Transformation in the way Working Capital will be raised as we walk into the Future

 

The transformation will be from traditional loans and overdrafts secured by Book Debts and other collaterals to Digitally Validated (confirmed) Invoices covering the veracity of each transaction 

 

The Reasons for the Transformation 

• SME’s (Small Business Enterprises) have great difficulty in raising the Working Capital they need to support their businesses. That said, even larger businesses today suffer in this way. 

 

• Buyers mostly want to pay on time but cannot because they are waiting to be paid too. 

 

• Delayed payments by creditworthy Buyers, for any reason, cause stress to Suppliers who invariably must go into liquidation because they the means to pay their salaries and wages and cannot pay Creditors. This on occasion, causes losses to the Financier. 

 

• Because Financiers have had to write off so much money to their losses in ordinary trade loss, even since before COVID-19 days, they have become very cautious in exposing themselves to new business. This worldwide phenomenon has caused sluggish economic conditions around the world over the last two decades. 

 

• Clearly many African and other countries' economies have been adversely affected by slower business conditions and general PRODUCTIVITY is at extremely low levels.  

 

The question today must be, “Is there a way that these sluggish business conditions can be revitalized?” 

Fortunately, yes, there is! 

Over the last twenty years the author of this paper and his very talented entrepreneurial trader, property developer and software developer friend, and his associates, have carefully thought out a system that can completely change the depressed outlook for business to a very positive PRODUCTIVE future for Supplies, Buyers and Financiers. 

The system we will reveal not only benefits them, but it also benefits their personnel and their families' abilities to have their needs met. 

It also benefits any national fiscus because more lively trade means more taxes for them too!  

The system, over the years, has become extremely easy to use, and to start up. 

How to get more information 

Below you will find a link you can follow that explain every aspect of this special secret in how to revitalize any business or national economy. 

Who should be interested in these developments. 

Obviously: 

The principal Business Players: 

• Suppliers, Buyers and Financiers 

All the support players: 

• Business Schools, Universities, Colleges and other educators. 

• Business Turnaround Specialists. 

• Lawyers and Accountants 

Business Opportunity Seekers 

• Financial Serice Representatives looking for an additional product to promote 

• Businesspeople who are looking for a Joint Venture to create ongoing legacy incomes, without heavy lifting – Only seeking Buyers, Suppliers and Financiers to benefit from these enhanced Working Capital cash-flow systems and helping them come ‘onboard. 

https://modernworkingcapitaltechniques.com/ 

 

Time for those New Year Resolutions

Did you make any New Year’s Resolutions?  Now that 2024 is actually underway, maybe you are wondering what happened to them?!  Here are some thoughts on goal setting for YOUR business…

Not all of us are entirely comfortable in setting goals – in fact you may be one of a significant proportion of all business owners who don’t set any goals at all.  I would ask you to think carefully on this if you are…There is compelling evidence that those who don’t set any goals perform dramatically worse than those who set clear and well thought out goals for them and their business. The difference can be massive.  So why wouldn’t you set goals for your business?  If you’ve a good and proven reason that shows this approach brings success, then please tell me about it!

For those of you who find it difficult or too cumbersome to set well defined goals – perhaps the following process might help.

Before setting your business and personal goals consider the following:

·         Prioritise: Identify five to ten big goals for 2024, according to their importance to you and to your business. For example, double you client base; decrease your attrition rate by 10%; generate 100,000 in revenue; send out five proposals for new business on a weekly basis; find a new premises; hire new staff... play more golf!

·         Examine the goals: Do the goals energise and motivate you… if not, change the goals or change the list so as to instil a sense of urgency and enthusiasm.  So ask yourself…

o   Is the goal very significant and meaningful to you?

o   Will you feel a sense of accomplishment if you work on and achieve this goal?

o   Is there a time deadline for this activity (either yours or an outside source)?

·         Categorise: List the goals starting with the easiest and continuing to the most difficult, and commit to making progress on the easiest goals within a definite timeframe.  Then move on to the more challenging tasks. It’s all about making progress!  If the tasks are large, then try breaking them down into manageable steps and maintain focus on completing each task until the goal is achieved.  Bite sized pieces!  And in order to keep you motivated make sure that you schedule breaks between tasks, this will help you to regain focus for the next task.

The most important thing is to start somewhere.  It’s also important to measure the progress that you make.  You’ve probably heard the phrase… “What gets measured gets done!”  It’s a very true statement!

Finally, what support system do you have in place to achieve the goals on your list? If you do not have a support system perhaps you should consider who might help you to achieve your goals – or what you need to put in place to help yourself to keep on track.

So, whether you did or didn’t make any resolutions at the start of the year, there is no getting away from the fact that from a business perspective it is critically important to set goals for you and your company.  As coaches, goal setting is at the core of our work with clients – we do it all the time... and we always measure the results!  It is important to define your goals clearly and write them down for monitoring and review - this helps to focus your mind on where your business is going and where you are in relation to achieving your goals.

If you’d like to know more about how we use goals – why not give me a call?

Neville Solomon - 074 127 6439

TikVah Business Coach

 

A Year of Opportunity… will you grasp it?

I love this part of the year – even though, if like me you are southerly hemisphere based and, it’s becoming, cold and dry!

