Business planning Archives | Numbers Knowhow

Product Grouping & Its Financial Power

Mahmood Reza — Mon, 08 Jan 2024 08:54:46 +0000

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 business in terms of product groups, you can gain powerful insights into: where your money is coming from, and where it’s going. This information will help you forecast for the future and make your business more profitable. So with this knowledge in hand, you’ll be able to take control of your business and propel it forward. In other words you’ll have a much stronger framework for making decisions that will benefit your bottom line. Watch this video to learn more about the financial power of product grouping! Key takeaways This short vlog will enhance your knowledge, specifically about: How to group your products How to use product groups to analyse your numbers With this in hand, whether you’re a start-up or established, you’ll be able to move forward in your business. You’ll get that essential information which will be the basis for your future decision-making. Because you’ll know which groups make money, and which […]

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Overcoming 5 Common Challenges For Social Enterprises

Mahmood Reza — Mon, 13 Nov 2023 11:55:31 +0000

Social enterprises do amazing things. They matter because they offer underrepresented groups employment opportunities. They also reduce economic inequity, improve social justice and increase environmental sustainability. But it’s not always rosy in the garden of social enterprise. Why is running a social enterprise difficult? Being a social enterprise brings a unique set of challenges not experienced by traditional businesses or charities. Social enterprises are constantly trying to balance their activities between generating profits and meeting their stated social aims. It doesn’t matter what you do but you must have a clearly defined social or environmental mission at the heart of your organisation, earn more than 50% of your income from trading and re-invest or donate at least 50% of your profits to your mission. However, meeting the competing financial and social needs can be difficult and many social enterprises struggle to stay solvent or meet their ambitious social goals. This blog looks at five of the most common challenges facing social enterprises today. Financial challenges for social enterprises Social enterprises can often find managing their finances difficult. These issues generally fall into three broad categories: Limited access to capital Banks and other lenders typically view social enterprises as higher-risk […]

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Performance Management System: 5 Tips

Mahmood Reza — Fri, 13 Oct 2023 10:57:38 +0000

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 you about the five steps you need to take to create performance management system that’s perfect for your business. A balanced scorecard approach This is a performance management system aligned with a company’s core strategic goals. It includes the performance objectives of the business which it monitors, measures (and changes if necessary) with the end goal of achieving the company’s business plan. Why it might sound scary to business owners Creating and implementing a performance management system for your business can be a daunting task. There are so many factors to consider – from setting goals and measuring progress, to providing feedback and handling termination procedures. There are five steps to creating a performance management system are: Identifying your critical success factors, Setting your KPIs, Figuring out your initiatives, Reviewing your progress, and Taking action. This list might seem intimidating at a first glance, but having the right tools and advice, will definitely […]

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Effective Business Partnership Tips

Mahmood Reza — Sat, 15 Jul 2023 10:24:25 +0000

Making your business partnership work can be daunting if you have never had a partnership. If you intend to start a partnership with a friend or a family member, you should consider many things. Do not assume that just because you get along in a personal relationship you will have success in a business partnership. Adhering to a few simple steps will ensure that you have the best experience in any business partnerships you decide to have. Read on to find out how to keep your business from suffering heartaches when forming partnerships. Align your values One of the fundamental steps in ensuring that you have a successful partnership is to have the same starting point. Specifically, this means that you need to have similar values. Sit down with your potential candidate for the partnership and discuss the overall vision of your business. For example, see that you have similar (or the same) answers to these questions: Where do you see the business going? What are the dreams and goals of the business? You must establish the key goals, values, work ethics, and environment in order to have the best business. Do not assume that things will work themselves […]

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Why Planning Is Good For Business

