Looking at Financial Fundamentals

Business owners rarely go into business to deal with the financial aspects of running a company. And it’s easy to understand why: You’re most likely passionate about the products or services you provide and want to focus your time and energy there. So your financial responsibilities usually fall to the bottom of your “desirable duties” list.

But it’s critical to the long-term success of your business that you understand some of the financial fundamentals of being a business owner. You don’t have to be an accountant or a financial analyst, but it’s important that you have some key skills in your business toolkit to measure the financial aspects of your business.

And while it’s okay to outsource this activity so that someone else can do the work you don’t like to do, you need to be sure you understand the output of the financial information. You’ll need it to help make informed decisions about your business. Remember: Accounting isn’t just about taxes. There’s so much more to know about the numbers, so you’ll know how your business is doing from a management perspective.

There are a number of key parts of the financial picture that you need to be aware of, and they can be outlined based on the three critical financial statements your business generates:

– profit/loss
– cash flow
– balance sheet.

I meet with entrepreneurs every day who are unsure of their business’s profitability. They “think” they’re making money because they have money in their checking account. But this is not how you should be running your business!

Having money in your checking account doesn’t mean you’re profitable. It could mean you haven’t paid all your bills so you still have a little cash on hand. But cash and profit are two different concepts. If you aren’t profitable, you won’t have long-term success in your business.

So what’s the difference between profit and cash? Profits are determined by the following equation:

Revenues – Cost of Goods Sold = Gross Profit – Overhead Expenses = Net Profit

This equation is equivalent of your profit/loss statement. Revenues are the dollars that come from generating sales within your business. The cost of goods sold reflects the direct costs of labour and materials involved in your business. Overhead expenses encompass all those other costs that you incur so that your business can function, such as rent, taxes, insurance, marketing and accounting.

You can have activities that affect your cash but aren’t considered revenues or expenses. For example, when you borrow money from a lender, that money is not considered income. It’s classified as an increase in your liabilities (that is, your debt). When you repay that loan, it won’t be considered an expense – it’s a reduction in your liability. Any interest you might incur on that loan would be classified as interest expense, but the principal portion is not. Similar concepts apply for owner investments and withdrawals.

Often, small-business owners don’t clearly understand the concepts of cash and profit and therefore don’t have a good handle on their finances and how to interpret any outcomes from financial reporting. For instance, did you know that you can show a profit and still have a negative cash flow? You can, if your loan payments, owner withdrawals and other non-expense activities are taking more cash out of your business than you have profit.

The same is true on the opposite side of the flow: You can have a lot of cash coming into your business through an increase in personal or lender-financed activities and still not show a profit (because you’re not generating enough revenue). The most basic cash flow statement can be outlined as follows:

Beginning Cash Balance + Cash Inflows – Cash Outflows = Ending Cash Balance

It’s important for you to understand the difference between your profit/loss statement and your cash flow statement. They provide two very different views of your business.

The third financial statement you should be generating monthly is the balance sheet. The balance sheet provides information on your assets, liabilities and equity. Assets are what you own that is of value, such as your bank accounts, accounts receivable, inventory, property, manufacturing facility and equipment.

Liabilities represent your obligations to others and include such things as accounts payable, notes payable to lenders and loans from shareholders. The equity balance reflects the value of your ownership in your business. When you take the value of your assets less the value of your liabilities, the remainder is your equity.

It doesn’t matter the size of your business – profitability and ongoing financial stability are something you should be monitoring on a regular monthly basis. And while some entrepreneurs will say their business is too small to have to create financial statements for it, that’s just a way of not holding yourself accountable for managing your business wisely. It’ll always be someone else’s fault when your business fails…or at least that’s what you’ll say.

You can choose to succeed, or you can choose to fail. It’s always a choice, not a default. So make the choice to be a financially informed business owner. Your business will thank you through its increased profitability and longevity!

 

 

Good Relationship, Great Cash Flow

Your customer has chosen YOU for a number of reasons i.e. they need your product/service and they ‘like’ you. So, an opportunity exists to negotiate payment terms. When striking the deal consider discussing or formalising payment terms. Anticipate prior to this point what your cash flow challenges might look like. A simple cash flow projection can predict this. Here are our tips around leveraging a good customer relationship for great cash flow.

1. Be transparent

Discuss with your customer openly and honestly any future business cash flow challenges resulting from suggested terms, if they don’t work for you. If you’re anticipating cash flow challenges address this up front. Don’t wait until your business is hurting in 3 months’ time and you can’t meet an order.

