business

Family Business Owners: 4 tips for an effective business plan to grow your business

Family Business Owners: 4 tips for an effective business plan to grow your business

It may be tempting to think that a family business can look after itself and doesn’t need a proper business plan – because everyone trusts each other.

That’s dangerous thinking. All businesses need an effective business plan to grow. This becomes a guide for the future and it can be referred to repeatedly in the following months and years to keep you on track with your goals.

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The secret to your family business NOT becoming one of the 60% that fail in the first 3 years…

The secret to your family business NOT becoming one of the 60% that fail in the first 3 years…

Did you know that 60 percent of all Australian Businesses fail in the first three years?

Pretty shocking that, isn’t it? But not as shocking as the failure to introduce proper business planning into your family business to avoid boosting the depressing statistic further!

Every business should have a business plan. Whether you starting out, managing growth or wanting to sell up your family business and move on, effective business planning maps out where you are going and, more importantly, how you will get there.
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3 Cash management practices no small business can do without if you want to grow

3 Cash management practices no small business can do without if you want to grow

It’s plain and simple: a business needs cash to grow. And this means that every small business needs an effective cash management strategy.

The more cash you have the more control you have. Cash keeps you mobile, adaptable and less vulnerable. Without cash you simply cannot survive in business and you certainly cannot grow.

But how do you generate MORE cash? What should you be doing to get the cash flowing in your business to accelerate your growth?

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