Leadership, Management, Sales

Cash flow improvement has been made a mystery over time, and has become elusive for many business owners. However, there are just 6 Keys to improving your cash flow in any business. This means you only need to focus on 6 areas of your business to make a massive improvement.

So what are these 6 keys to success: improving cash flow?

Area 1 – Revenue Improvement:
The first step in improving cash flow is revenue improvement via a price increase or an average value of sale increase.

Area 2 – Cost of Goods Improvement:
A reduction in the Cost of Goods will help to improve the cash flow situation.

Area 3 – Accounts Receivable Improvement:
Accounts receivable, debtors e.g. money your customers owe you.

Area 4 – Inventory Reduction:
As with Area 3, it’s a matter of reducing the average number of days your inventory is sitting around. Sell off old stock, buy faster moving stock, get stock on consignment etc.

Area 5 – Accounts Payable Increase:
Area 5 is different from the rest as we actually want to increase this number.

Area 6 – Overhead Reduction:
Finally, let’s talk about our last key factor in improving cash flow. Reduction of Overheads / Expenses without reduction of required capabilities.

To learn more about these 6 keys to success, contact me for a free coaching session by clicking HERE.

PJ's New Pic (smaller) ActionCoach-logo


If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.

For your complimentary business coaching session visit, www.actioncoach.com/pjweiland.

Build a Business image 3 (small title)

To register for our complimentary workshop, How to Build a Business you can Sell, visit www.actioncoach.com/pjweiland. Let’s work together to help your business grow.

Most Related Post

Communication, Productivity, Teamwork

  • Keep communication clear and open
  • Encourage the sharing of ideas
  • Have an open door policy
  • Nurture your team
  • Hold performance reviews
  • Actively listen
  • Encourage team building

Lack of communication can often lead to conflict, which can result in the whole company feeling the strain.  Making the above changes to the work environment can resolve this problem.

Here are a few things you can do to build better relationships:

  • Develop your people skills
  • Identify your relationship needs
  • Schedule time to build relationships
  • Appreciate others
  • Stay positive
  • Avoid gossiping

Building and maintaining good work relationships will not only make you more engaged and committed to your company, but it can open doors to motivated staff and contagious energy, leading to a more productive business.

PJ's New Pic (smaller) ActionCoach-logo


If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.

For your complimentary business coaching session visit, www.actioncoach.com/pjweiland.

Build a Business image 3 (small title)

To register for our complimentary workshop, How to Build a Business you can Sell, visit www.actioncoach.com/pjweiland. Let’s work together to help your business grow.

Most Related Post

Communication, Leadership, Teamwork

Build Relationships

Teach your employees ways to accommodate others.  Model respect and use techniques they can learn from.  Show them how to change their behavior and communication preferences. And teach them how to resolve issues when conflicts arise.

Supply the Right Tools

Encourage communication by giving your employees the right tools.  Set up an instant messaging platform to help them get started.  And keep them motivated with written recognition or tangible rewards.  Have your employees commend each other on a job well done.

Provide Collaboration

Assign tasks that require teamwork, which gives your employees the opportunity to show off their skills to one another.  It also gives them the ability to work with peers, to learn from each other and understand another’s point of view.  

Give Feedback

Have your employees give feedback to each other, in a positive, constructive way.  Be their role model. Be willing to help and always make them feel competent, encourage them to try again, and never tear them down.  Focus on abilities, not flaws.

 

PJ's New Pic (smaller) ActionCoach-logo


If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.

For your complimentary business coaching session visit, www.actioncoach.com/pjweiland.

Build a Business image 3 (small title)

To register for our complimentary workshop, How to Build a Business you can Sell, visit www.actioncoach.com/pjweiland. Let’s work together to help your business grow.

 

Most Related Post

Communication, Success

Research shows that in general, in a business setting, both men and women want to know the exit to a conversation BEFORE they feel safe to actually engage in it.

3 Helpful Hints:

  • Let others know if the conversation will be painful.
  • Let others know how long the conversation will take.
  • Let others know the end result you are asking for.

Think about starting a business conversation like this: “I realize how busy you are so I will only need one minute of your time to let you know about __________.”