Also, if you’re worried about cash flow challenges, then you’re not alone. We know from Dun & Bradstreet – 7 out 10 business managers believe cash flow will be an issue in the coming months. Chances are your customers may have cash flow issues too, and will be empathetic to your position.

In summary, transparency builds trust. Trust builds relationships. Relationships can retain customers for the long term.

2. Always negotiate

Don’t be afraid to negotiate or suggest a contract adjustment. If you need early cash flow to process an order, perhaps, look to invoice in ‘chunks’ or instalments. You may want to consider offering discounted terms on particular invoices. If faster cash flow means better service or product delivery, explain how they may benefit.

3. “No surprises”

Anticipate and make your customer aware of potential finance arrangements up front. If you are still struggling to get the terms you need, we suggest you let them know you’ll be using a finance partner on occasions. For example;

“From time to time we bring in a finance partner…we often use invoice finance or XYZ company to fund our continuing growth. This may involve…”.

If you don’t end up needing the finance facility, that’s great. If you do, it should be an easy conversation to have.

At Fifo Capital, we see each day the way good relationships can bring in and maintain business for our customers. If you want to know more about how our customers leverage relationships to improve your cash flow position, then talk to us today.

 

This article was kindly supplied by Fifo Capital; New Zealand’s business finance specialists. To lean more, visit their website here.

Purpose-Fit Invoice Finance

Invoice finance is an increasingly popular tool that is used by businesses to boost their cash flow. If you’re wondering if invoice finance is a smart solution for your business then read on. Here are just six of the cash flow challenges that can benefit from invoice finance solutions.

Before we start it’s worth touching on the basic requirements. To use invoice finance your business needs to provide either products or services to other businesses, and you need to manage your payment processes by invoicing for your goods and/or services after they have been delivered.

1. Long or late paying customers
If your payment cycles seem to get longer and longer and the payments are later and later, then consider invoice finance. Big business is renowned for seeking the longest payment cycles possible and small businesses can struggle if their cash flow is locked up in unpaid invoices. Invoice finance gives you access to the cash you are waiting for, allowing you to get on with the challenge of managing and growing your business.

2. The bank wants real estate security
Sometimes it just isn’t viable to secure your lending with real estate. Especially if you are in a partnership or you’re supported by a team of investors. With invoice finance the security is based on the reliability of your customers, so there’s no need to put your property on the line.

3. Your business is new or growing rapidly
Traditional lending has some traditional criteria it needs to meet in order to feel comfortable giving money to businesses. If you’re a new business without a credit history then there’s a fair chance the bank will say no to your requests for finance. And if your business is growing rapidly but you don’t have the cash to support it then you may find that you present too high a risk. Invoice finance simply releases cash you’ve already earned, allowing you to stay flexible and keep moving forward.

4. Early payment bonuses or supplier discounts
If you like to pay your bills on time then invoice finance is a great tool to ensure that you have enough accessible capital in your business to make it possible. For many small businesses, supplier discounts and early payment bonuses can be the difference between profitability and seeing red. If that sounds like you then invoice finance could be a smart solution all round.

5. Cash flow highs and lows in seasonal business
Seasonal businesses are often experts at riding the highs and lows of their balance sheet. It’s tough to survive the quiet season without a credit facility to get you through. For an alternative to an overdraft, or when traditional credit just isn’t enough, invoice finance can offer a great way to get access to cash ahead of the busy times.

6. To manage the day to day cash flow challenges
Cash flows in and out of businesses every day. If you’re running a lean operation and you need to release some capital into your business, then it’s worth considering integrating invoice finance into the way you operate on an ongoing basis. Building the costs into your margins could mean that you can afford to deal with the longer payment cycles that previously made a new customer seem impossible to deal with.

Invoice finance is a great solution for businesses who need to unlock capital that is tied up in unpaid invoices. Healthy cash flow is essential to keep growing, manage day to day costs, and react to the challenges of day to day operation. Invoice finance releases the money that is already yours, and ensures that your finances will not get in the way of you doing great business.

 

This article was kindly supplied by Fifo Capital; New Zealand’s business finance specialists. To lean more, visit their website here.