Mahmood Reza — Mon, 17 Apr 2023 08:05:10 +0000

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 to grips with it. Don’t think “Oh no!” and glaze your eyes over. You really do need to plan, so read on. Why plan for business? Planning relieves anxiety. In other words, it relieves all that not knowing what’s gonna happen the next day. You’ve got anticipation about the way your business is going to move forward and you do need to move forward. Because if you don’t plan, your business will be going backwards. Stress relief, making money, having the business that you deserve and want… These are the reasons why you should be thinking about planning. It’s not boring, it’s essential. Above all, it shows how you can turn your business into a reality. Write your business plan or it may be hard for you to survive and prosper. So, if you want your business to make money then start putting one together. Planning enables clear direction It provides a clear direction and it helps […]

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Set The Right Business Targets

Mahmood Reza — Tue, 11 Apr 2023 10:07:59 +0000

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 why setting business targets is one of the most important things you can do. It’s because targets give you a goal to aim for, and help you measure your progress along the way. Many small businesses set their goals too high and then struggle to reach them. In this blog post, we’ll show you how to choose the right targets for your business and give you tips on how to achieve them. So, whether you’re just starting out or looking to make a change, watch the video or read on for inspiration! What kind of targets you should be setting I’ve seen many businesses make the mistake of setting only financial goals. The trouble with that is that it doesn’t give us the complete picture. The reason why you’re not achieving your goals might of a different nature than pricing or proper markups. It could, in fact, be some kind […]

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How To Write A Financial Plan

Mahmood Reza — Tue, 11 Apr 2023 09:47:44 +0000

Are you a business owner who is looking to write a financial plan for your company? If so, you’re in luck! In this blog, I will be teaching you how to write a business financial plan that is both accurate and achievable. So, whether you’re just starting out or are looking to improve your current plan, keep reading for tips and advice. Your financial plan is an important document, as it is for any business, no matter its size. A good financial plan can help you make sound decisions about your company’s future and keep your business on track financially. But writing a financial plan can be daunting – especially if you’re not familiar with the terminology. So where do you start? This blog (and vlog) will walk you through the basics of writing a business financial plan. Why you should write a financial plan If you’re thinking about whether you can afford something for your company at the moment – things like: Investing in a course or business coaching you’ve just come across, Hiring more staff, Outsourcing a certain portion of your work, Starting a marketing campaign, etc. Then, you need to be familiar with your numbers at […]

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How To Manage Your Business Risk

Mahmood Reza — Tue, 11 Apr 2023 09:34:19 +0000

Managing your business risk is something you need to know no matter what kind of business you run. Naturally, there will always be some inherent risk involved when running your business. There’s no way to completely eliminate the risk. But by understanding and managing it, you can minimise its impact on your bottom line. In this blog, I look at the following: Understanding what risk is, Looking at risk categories, How you can identify risk, Ways to manage your risk. Watch the video to find out more about managing your business risk, or simply read on. What is business risk? A business risk is any situation that is sure to make a company not reach its goals. For example, it may be something that will have an effect on the relationship or communication with your customers. Consequently, you’d lose sales, and make the desired profit. Another example could be some sort of natural disaster. This may also affect communication with clients, or distribution of products (if you’re a product-based business). It could also be loss of suppliers. This will then result in you not being able to deliver on time, or deliver as big a quantity as you had […]

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Procrastinating And Financial Planning

Mahmood Reza — Sun, 04 Sep 2022 18:04:38 +0000

Do you ever feel like you’re stuck in a Groundhog Day-style loop of procrastination when it comes to your finances? You know you need to do some planning and organising, but for some reason you just can’t get started. The more you put it off, the more anxious and stressed out you feel. Well, don’t worry – you’re not alone. In this blog I’ll explore some tips to help get you past that initial hurdle and onto better financial footing. Financial Planning For many people, financial planning is something that they only think about when they have to – and as a result, it often gets put off until the last minute. Unfortunately, this can lead to a lot of stress and anxiety, as well as money wasted and lost opportunities There is no one-size-fits-all answer to procrastination when it comes to financial planning, but there are definitely some tips and tricks that can help make the process a little less daunting. By following these simple steps, you’ll be on your way to creating a budget that works for you and your business. Breaking the cycle So, how can you break the cycle of procrastination and start planning your […]

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