A great target to improve profit in a service business is to apply the 3x model. Put simply the 3x model is: Revenue earned from charging staff time should be equal or greater than 3 times salaries paid.
By Sue Hirst An issue facing business owners is the management of costs – especially labour. Labour efficiency is a vital necessity for some to stay in business.
By Sue Hirst, Director of CFO On-Call The ‘Cloud’ is a term for describing online software delivery and data housing. Until recent years, most business owners have used software and kept data on their computer hard disk.
Your business accounts may not be a very sexy subject … at least when you are up to your ears in running, managing and problem-solving … but a poor set of out-dated accounts will really hold you back, when you…
By Sue Hirst – Director, CFO On-Call The reports that come out of your accounting system tell the final story about how successful your business operations were.
By Sue Hirst – Director, CFO On-Call One of the key factors in good cash flow is how you manage your Accounts Payables i.e. suppliers who give you terms to pay.
This diagram shows the average number of days this business is taking to collect from its customers (green or top line), as well as the average number of days it is taking to pay its suppliers (red or bottom line).…
by Sue Hirst – Director, CFO On-Call I recently met with an accountant in his early 50s who said he felt like he was ‘over the hill’ for many people looking to recruit an accountant.
By Sue Hirst – Director of CFO On-Call Some customers will use you as a bank if they can. Better to use your goods and/or services and not pay until they have to.
Are you thinking of offering a CFO Consulting service to SMEs? If your answer is yes – have you thought about how to deliver your knowledge gained over many years to your clients?
Anyone can create or build a business. But how do you exit the business successfully?
by Sue Hirst – CFO On-Call The reports that come out of your accounting system tell the final story about how successful your business operations were.