Cash Flow Alert

cash flow alert
Without robust forecasting and monitoring it’s easy for your cash flow position to run away from you. If you want to get to know the status of your working capital in great detail, there’s no time like the present. Keep your eyes open for these five warning signs that your working capital is not all it should be. If you suspect a crisis is upon you don’t hesitate to call in expert help.

1. Your bank balance is bleak

Running out of working capital is the most obvious sign that your cash flow is not as it should be. If your accounting has focused on profit rather than cash flow then this is not an uncommon issue. Unfortunately profit does not equate to cash and it’s easy for a crisis to sneak (or jump) up on you. Cash flow relies on a steady flow of cash into the business to balance the steady flow of payables outward – salaries, supplier costs, rent, equipment etc. Something as simple as a late paying customer can quickly create a problem if you are not pro-actively tracking your cash.

Managing and forecasting your cash flow is key to avoiding a working capital shortage. Your key metric for tracking your cash flow into the business is ‘collection days’ – a measure of how many days it is taking your customers to pay their bills. If your business sells to other businesses you should target and track this number carefully as late paying customers can have a disastrous impact on your cash flow.

2. You’re growing too fast

It’s ironic that the path to success lies through growth, but at the same time the biggest risk to the survival of your business is in managing the cost of that growth on a day-to-day basis. The faster your business grows the more working capital you will need. Inventory is a huge consumer of cash and of course suppliers expect to be paid.

Every dollar of inventory that your business holds is cash that is not in your account. If you’re on a strong growth curve take the time to track your cash flow carefully and support your funding with finance solutions that will complement your business where needed. Cash flow is key but profit needs to be considered as well: talk to an expert who can give you advice on the right finance option to allow you to grow without eroding your margins and further reducing your cash position.

3. You’re missing payment discounts

In a competitively priced market, meeting early payment discounts can mean the difference between profitability and a loss. ‘Payment days’ as a metric allows you to track the number of days it takes you to pay your suppliers. It’s up to you to set a target for what you want to achieve: you may choose not to go for early payment discounts and instead keep the money in your account. But what is important is that once you’ve set your target you track and perform to it.

If your payment days start creeping upwards it can be a sign that you haven’t got the cash to support the demands of your business. Establish what you need to achieve for your own success and support your cash flow with finance tools such as invoice discounting/factoring to bring cash into your business sooner if necessary.

4. Slow collections

If you’re in the business of selling to other businesses you will understand that the gap between paying for your materials and being paid for the end product by your customer is one of the biggest cash flow challenges to manage. Track your collection days and be aware of your customers. Credit checking is advisable as a non-paying customer can have a very damaging impact on your cash flow. Read our blog Steering clear of bad debt for more tips on how to protect yourself from slow or late paying customers.

If you notice that Collection Days is increasing then you could be heading for a cash flow challenge. Be aware of your cash flow position and be proactive in your communication with customers whose payments are due. Try offering them a discount for early or on time payment, or use invoice finance/factoring in order to bring forward your access to incoming cash.

5. Too much short term debt

Short term finance is a great solution to cash flow challenges, but if you use it recklessly it could become the problem in itself. There is a cost to finance – in fees, interest, one-off costs etc. – that has the potential to erode your cash and your profitability. If your bank has refused you credit and you are sourcing short term finance from multiple providers then it’s possible that you could overextend yourself and your cash flow could go into crisis.

Our recommendation? Make sure that you are getting expert advice from someone who views your business holistically. It’s important to understand the complete picture and the impact of the finance solutions that you implement. Look for a consultant, accountant or finance provider who can work in partnership with your business to suggest options that will work for you in the short and long term. Don’t let short term debt get out of control and be proactive in making changes and finding solutions.

 

This article was kindly supplied by Fifo Capital; New Zealand’s business finance specialists. To lean more, visit their website here.

Cash Flow – Taking Control

Be aware

Cash flow forecasts will not mean that you have a crystal ball that predicts the actual future of your finances, but they will give you an element of certainty that will arm you in your decision making and planning.

The starting point for your cash flow forecast is now. Look forward in incremental steps – you may want to put a forecast in place for next week, next month, next quarter or next year. The more detailed you get, the better you will be prepared for the future.

Building a cash flow projection starts from the cash you have on hand at the beginning and works forward to capture the details of all receivables and payables.

1. Cash receivables
In building your cash flow forecast you will need to understand how much cash you can expect to receive in the form of customer payments, interest earnings, service fees etc., for the whole business. The amounts you will receive and when you will receive them will create a timeline for incoming cash going forward.

