Top 8 Common Mistakes in Managing Employees During Insolvency
When a business encounters insolvency, it can be a daunting and stressful experience with numerous challenges and repercussions for all stakeholders, particularly its employees. Insolvency can threaten job security and create significant uncertainty and stress among employees. Business leaders need to understand the profound impact insolvency can have on their workforce and take thoughtful, strategic […]
The Benefits of an Advisory Board
Succeeding in business isn’t merely about having a groundbreaking idea; it’s about cultivating a support system to fuel your journey along the way. Just as a car’s engine requires more than just power to operate smoothly, a business needs the collective wisdom and guidance of experienced professionals. This is where an Advisory Board becomes beneficial […]
Presumption of Insolvency – a warning for directors!
In 2023, media reports highlighted a significant surge in formal insolvency appointments, marking a sharp contrast from the COVID-19 pandemic days of 2020 to 2022. Voluntary administrations witnessed a notable 42% increase, while receiver and manager appointments skyrocketed by 56% compared to the preceding year. There were 10,366 corporate insolvencies in FY22/23, the highest level […]
Mastering Cash Flow: 10 Essential Tips for Business Survival
Cash flow is a frequently used term that plays a significant role in business success. It serves as the lifeblood that ensures operational efficiency. For business owners, understanding the drivers of cash flow and implementing effective management strategies are critical for ensuring the survival of any business. In essence, cash flow management revolves around […]
Ensuring Financial Security: Segregation of Duties in Companies
In the complex world of corporate finance, where money flows in and out and financial transactions are initiated, recorded, and reported, segregation of duties is a cornerstone of financial integrity and security. This principle may not always be in the spotlight, but its significance cannot be overstated. It ensures that no person has complete control […]
Safeguarding your business against fraud
In the ever-evolving corporate landscape, fraud prevention has evolved from an option to an imperative. The need for robust internal controls is paramount as the financial world grows increasingly complex. These controls are the vigilant gatekeepers of your organisation, safeguarding your assets, reputation, and financial integrity. This article will delve into the pivotal role of […]
Ten Roles of Accountability to Foster Business Growth.
A basic principle of success involves business owners and stakeholders understanding how their business is run and how to hold its people to account. Accountability plays a significant role in business growth by contributing to an organisation’s overall success and sustainability. Here are ten key several key roles that accountability plays in fostering business growth […]
Making Your Business Processes and Supply Chain Work Better
In today’s fast-paced business environment, it’s critical to get your act together when managing your business processes and supply chain. Effectively managing these two key components can make or break your company’s success. Let’s explore the reasons behind their importance and how they work together to keep your business thriving. Why Smooth Business Processes Matter […]
A Business Owner’s Guide to Budgeting & Forecasting
Running a business isn’t all glitz and glamour; it’s a rollercoaster ride of challenges and tough decisions. Effectively managing your finances is one of the most crucial factors that can either make or break your business. That’s where the significance of budgeting and forecasting comes into play. In this article, we’ll dive into why these […]
Demystifying 3-Way Cash Flow analysis
Cash flow analysis is a critical aspect of financial management for businesses, investors, and financial professionals. Understanding cash flow is crucial as it helps identify profitable aspects of your business, detect any inefficiencies, and understand when it might be the right time to expand or seek assistance. Whilst we may be familiar with the traditional […]