This is especially helpful if you are making phone calls, so the person on the other end can relax and listen, knowing it won’t take long and knowing what the conversation will be about. Plus, they are less likely to make an excuse as to why they can’t talk.

Another option (especially for sales teams) is starting a conversation like this: “I realize that your time is very valuable so I will only need two minutes to schedule a time for a second call where I can do a 10-minute demonstration of our ___________.”

Here are some other things to consider during communication:

  • Facial expressions
  • Tone of voice
  • Words you say

Be very self-aware of how you are speaking to others.  Even practice these when talking on the phone; it actually does make a difference.  

Communicating successfully comes with practice and consistent attention and effort.  It is a skill to learn, and we cannot afford to overlook it.  

PJ's New Pic (smaller) ActionCoach-logo


If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.

For your complimentary business coaching session visit, www.actioncoach.com/pjweiland.

Build a Business image 3 (small title)

To register for our complimentary workshop, How to Build a Business you can Sell, visit www.actioncoach.com/pjweiland. Let’s work together to help your business grow.

Most Related Post

Customer Service, Leadership, Marketing

Making your business indispensable is a vital key to your marketing success.  Relationship building can add value to your business, enhance your brand, and position yourself against your competition.

Do you want your business to become a valuable resource?  Follow these relationship-building strategies:

Communication:  Send frequent messages focusing on helpful, valuable information that will keep prospects engaged and wanting more.

Rewards:  Reward your best and most profitable clients by offering a them a loyalty program.  

Events:  Provide opportunities for you and your employees to interact with your best clients. Try something along the lines of a customer appreciation event.

Feedback:  Listening is often more important than telling, so ask for feedback from your clients.  Knowing they are “heard” enhances their relationship with your business.

Support:  Provide superior customer service.  Strong support helps build repeat business.

PJ's New Pic (smaller) ActionCoach-logo


If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.

For your complimentary business coaching session visit, www.actioncoach.com/pjweiland.

Build a Business image 3 (small title)

To register for our complimentary workshop, How to Build a Business you can Sell, visit www.actioncoach.com/pjweiland. Let’s work together to help your business grow.

Most Related Post

Goal Setting, Management, Teamwork

It’s crucial for growing companies to make sure that everything taking place in their business has a specific and achievable, targeted goal.  Make sure every employee is working on something that is helping the business reach that goal.  If they are not, then it’s time to come up with a strategy to make that happen.

Step 1:  Define specific goals and document them clearly.

Step 2:  Make sure everyone in the business knows where they stand.

Step 3:  Break down the goals into quarterly objectives.

Step 4:  Post the goals everywhere.  Make sure everyone is motivated.

Step 5:  Take each objective and make a list of tasks required to achieve each goal.

Step 6:  Make sure each employee understands their relationship between themselves and each goal.

Every quarter there should be new objectives assigned to the employees, working towards new goals or continuing to reach the current goals.  Always make sure they are fully aware of their connection with the goals and that everything they do should be to reach them.

Remember, motivation and inspiration goes a long way.  Keep your team motivated and your business goals will be successfully achieved.

Read other articles on “Growing Your Business” HERE

PJ's New Pic (smaller) ActionCoach-logo


If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.

For your complimentary business coaching session visit, www.actioncoach.com/pjweiland.

Build a Business image 3 (small title)

To register for our complimentary workshop, How to Build a Business you can Sell, visit www.actioncoach.com/pjweiland. Let’s work together to help your business grow.

Most Related Post

Entrepreneurial, Goal Setting, Planning

It’s a long term plan of action designed to achieve a particular set of goals in a business. 

A business strategy is supposed to strengthen the performance of a business.  To achieve certain goals, a business needs to continue on a specific plan that is used as a road-map to success.

Business strategies are a great way to see the whole picture…like a map of the business.  It helps owners adjust activities and align visions so goals are being met.  

Here are some examples that may be in a strategy map:

  1. Financial Perspective
  2. Customer Perspective
  3. Process Perspective
  4. Growth Perspective

Plan to update your map frequently, reviewing it against any successes and failures. While the plan is to execute the strategy without failure, a business owner needs to be realistic and know that unforeseen circumstances can arise. Strategies should be built to sustain any downfall, or failure, a business might encounter.  A strategy map should be designed to give the business an advantage, to build up the successes, and to ride out the storms.  