2. Cash payables
The next step in building your forecast is to understand all of the cash that will be flowing out of your business, and exactly when it is expected to leave. Focus on accuracy and speak to all your staff members. Create a specific line in your projection for significant outlays such as salaries, stock costs, taxes etc. Review your accounts to-date to make sure that you have captured all potential areas of spend.

3. Align the current with the potential
Finalise your cash flow forecast by ensuring that it aligns with your business plan, company strategy, and sales and marketing plans. Each of these areas have the potential to include new initiatives and therefore new income streams and new costs.

Be proactive

Once you have built your cash flow projection it’s important to do two things:

1. Keep it alive
Your cash flow projection is only going to work for you if you keep investing time in it. It’s worth training a trusted member of your team to be your cash flow expert and track your performance against it as well as updating any expected future impacts. Try to update and review it weekly so that you stay prepared.

2. Prepare
Use the information in your cash flow projection to prepare your business for cash flow shortages. There are a number of financial tools available such as bank credit, loans, invoice discounting or factoring etc. that can help you get through a lean cash flow situation. And there are also a number of business practices that you can adopt to keep your cash position healthy.

Your cash flow position has the ability to make or break your business. By implementing a cash flow forecasting system you can prepare your company for the future and put in place the right tools and systems to make the most of your assets and optimise your cash flow. Giving your cash flow position constant attention will support the success of your business. Preparing your finance toolkit in advance will allow you to access additional funding as and when you need it to support your day to day business operation and growth.

There is no crystal ball for predicting your future cash flow position but with the right plans and preparation, it’s certainly possible to take control of your financial destiny.

It’s universally acknowledged that whatever business you’re in, it’s important to set time aside to focus on cash flow. Giving your cash flow the attention it needs will help you to take control of your company’s finances. It will also give you the information you need to start identifying opportunities for improvement and efficiency. And with a little forward planning you could avoid a cash flow crisis. Here’s part one of our five part series on managing your cash flow.

 

This article was kindly supplied by Fifo Capital; New Zealand’s business finance specialists. To lean more, visit their website here.

Cash Flow – Payment Behaviour

It’s not what you pay; it;s how you pay. Every business needs to keep a close eye on its expenses, especially if you are growing and you risk being short on cash. Keep an eye out for costs that increase faster than revenue, and follow these steps to stay on top of what you are spending. Read on for part five of our five part series on cash flow management.

Be efficient in your stock orders.

  • Order what you need for a fixed period of production and to make the most of bulk discounts.
  • Look closely at bulk discounting and understand whether repeat orders are more cost effective than warehousing costs for stock that won’t be used for a long time.
  • Don’t hold on to old stock – it costs to store stock that you don’t need. If you don’t have plans for it then try to convert it into cash by selling it.

Take full advantage of the payment terms of creditors and suppliers.

  • If your agreements require you to pay in 35 days don’t pay in 10. It’s better to keep the cash available in your account.
  • Use payment methods that allow you to make payments as late as possible whilst meeting agreed terms, i.e. electronic funds transfers.

Look closely at your supplier relationships:

  • Carefully review both payment terms and price when choosing a supplier – you may find that flexibility is worth more to you in the long run than the cheapest price.
  • Look closely at early payment discounts. Your cash may be worth more to you in your bank account than you would save by paying ahead of due dates.
  • Keep the lines of communication open so that if you have a cash flow issue that might require a late payment you can talk to them about it and see if it’s possible to arrange one-off extensions.

 

This article was kindly supplied by Fifo Capital; New Zealand’s business finance specialists. To lean more, visit their website here.

Why Do Some Small Businesses Never Get Off the Ground While Others Go Gangbusters?

social-networks

Two words – Social Media.

Social Media is the sticky, catchy, viral ‘glue’ that connects us digitally to everything we want, need and dream of.

Want more customers for your business? Get social. Looking for a product, service or brand? Socialise online and you’ll find it.

Customers and businesses chat together openly in this huge online playground. Facebook lets you find your exact customer, by age, gender, location, behaviour and very specific interests (Hobbit Desolation Smaug, anyone?) while Instagram uses #hashtags to bring people and brands together through #commonground and #commoninterests.

What’s a business meant to do in this increasingly complex and ever expanding social world to get cut-through?

We recommend these five key tips to get your business humming on social in no time.

