Tips to Support Your Mental Health as a Business Owner
With long hours of work, business owners are prone to stress. When stress is prolonged, it can contribute to the development of depression or anxiety or may worsen an existing condition. This can take a toll on a person’s mental health, especially since the pandemic has changed most routines and operations. Be proactive in looking […]
How to Improve Inventory Management to Support Sustainable Business Growth
Every business needs to track the lifecycle of their products and services to support business growth. Inventory management is the process of sourcing, storing, and selling inventory, whether it is raw materials, goods in production, or the final products to be on-sold to the end-user. Holding inventory costs money, such as the cost of storage […]
What is DSO?
Video Transcript Hi, Angus Sedgwick from OptiPay here and in today’s video we’re going to look at DSO, what it is and why it’s an important metric to understand within your business. So what is DSO? DSO or Days Sales Outstanding also known as Debtor days, is a measure of how quickly you get […]
Critical Signs Your Business May Have Issues with Cash Flow
As a business owner, you will know that good cash flow is essential to keep your business growing. Leaving potential cash flow problems unaddressed today can cause a disaster for your business down the road as you struggle to come up with the funds to expand, or at worst case, are unable to pay your […]
Six Finance Tips to Help Make Your SME Successful
Financial stability is crucial for every business, particularly for up and coming small to medium businesses (SMEs). Having your own solid financial understanding is essential to make sure that you are managing your company well. You can ask experts for help, but having sufficient knowledge of your own is important for any business to prosper […]
The Importance of Cash Flow – Why Revenue and Profits Aren’t Everything
One of the most important things when running a small to medium business (SME) is understanding your finances. Cash flow, profit, and revenue are all vital for long-term success, but knowing their differences can help you focus on what is actually the most important. As a business owner or entrepreneur, you might (understandably) be attracted […]
Smart Methods to Grow Your Manufacturing Business
Maintaining a consistent profit across your business is already challenging, let alone the difficulties that arise from growing and upscaling your operations. As you respond to the market’s increasing demand, you must innovate to increase revenue and support the increased size and base of your footprint. Grow your business to expand your expertise, survive and […]
Strategies to Take Your Wholesale Businesses to the Next Level
Want to take your wholesale business to the next level? While the goal for most companies is to grow and prosper, there is a lot to think about in order to achieve it. Levelling up your business is difficult no matter what industry you’re in as it includes planning and execution in the face of […]
5 Ways to Raise Cash Without Banks
Raising funds in any economic climate can be challenging for small to medium enterprises (SME). A traditional bank loan may be your first choice, but it’s not the only option available. Non-traditional lenders offer flexibility which has become increasingly popular for Australian businesses. A survey from Financing SMEs and Entrepreneurs 2020 shows that SMEs are […]
Sustainable Strategies to Get Your Business Through Difficult Times
Keeping your business afloat while facing a challenging time can be difficult to sustain. A long-term plan is essential in building strategies that can cultivate your company’s longevity. Small to medium businesses (SMEs) often need to navigate and adapt to changing conditions throughout their journey. Here are some of the sustainable strategies that can be […]