The best thing about this time of year is that it is the time when we review the first quarter of the year and whether we made  progress – we’ve everything to look forward to – holidays, exciting challenges in the business and in our leisure pursuits, new experiences, and new people to meet – and you know what the best thing is?  We’re in control of this happening! 

You may not agree with me, but I promise you that no one else is – it’s up to you, up to me, to make the things happen that will say “Success” to us.

We’ve a selection of articles that continue the theme of goals and the mindset of planning for success.  I hope you get some nuggets from it that help you move to where you want to be!

Making 2024 a year to remember!

It’s the end of the first quater for 2024… exactly how are your New Year’s Resolutions going?  Come on, be honest – you’ve given up, haven’t you?!  You’re not alone – although that’s not much consolation… together with thousands of other business owners who start a new year without truly committing to make a difference!  But it doesn’t need to be like this…

I was going to call this article "New Year's Resolutions? Forget it... JFDI!!"… Simply because it's not enough to resolve to do something... it needs to be carried out... ACTION is the only thing that delivers for me, for you, for our businesses. That said, it’s also important to programme your brain for success – programme your RAS (the Reticular Activating System – your brain’s compass, which we’ve talked about in earlier newsletters) for succeed!

In fact I think that’s where Resolutions have a place - they pre-condition your mind to make the best of what comes your way, or that you attract through your everyday patterns of thinking.

So here we are – 4 months into the year and possibly not making the progress we’d hoped for or expected.  Time to re-group and actually change some things for the better…

With that in mind, here are some thoughts on moving forward which I’d like you to ponder when reviewing and re-planning your SMART goals for the rest of 2024.

1.    Listen More - not only is this a crucial coaching skill, but it's invaluable in every sales conversation or any interaction with a team member. Listening — really listening and not just thinking about what you're going to say next — enables you to understand others, empathise, build relationships. That's critical whether you're interacting with customers, employees, suppliers, or your family members and friends.

2.    Embrace Change - There is nothing more certain than that things will not remain the same!  Some change will be good, some not so... every change is an opportunity... and every opportunity requires change. So this year make change your best friend!

3.    Be Brave - There's no doubt that it will be another tough year in business - all the more reason to set that B.H.A.G.! That’s a Big Hairy Audacious Goal – make it something to really stretch you!  Get outside your comfort zone - do different things, trust in your innate ability - we all have it in spades!  Realise YOUR true potential.

4.    Plan to Grow - Set yourself that goal - don't allow yourself to get away with soft targets - you owe it to yourself and your family to make the most of the fantastic business you are in.

5.    Trust in Yourself - You know you have the potential!  Try writing down all the things you have done and achieved in your life – both in business and outside – create a personal Confidence List – all those things that you are good at and have accomplished… remind yourself just how good you really are. The only barrier to your progress is you!

6.    Prioritise Action - Above all else, action will get you to where you want to be. No action... no progress, no rewards, no satisfaction, no fulfillment - it's as simple as that.

7.    Outlaw Procrastination - Make procrastination your public enemy No 1... and do it NOW!  Ask yourself what activities you find yourself doing when you don’t really want to tackle those big tasks?  Don’t let yourself do the easy stuff – stay on task!

So what are you waiting for? Go for it and make this your best year yet!

If you’d like to talk to us about how we help business owners stay accountable and achieve extraordinary results, give us a call.

Are You a Leader or Follower?

 

Are you a Leader or Follower?

Business leaders do what their businesses demand them to do!  Business followers do what they want and what feels comfortable!  To be a Business Leader you need to be a focused business planner – are you… or do you simply avoid it?

The two things that most business owners struggle with is planning ahead and doing things in order of importance.

 

Without being too academic, leadership theory states that “thinking ahead and prioritising marks the differences between being a business leader or simply a follower.”  The difference between achieving business success or simply surviving!

 

You’ve probably heard of the Pareto Principle, also known as the 80/20 Rule, which occurs in many aspects of life. For example, when reading a newspaper, 20% of the paper contains 80% of the news… you may have found also that 80% of all complaints come from 20% of customers…

 

So… turning it around, when it comes to your business priorities, 20% of your priorities will give you 80% of your outcomes. But, only IF you spend your time, energy, money and staff on the top 20% of your priorities!

 

Do this and get a fourfold return in productivity, what would that mean in your business! Every business leader needs to understand the 80/20 rule as it applies to their products or services, their customers, their staff and their leadership.

 

Products or services – Have you identified the 20% of your offering that gives you 80% of your profit?  Have you even measured it?  What are you doing to sell more of these lines?

 

Customers – Have you identified the 20% of your customers who give you 80% of your business? What strategies have you put in place to care for them?

 

Team - Now think about your staff, have you identified the top 20% of your team. Do you spend 80% of your “people time” with these staff? What can you do to develop them to their full potential?

 

Leadership - Ask yourself, what do I have to do in my business that no one else can do?  These are likely to be some of the more important things that you have to do… so you should be spending 80% of your time on the most important things.

 

Remember a leader can give up everything except final responsibility. You can decide whether to be reactive or proactive!

 

The question becomes not…  How will I be busy?   but… How will I invest my time?

 

Do this and watch your productivity and personal satisfaction rise to new heights!

 

 If you want to talk this over with a professional Business Coach, why not give me a call?

 

Neville Solomon

Mobile +27 74 127 6439

Business Coach