Get strong online

  1. If you’ve got a website, get active on there – post regular blogs, keep your content fresh, use great imagery. If you don’t have a website, either get one – or make sure you have some kick-ass and easily searchable social pages so that when someone googles your business name, the first results they see point directly to a page (website, Facebook, LinkedIn, Google+, Twitter or Instagram) that has all your company details, a brief bio on what you do and of course – most essentially, your up to date contact details
  2. Create a voice and stick with it
    Social media is a conversation platform, and just like you can tell when you call your phone company and an offshore callcentre answers, your fans can tell when someone else starts posting for your brand. It’s really important to manage this – regardless of whether your social media is housed internally or externally. If you’re engaging an agency, make sure they understand your tone of voice. If you’re managing your own social media, ensure that you and anyone else who’ll be posting on your brands’ behalf, use the same tone, language and style for your posts.
  3. Be courteous
    If someone called your office and left you a message you’d call them back right? If a potential customer sent you an email you’d respond? Social media is no different. In fact, social media is less forgiving, as if you don’t respond, the whole world can see that you didn’t. Always be courteous, always reply when someone contacts you via social media.
  4. Be contactable
    We are always amazed at how many social media business pages have little to no contact details, or have out of date address, phone and emails published. Social media pages are now appearing on the first page of google, often even above a company’s own website in the early days until their site is properly indexed and optimised. Make it easy for your customers to find you – share your contact details.
  5. Don’t give up
    Social media works. In some cases, it works instantly, in other cases it may take weeks or months before you start to engage your followers in a way that resonates with them. Once this happens, you can enjoy the benefits of online enquiries, published online reviews and endorsements, user generated content and an increasing customer base to market your wares to. Stick with it, the sooner you start, the better as social media isn’t going anywhere.

To find out how Big Rock Communications can help your business, contact us today:

Phone: 1300 908 908
email [email protected]
Visit www.BigRockComms.com.au

   

Measure of Success

Whether you want your business to grow in leaps and bounds or at a steady incline, there is no doubt about the importance of metrics as a business tool. Do you want to chart your progress but are not sure where to begin? Read on for our five-step guide to using metrics to drive your business ahead.

Define success

Whether you choose one, five or 10 years as a time period to build your goals around, it’s important to draw a line in the sand and define where you want to be. Five-year goals provide a good realistic timeframe to achieve some solid successes, so sit down and capture exactly what you want those to be. Where do you want your business to be in five years time?

Set your key performance indicators

If you have first defined what success looks like you must now use numbers and data to define the way that you will measure the achievement of that success. Identify which measures are important to achieving your goals.

Understand your baseline

Any journey has a beginning and an ending. If you want to set measures that will drive your business forward then you will need to start by understanding exactly where you are today. If you can extend numbers back for a reliable time period that will allow you to factor in seasonal changes, external impact and key trends to make sure these are considered when you set your targets.

Set targets

To be effective targets must encompass both the measure and the time period within which it will be achieved. If you set a target for a performance level five years from now, you will need to track back to break it down into a workable number. This will both help you decide now if your targets are realistic, and will help you to engage staff or business partners in the change that you want to achieve. Shorter time periods also ensure that any behaviour changes required to drive delivery against targets are immediate: the longer the time period the more you risk procrastination and an unachievable leap as the time period comes to an end. Think how much more motivating it is to target yourself to achieve one sale per day, rather than 30 per month, rather than 360 per year.

Try and avoid using a single metric to measure the achievement of a goal. This protects you from your numbers being skewed in a desire to achieve the metric and not the goal. In the above example, it would be wise to consider the value of the sale and the loyalty of the customer as appropriate to support your overall business goals.

Go forth and achieve

Once your metrics are in place make them part of the everyday conversation about your business. Everyone should know how you are performing and what success looks like. If you have staff they should feel empowered to contribute to achieving your goals. Rewards should be structured around supporting their achievement.

If you can successfully introduce measures and performance indicators into your business it will become much easier to track your progress towards the growth you desire. But remember that these measures will only be effective if they empower you and your staff to make the changes needed to make them achievable. Introduce some effective growth measures today and with your enthusiasm for their delivery, you can expect to enjoy watching your business grow before your eyes.

 

Are You Pushing the Right Buttons?


Motivating your team is important if you want your business to be a success. Staff and business partners who are motivated are more productive and harder working. They are also less likely to leave. So read on for our suggestions on how to get your business moving by focusing on recognition and development.

