The growing business handbook : inspiration and advice ... - Sparkler

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152 Think Credit Management Solutions Think Graydon. As a leading provider of credit risk management solutions, Graydon is a powerful one-stop source for all your credit information needs. Our reports and ratings are endorsed by all major credit insurers worldwide. We provide solutions that automate credit application processing as well as significantly improve fraud prevention capabilities of your credit control function. With an international network of credit reporting databases that is one of the most comprehensive available, Graydon provides valuable information and expertise to help your business manage credit risk. Visit www.graydon.co.uk or call us on 020 8515 1410. www.graydon.co.uk
153 Preventing slow payments 5.3 Do not suffer in silence, says Martin Williams at Graydon No matter what size your business is, a sale is only a sale when the invoice is paid. Cash flow is an essential ingredient for business continuity and success, so it is vital that a business does everything it can to collect cash from customers on time. Since it is estimated that around half of all UK trade invoices are paid late, it is fair to assume that most businesses will experience issues relating to delayed payments from clients. This perennial problem has been exacerbated still further by the current credit crunch. Not only do we all have a problem with those companies that are unwilling to pay; we also have a serious and growing problem with customers who cannot pay because of their poor financial condition. Unfortunately, it’s also true that smaller businesses will probably suffer most from this ‘delayed payment’ affliction. That’s because many bigger organizations ‘bully’ smaller suppliers into accepting slower payments or demanding discounts for prompt payment, in the knowledge that the smaller supplier is so grateful for the business that it will turn a blind eye to tardy invoice settlements or unwarranted demands. Secondly, most growing companies cannot afford to employ a professional credit manager, who would normally have a range of tricks and skills to get the cash in on time. It’s not all gloom and doom, however. If you are a small and growing business, a number of positive steps can be taken to minimize the impact of late payments, even avoid them altogether, without going to the expense of hiring a credit management professional. General principles Firstly, the law is on your side! The Late Payment of Commercial Debts (Interest) Act of 1998 gives small businesses the right to charge debtors interest on overdue payments. The large majority of small businesses are worried about pushing for this right for fear of upsetting/losing the customer, but in the southwest of England, a recent survey suggested that as many as 29 per cent of businesses regularly added interest to overdue invoices. Please recognize that cash flow is the lifeblood of your business – don’t just take excuses for delayed payments with a submissive acceptance speech.
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i THIRTEENTH EDITION THE GROWING BU
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iii The perfect property for your
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v Contents Part One Planning for gr
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Contents vii Patenting costs 49 Wha
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Contents ix Part Four People and pe
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Contents xi 6.3 How to find your id
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Contents xiii 9.3 Licensing 233 Ton
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Part One Planning for growth 1
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3 Business models and competitive a
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Business models and competitive adv
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Business models and competitive adv
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Take a look at the map of our campu
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11 How to compete against fastmovin
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How to compete against fast-moving,
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How to compete against fast-moving,
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17 How to build a growth plan 1.3 A
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How to build a growth plan 19 Next
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How to build a growth plan 21 Opera
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23 The SME economic outlook 1.4 Gra
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The SME economic outlook 25 ●●
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27 The growth opportunity 1.5 Manuf
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The growth opportunity 29 To make t
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31 Managing setbacks and turnaround
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Managing setbacks and turnarounds 3
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Managing setbacks and turnarounds 3
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Part Two Ideas and innovation 37
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39 Whole company innovation 2.1 Inn
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Whole company innovation 41 of a pr
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Whole company innovation 43 create
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Whole company innovation 45 Incenti
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47 Innovating out of recession 2.2
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Innovating out of recession 49 expe
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Innovating out of recession 51 Jacq
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53 Exploring patent information 2.3
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Exploring patent information 55 ●
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Exploring patent information 57 Mr
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59 IP challenges for technology ven
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IP challenges for technology ventur
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IP challenges for technology ventur
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65 Making open innovation work 2.5
