of CFO you become…as in a private equity environment it’s quite different too, private ownership or founder lead company. Whatever the case, the role is varied, hard, challenging and rewarding.
If you are a CFO and looking for some tools, templates and relevant articles, see below Whiteark has some great tools for you to use in your role and with your teams. Jo Hands, Founder/Director of Whiteark has walked in your shoes and has some great experience with related topics and has some practical tools and templates you can use.
Check our CFO guide HERE .
Explore our thought leadership articles about Finance and CFO’s HERE
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My journey to CFO
I started on a typical path post university, 10 years at EY as an auditor……
I loved every minute of it.
Earnst & Young (EY) had a great culture, good clients, great people in the
I started on a typical path post university, 10 years at EY as an auditor…..I loved every minute of it.
Earnst & Young (EY) had a great culture, good clients, great people in the teams, great training, 360 feedback and opportunities to work on projects outside of client work.
I remember EY with fond memories and I remember the day I finished up there were many tears, it was 15th October 2010. EY pushed hard, but they also rewarded hard workers that delivered. I got overseas conferences (Japan, Venice), to lead a global project for a new tool, which allowed me the opportunity to lead, get people onboard and manage a big roll out for the ANZ region.
I loved my team, and my clients, favourite client being Village Roadshow – what’s not to love about Theme Parks and Movies. I learnt so much, but probably didn’t realise it until I left.
My first job out was Telstra, Sensis business unit – Technical, Reporting role. Likely considered a backward step – you are over-qualified in a lot of respects but under qualified in other respects. I was lucky to have a great team, peers and made some great friends along the way. I loved the industry. I loved being part of something and driving and making a difference and seeing that difference come through.
4 years after I started at Sensis, it was sold to Private Equity, which was where my career went from interesting to super-duper interesting. Working with the private equity firm to carve out from Telstra and set up the businesss under private ownership. It was a big change. I took a lead role in working with new shareholder to manage the transition and help build the business in the new world.
This included zero based budgets, cash flow reporting & forecasting and understanding the capabilities required to deliver on the change in strategy. It wasn’t just a big change for Finance but for the whole business, but finance become central to how the business operated and therefore the role I took was pivotal to the success.
Over the next 5 years, I worked as Deputy CFO, then transitioned to CFO and looked after Strategy, Finance, Operations and IT. My role continued to expand.
I really enjoyed the experience and breadth of the role. Navigating strategy, to building a budget and metrics to measure success and the capability in the business to drive the outcomes required.
We found over the period, people self-selected, and private equity wasn’t for everyone. It was about achievement, delivery and ensuring that all key metrics are met. Incentives ensured that the key metrics were measured, tracked and managed.
The private equity approach was hardcore and a lot of lessons were learnt along the way, but for me I realised this was the environment that I enjoyed, I loved the change, execution and an ability to drive an improved outcome in the results.
Since I finished up at Sensis, I have done a number of roles with other private equity firms – doing interim CFO roles, managing transitions, integrations, operating models, strategy, business plans etc, working with different companies to actively manage an acquisition (from DD) to the first 100 days, which will make or break a business and set the tone for the new world.
These projects require different skillset but a driver that can help move things forward and ensuring that there is a plan to deliver on the synergies baked into the plan. I have done this under the banner of Whiteark. I have other clients, but mainly working with PE on assessing, strategy, plan and execution for deals, and that is what I love.
I love the planning but then being able to get in there and really deliver. My finance experience, private equity experience and breadth of roles, has allowed me the opportunity to jump into consulting to private equity with both feet.
Not sure where my journey will land me, maybe back as a CFO one day, but for now enjoying the freedom, challenge and drive of working for myself and picking my clients and making a difference every day.
With my background as CFO – we have a range of tools and FREE templates that we have generated that might help you with your day-to-day life as well. You can explore and download the templates HERE
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What does IWD mean to me?
International Women’s Day (IWD) is only one day of the year, it provide an opportunity for us to reflect on:
• How we support other women
• How our workplace creates an opportunity for women
• How do I make an effort to support women, in personal and professional environments.
International Women’s Day (IWD) is only one day of the year, it provide an opportunity for us to reflect on:
• How we support other women
• How our workplace creates an opportunity for women
• How do I make an effort to support women, in personal and professional environments.
Making a change or focus for one day, doesn’t fix the challenge of equality and the embracing of diversity in the workplace. A morning tea and speaker makes everyone feel good, but what are companies doing to really embrace women support women and empower women to be who they are.
There are many things in life we can’t control, which to a control freak like me that is very frustrating.
However, we can control our own behaviour, how we make others feel and where we spend our time.
I have female mentors early in my career at Andersen, EY, Telstra that provided me opportunities, supported me and make me feel like I had the opportunity to progress, develop and I had a support network beside me. I also had a couple of great male mentors, that still help me to this day to guide, challenge and encourage me, when I need it most.
Whatever gender, what profession and whatever is going on in your personal life, you are worthy, you are amazing and you can be whatever you want to be. Pick your priorities, pick where you spend your time and ensure that you embrace and enjoy life, it’s short and it goes damn quickly.
International Women’s day is just another day. It’s good opportunity to reflect and challenge how you contribute to others happiness, where you put your energy and if you give back, from what others have done for you?
Happy International Women’s Day for the 8th March 23, smile, be kind, be you and remember every day of the year, it’s your day to shine. Take the time to say thanks to the people that have supported you and consider how you give back in personal and professional life, to continue to support and raise women up.
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If your business is having issues with cash, it's important to take proactive steps to address the problem before it becomes a crisis.