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Jo Haighs Presentation at Learn to Grow


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Salford Business School recently hosted entrepreneurs Jo Haigh and Deirdre Bounds in Learn to Grow, a free event designed for business owners, directors and managers.
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Jo Haighs Presentation at Learn to Grow

  2. 2. First: Is your business in trouble? <ul><li>Constantly at limit </li></ul><ul><li>Trend borrowing analysis </li></ul><ul><li>Returned cheques </li></ul><ul><li>Poor management information - Budgets/accounts </li></ul><ul><li>Cash flow always tight </li></ul><ul><li>You cannot get new credit </li></ul><ul><li>Your suppliers can obtain trade insurance against your </li></ul><ul><li>company </li></ul><ul><li>Customers just don’t pay </li></ul><ul><li>Your company has concentration in 1 or 2 major customers </li></ul><ul><li>(debtors) </li></ul><ul><li>Autocratic leadership </li></ul><ul><li>The Management Team can’t perform </li></ul>
  3. 3. <ul><li>You blame everyone else </li></ul><ul><li>You don’t have a business plan and regular meetings </li></ul><ul><li>You and the management don’t understand your </li></ul><ul><li>numbers </li></ul><ul><li>You are not paying PAYE , NI or VAT on time </li></ul><ul><li>You cannot stand going into work on a Monday </li></ul><ul><li>You breathe a sigh of relief when Friday night comes </li></ul><ul><li>Internal political issues are causing difficulties </li></ul><ul><li>You have borrowed money against your home to </li></ul><ul><li>fund the business. </li></ul>Is your business in trouble?....continued
  4. 4. <ul><li>Quick and longer Fixes </li></ul><ul><li>Look at your pricing </li></ul><ul><li>Offer a sliding scale of fees and allow clients to choose. </li></ul><ul><li>Try bundling your products and services. </li></ul><ul><li>Remalper Clauses </li></ul><ul><li>Handout 1 </li></ul>
  5. 5. Personal Quick and slow fixes <ul><li>Make a budget </li></ul><ul><li>Sleep on it </li></ul><ul><li>Go outside for some fresh air and sunlight </li></ul><ul><li>Call your suppliers and ask them to lower your rates </li></ul><ul><li>Cancel your newspaper and magazine subscriptions </li></ul><ul><li>If you can’t pay all of your taxes, set up an instalment plan </li></ul><ul><li>Monitor your credit </li></ul><ul><li>If you can’t pay a bill, call your creditor and ask to work out a payment plan. </li></ul><ul><li>Open your mail </li></ul><ul><li>Before making a large purchase, calculate how much profit it takes for you to make that much money. </li></ul><ul><li>Use positive self-talk to attract wealth and income. </li></ul><ul><li>Diversify your sources of income </li></ul><ul><li>Don’t go it alone </li></ul>
  6. 6. <ul><li>WIN! WIN! </li></ul><ul><li>Use Organisations - who will audit all your </li></ul><ul><li>costs and only take a % of what they save. </li></ul><ul><li>Simon Unger – The Procurement Group. </li></ul><ul><li>(see me for details) </li></ul><ul><li>Hi Fix – [email_address] </li></ul><ul><li>Quote ref: mgr.JH </li></ul><ul><li>Bartering – Barter card can be found on </li></ul><ul><li> </li></ul>
  7. 7. Manage your Ratios and feed your action to your funders. <ul><li>Receivables Trade debtors x 365 1500 x 365 = 45 days </li></ul><ul><li>  Sales 12,000 </li></ul><ul><li> 1500/45 = £33k </li></ul><ul><li>Inventory Stock x 365 900 x 365 = 41 days </li></ul><ul><li>  Cost of goods 8,000 </li></ul><ul><li> sold 900/41 = £22k </li></ul><ul><li>Purchases Trade creditors x 365 700 x 365 = 26 days </li></ul><ul><li>  Cost of good 10,000 </li></ul><ul><li> sold 700/26 = £27k </li></ul>
  8. 8. PROTECT WHAT YOU HAVE ACT PROPERLY AS A DIRECTOR Shadow Directors Board Meetings There is one golden rule – if an action or step seems wrong or smells wrong – it generally is! Think hard about what your creditors might think – Keep records and comprehensive notes.
  9. 9. <ul><li>Cashflow, Cashflow, Cashflow </li></ul><ul><li>Track it, analyse it and project it. </li></ul><ul><li>Raising Finance </li></ul><ul><ul><li>Loans & Overdrafts – Borrow the right one! </li></ul></ul><ul><ul><li>Factoring / C.I.D </li></ul></ul><ul><ul><li>Trade investors </li></ul></ul><ul><ul><li>Business Angels </li></ul></ul><ul><ul><li>Venture Capital </li></ul></ul><ul><ul><li>Savings </li></ul></ul><ul><ul><li>Asset Finance </li></ul></ul><ul><ul><li>Borrowing from family and friends (but make sure that there is an agreement drawn up to protect all parties) - Loans v Shares. </li></ul></ul>MOST IMPORTANT OF ALL
  10. 10. AND IF ALL ELSE FAILS!!!! <ul><li>Consider what you have </li></ul><ul><li>What you are </li></ul><ul><li>Make a list and keep it with you </li></ul><ul><li>LIVE LONG AND PROSPER!!! </li></ul>
  11. 11. £500 off ANY Course during 2010 FREE PRIZE DRAW