Recognition is the process of highlighting an important achievement and thanking someone for making it happen. Here are our 3 simple steps to getting recognition right.

1. Recognition should be earned

Recognition should pick out an individual achievement and meaningfully acknowledge it. Try to avoid thanking everyone every day as it will become impossible to make real achievements count.

2. Consider how to deliver the message

Not everyone wants to be recognised in a public space. Make your message of thanks even more meaningful by tailoring the method you use to communicate it to your audience. Remember that it may be important to share the news. For example, if you have an accountant who has gone above and beyond, you could send a letter to his accounting firm sharing your experience and explaining why you value the accountant so much. This will really enhance the motivational element of your praise.

3. Be specific

There’s a big difference between saying ‘great job’ and actually calling out an achievement and showing that you understand the specifics of it and why they are important to your business. We recommend that you do the latter.

Recognition is an important part of motivating your team, but don’t forget that developing your staff is also a key ingredient to your success. Developing skills and capabilities set your people up for future rewards. Here are 3 simple steps that can help you to focus on development to motivate your team.

1. Find out what people want

What do your team want? What does this mean for their role and their relationship with your company? A simple conversation can set this out and your desire to help them on their career journey will be incredibly motivating to their relationship with your business.

2. Promote internally

Where possible you can use your understanding of your team to develop and recruit from within your business. The knowledge that hard work could be recognised with the promotion will also drive your team to achieve more.

3. Grow personal skills

You will need to support the growth of your team by helping them to develop their personal skills. Again it is important to work together with your team member to identify these areas for development and find the opportunities to make them happen.

Motivating your people is an investment of time that can yield great rewards. If you want the best growth and success for your company then it could be time to embrace recognition and development and the opportunity to inspire your people to achieve even more.

 

The Human Factor in Small Business

One of first steps in scaling a business is putting more people on the job. Whether it’s contractors, freelancers or permanent staff, the move to adding human resource to a business is a defining milestone. Here are six things to consider when taking the next step.

Do you recruit or hire?

The first question to ask yourself is whether you need to recruit a new member of staff or whether your needs can be met by outsourcing or hiring a freelancer. In today’s business marketplace there are a multitude of disciplines available to hire: including accounting; manufacturing; website design; marketing and more. Outsourcing can be a smarter, more flexible and cost-effective solution if your need is either not ongoing or can be structured to specific time or outputs.

Know the law

Whether you decide to recruit a permanent staff member or hire a consultant, you need to make sure you have a working knowledge of the law. Take some time to learn about key areas such as wages, employee rights, leave, tax etc. This will provide a valuable background to your role as an employer, and potentially save you from headaches down the track.

Boil it down

What position to fill first will differ from company to company but don’t go recruitment mad. Condense your staffing plan into a core team who will focus on getting your product/service to market. Avoid high level positions and focus on roles that will work cross-functionally to get the job done. In small businesses there are often no set jobs and everyone has to do a bit of everything.

Take time to define the role

Time taken upfront to define a role carefully will both ensure you get what you want, and show the candidate that you have placed importance on their future position in the company. In your role description you should define day-to-day tasks, salary and benefits. Remember to explain how the role fits in with company goals and specify necessary skills.

Practise smart recruitment

Your best bet for effective recruitment is your own network and that of your existing employees, associates and advisers. This short cuts much of the screening and gives you more chance to find a candidate who will fit well within your company.

If you do have to recruit outside your sphere of influence, remember that recruitment can be a very time consuming process. Narrow your recruitment to candidates with the right skills by advertising your role in niche locations such as blogs, industry websites and magazines. Consider whether the cost of a recruitment agent is a worthwhile investment: balance it against the time you will save when they place the ad and screen your candidates for you.

Be picky

Choose your candidate carefully and make sure you screen them and introduce them to your business at interview so there are no surprises for either of you. Your team is small so one person has a huge impact on the success of your business and the culture you develop. Focus on finding someone who will work well with you and any other employees, and add value across all areas.

Time taken up front to explore exactly what you want from recruitment will be time well invested in the growth of your business. Being part of a small business is an exciting opportunity for an employee, so don’t forget to sell the positives. Where else can you be part of something from small beginnings to beyond? Small business roles combine breadth and exposure to the top of the business with opportunities that don’t.

This article was kindly supplied by Fifo Capital New Zealand – specialists in sme cashflow solutions. To learn more, visit their website here.

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