Inventory management is a difficult task and many businesses often struggle with stock control, and problems like shrinkage, excess inventory, and stock-outs. All of these problems end up directly costing the business money plus there is the indirect cost that arises from the significant amount of time being consumed by employees trying to resolve these […]
When a business sells products to customer, inventory is essential to the business being profitable and is often the largest asset on the balance sheet. Managing inventory is critical to driving the success of the business but many people fail to accurately calculate and understand the cost of each item they stock. There are 3[…..]
The vast majority businesses experience cycles of high and low activity during the year at regular intervals. For some businesses, these fluctuations may only be minor but in other businesses they can be dramatic. The ability of a business to prosper (and even survive when the ebb and flow is extreme) will be dependent on[…..]
Collecting money from customers after a sale has been made is one of the biggest frustrations that consumes time for SME’s and failing to collect money in a timely manner directly impacts working capital. This article provides 9 best practice measures that businesses of all sizes should be implementing in order to ensure debtors are[…..]