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Making open innovation work 67 the
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Making open innovation work 69 an i
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Part Three Gaining market share 71
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73 Taking your brand to the next le
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Taking your brand to the next level
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77 With over 1,000 titles in printe
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79 Market intelligence 3.2 Nick Hag
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Market intelligence 81 table 3.2.1
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Market intelligence 83 but also tha
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85 Web marketing 3.3 What’s the p
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Web marketing 87 considerable amoun
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89 Winning new business 3.4 In a do
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Winning new business 91 back away),
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93 Brand rights 3.5 Name? Logo? Dom
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Brand rights 95 trade mark attorney
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97 With over 42 years of publishing
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99 Fit for market 3.6 Confidence is
Page 115 and 116: Fit for market 101 markets abroad a
Page 117 and 118: Part Four People and performance 10
Page 119 and 120: 105 Rewarding good performance and
Page 121 and 122: Rewarding good performance, lowerin
Page 123 and 124: 109 With over 1,000 titles in print
Page 125 and 126: 111 Employment policies 4.2 Belinda
Page 127 and 128: Employment policies 113 information
Page 129 and 130: Employment policies 115 Belinda Cop
Page 131 and 132: 117 Taking on an employee 4.3 Help
Page 133 and 134: Taking on an employee 119 employee
Page 135 and 136: 121 The sharpest minds need the fin
Page 137 and 138: 123 Training for growth 4.4 David G
Page 139 and 140: Training for growth 125 of the trai
Page 143 and 144: 129 Executive search for smaller bu
Page 145 and 146: Executive search for smaller busine
Page 147 and 148: 133 Improving workplace performance
Page 149 and 150: Improving workplace performance 135
Page 151 and 152: Part Five Cash flow and working cap
Page 153 and 154: 139 ÒThe message is clear - we wan
Page 155 and 156: 141 Cash flow management: an essent
Page 157 and 158: Cash flow management 143 3 Keep a c
Page 159 and 160: 145 With over 42 years of publishin
Page 161 and 162: 147 Invoice finance for growth 5.2
Page 163 and 164: Invoice finance for growth 149 the
Page 165: Invoice finance for growth 151 ●
Page 169 and 170: Preventing slow payments 155 some l
Page 171 and 172: Preventing slow payments 157 Graydo
Page 173 and 174: 159 Commercial fraud and business i
Page 175 and 176: Commercial fraud and business ident
Page 177 and 178: Part Six Efficient SMEs 163
Page 179 and 180: 165 Build the network 6.1 As you gr
Page 181 and 182: Build the network 167 essential net
Page 183 and 184: 169 The sharpest minds need the fin
Page 185 and 186: 171 Strategic sourcing 6.2 Plan to
Page 187 and 188: Strategic sourcing 173 So, how and
Page 189 and 190: 175 How to find your ideal office 6
Page 191 and 192: How to find your ideal office 177 a
Page 193 and 194: Part Seven Leading growth 179
Page 195 and 196: 181 How small business owners can b
Page 197 and 198: How small business owners become be
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Page 201 and 202: 187 Developing the next layer of ma
Page 203 and 204: Developing the next layer of manage
Page 205 and 206: 191 The leadership process 7.3 With
Page 207 and 208: The leadership process 193 Although
Page 211 and 212: 197 Ethics and the growing company
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Part Eight International expansion
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205 Competing and collaborating wit
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Competing and collaborating with Ch
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213 International expansion made ea
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International expansion made easy 2
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217 The export challenge 8.3 As a g
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The export challenge 219 Market Acc
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Part Nine Structures for growth 221
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223 Partnerships and collaborations
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Partnerships and collaborations 225
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Partnerships and collaborations 227
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229 Acquisitions that work 9.2 Stra
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Acquisitions that work 231 Issue 4
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233 Licensing 9.3 In finding the be
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Licensing 235 ●● ●● ●●
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237 With over 42 years of publishin
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239 Preparing a business for sale 9
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Preparing a business for sale 241 g
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Preparing a business for sale 243 L
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Preparing a business for sale 245 C
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Part Ten Growth capital 247
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249 Funding your business through t
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Funding your business through the r
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253 The sharpest minds need the fin
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255 Structured finance 10.2 Structu
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Structured finance 257 Factoring or
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259 Transforming the finance functi
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Transforming the finance function 2
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Transforming the finance function 2
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265 Index of advertisers A.Steele A
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