Why Is Customer Lifetime Value Important? As a business owner, you need to cater to your customers. Having satisfied and loyal customers is extremely vital to the growth of all businesses since, at the end of the day, the gains, and the profit one makes are due to the...
Among the many factors that contribute to successful management are customer lifetime value (CLV) and segmenting your customers. CLV is a measure of how much profit a company can expect to make from each customer over the course of their relationship with that...
Numbers are everywhere, and for the most part, we just ignore them. That is unless we're forced to pay attention to them when it comes time to do our monthly taxes or budget. But, for most people numbers don’t seem interesting. And this is something I’ve seen...
What does having a successful business mean to you? That is a really important question to ask yourself when starting out. This quote below sums it up rather nicely. “If you don’t know where you are going, you’ll end up somewhere else.” - Yogi Berra And...
Teamwork in business is crucial for success. When individuals come together to work towards a common goal, magic happens. It’s because they bring with them a diverse range of skills, knowledge, and perspectives. Team members achieve better results together than...
Have you ever thought about product grouping? Or has it been something you’ve put on the shelf and it’s been collecting dust? How does it get you a greater financial understanding of your business? How product grouping can help Above all by looking at your...
You need to really get to grips with KPIs (key performance indicators) if you want your business to move forward. Introduction to key performance indicators To begin with, let’s define key performance indicators. They refer to the goals and measures that you...
Any business that strives towards success should be making money, or in business terminology, generating profit. One of the main reasons that businesses go under is because of the confusion between two seemingly similar, but in reality quite different aspects....
Each business plan needs to be meticulously constructed in order to be effectively used in the future. This blog will discuss the final steps of a business plan and give you an overall idea of what needs to be done. The three groups that encompass these final...
Feeling like you're not achieving success in your business? You're not alone. You’d be surprised to hear that many people feel this way at some point in their lives. But don't worry, I can help. Once you've learned what success actually is, you can start to...
Do you need a system that will track the performance of your employees in a consistent and measurable way? Then you need a performance management system for your business! Wondering how to create one? You're in the right place! In this video, I'll be talking to...
SMART KPIs may be a new concept for you. However, you’ve probably heard of SMART targets or objectives which are often used for employee performance measurement. SMART stands for Specific, Measurable, Accepted, Realistic and Time-bound, but what does this mean when...
Running a business means setting clear goals that you would like to achieve as a business owner. Whether that is to provide services or manufacture products, you must have a defined target and strive to reach it. Certainly, one of your goals should be making...
Do you want to reduce your costs by 25% to 30%? If so, then target costing is the right choice for you. Therefore pricing using target costing can help you cut costs without sacrificing quality. Traditional and target costing - differences The two methods share...
Financial statements explained is the topic of this blog (and vlog). And it will serve as a guide to you so that you can better understand them. Why do you need to know about financial statements? Because the financial statements form the bedrock of any...
Achieving business success is every business owner's goal (and dream). But how to get there is another story. You’ll find lots of advice about how to reach success in business, but I’ve distilled all that into something that can be easy to remember and...
Making as many sales as possible is the goal of every business. Whichever service you offer to your customers, that is going to be what you’re aiming for. However, what really lies behind a successful business story is the profit generated from these sales. In...
We're all on a budget, and I bet we've all done budgeting in one way or another. But, before we go into comparing the two, we need to clarify what a budget is. What is a budget? It's really a plan for spending the money you have or the money you expect to have...
Do you see your business numbers as a friend or foe? If you are in business, what is your attitude towards your numbers? Do you like them, dislike them, or is it somewhere in between? That is what we are going to cover in this blog. If you think that money is...
Cash flow or fail! Because money talks. And it is especially talkative when you don’t have any, nagging money worries that keep people up all night and worried all day. Most of us have been broke at some point in our lives. Most people will have had to adopt...
Your business cash story is a big deal. It contributes to business continuity, survival, and growth. Profits are what it all comes down to ultimately, but cash plays its own part in this narrative. Cash is what we see appearing and disappearing from our bank...
Business objectives are the specific goals that a company sets for itself in order to achieve success. Your business plan is nothing without your business objectives and goals. They are the driving force behind a company's decision-making process, and they help...
Planning is an essential process for any business, regardless of its size or industry. It involves setting objectives, developing strategies, and laying out the actions needed to achieve them. Remember if you want your business to be successful, you need to get...
Organisations that thrive and do well have the element of business resilience. Resilient companies are those that will be most likely to push through challenging or uncertain times. What is business resilience? Business resilience is what makes a company adapt...
What is profit? We can define profit as “a financial gain, the difference between the amount earned and the amount spent”. Making a profit is essential for any business. There are several important elements that make up your business story - some more important than...
Knowing your gross profit is one of the most important steps to understanding the health of your business. Gross profit is the amount of money a company makes after subtracting the cost of goods sold from total revenue. In this blog, we are going to look at...
To understand break even, you first need to know the components involved with business activity. But how do you find out what your business requires to break even? What is break even in business? Your business breaks even when your sales cover all your costs -...
How to avoid undercapitalization and what it is, is the topic of this video and blog. It’s when the company hits a financial brick wall. But, let’s take a more step-by-step approach and explain everything so it’s easy to understand. In this blog (and vlog), you...
Resource analysis for your business is what will help you with your business growth and success. Is the current set of supplies helping or hurting your business? Find out in this short blog (and vlog). Types of resources Firstly, we’ll look at what resources...
Setting the right business targets can seem daunting, but it need not be. We will help you to choose the right targets for your business, and provide tips on how to reach them. Why targets are important The first thing that we want to make sure of is explain...