For examples of strategy maps, click HERE.

PJ's New Pic (smaller) ActionCoach-logo


If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.

For your complimentary business coaching session visit, www.actioncoach.com/pjweiland.

Build a Business image 3 (small title)

To register for our complimentary workshop, How to Build a Business you can Sell, visit www.actioncoach.com/pjweiland. Let’s work together to help your business grow.

Most Related Post

Goal Setting, Planning, Teamwork

We all want our team members to work productively. As business owners, and often the lead of the team, we need to make management decisions to make sure projects are followed through.  Nothing is perfect, but here are 5 rules to follow to effectively lead your team in the right direction.

Rule 1:

If you are not an organized, persuasive, and efficient person, then you should consider hiring a project manager to lead your team.

Rule 2:  

Make sure all team members know what’s expected of them so there are no conflicts or unnecessary surprises.

Rule 3:  

Give your team all the steps/resources needed to make projects easier to manage.

Rule 4:  

Document all project activities to keep things flowing smoothly and efficiently.

Rule 5:  

Something will go wrong, so budget enough (extra) time to wrap up every project.

PJ's New Pic (smaller) ActionCoach-logo


If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.

For your complimentary business coaching session visit, www.actioncoach.com/pjweiland.

Build a Business image 3 (small title)

To register for our complimentary workshop, How to Build a Business you can Sell, visit www.actioncoach.com/pjweiland. Let’s work together to help your business grow.

Most Related Post

Goal Setting, Leadership, Teamwork

When you belong to a team you feel part of something larger than yourself.  You all have one thing in common…the mission of the business you work for.

Everyone in the team has a specific job function.  They may even belong to a specific department within the company.  But all the team members work together to accomplish the same goals and objectives.  It’s the bigger picture: improving results for customers.

The first step is having the leader define the team they are trying to build. Here are 10 tips to build an effective team:

  1. The leader should clearly communicate all expectations to every member.

  2. Each member should understand how the team fits into the company’s goals.

  3. Each member should be committed and feel they are a valuable part of the team.

  4. Each member should have defined goals, designated tasks, and a clear mission.

  5. Each member should feel they have the right resources and support to accomplish their goals.

  6. Each member should have boundaries and enough freedom to carry out their mission.

  7. Each member should be able to work together effectively and collaboratively.

  8. Each member should be able to communicate clearly and honestly with each other.

  9. Each member should be open to change, give rewards, and take risks responsibly.

  10. Each member should be accountable for others by resolving problems, not blaming or pointing fingers.

Do you think your team is an effective one?

PJ's New Pic (smaller) ActionCoach-logo


YOUR CHALLENGE:  Take these tips to your team members.  Create a more effective team for your business this year.

If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.

For your complimentary business coaching session visit, www.actioncoach.com/pjweiland.

Build a Business image 3 (small title)

To register for our complimentary workshop, How to Build a Business you can Sell, visit www.actioncoach.com/pjweiland. Let’s work together to help your business grow.

Most Related Post

Lead Generation, Management, Teamwork

Do you have clear expectations for your employees?  You may want to set meaningful expectations to ensure your team is focused.  

Often more than not, employees don’t have a good understanding of their duties.  Can you provide a detailed list of what each employee needs to accomplish by the end of each day?  

Your employees need to understand how their actions can affect the company. They also need to know what they are expected to do, and why.  If they are unaware of your expectations, they often roam aimlessly with no direction or goals.  

Once your employees know their expected duties, and clearly have goals in mind to help the company succeed, make sure you reinforce them with motivation.  Continue to remind them that they’re doing a good job, or give constructive criticism when needed.  And consistently review their activities to ensure they are properly carrying out their work.

Consider even posting daily, weekly, or monthly team goals for all the employees to see.

Getting your employees focused and working as a team does require more time and effort, but remember that a motivated team will bring winning results!

PJ's New Pic (smaller) ActionCoach-logo


YOUR CHALLENGE:  Set one weekly goal for your team this month.

If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.

For your complimentary business coaching session visit, www.actioncoach.com/pjweiland.

Build a Business image 3 (small title)

To register for our complimentary workshop, How to Build a Business you can Sell, visit www.actioncoach.com/pjweiland. Let’s work together to help your business grow.

Most Related Post