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

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156 Cash flow and working capital crippling bad debt. Losses from bad debts can really put a strain on a business’s cash flow, and in the worst scenarios can even bring companies down! It’s the old domino effect. You may not see all bad debts coming, but there are tools out there that can help minimize the chances of it happening, so why not use them like the credit professionals do? 10 Develop a ‘friend’ Try to establish a personal rapport with one or two people in your client’s accounts department. Get to know Gladys or Vera in the purchase ledger department, by engaging in some general conversation. What might seem like a time-wasting exercise asking Vera about her recent trip to the zoo could actually prove a very productive use of your time if she pulls out your invoice for payment when asked to do so a few moments later. In my experience, the personal touch never fails! Summary The message could not be clearer. If smaller businesses follow this advice, they will find that cash flow difficulties will ease. This course of action will be far better than doing nothing about slow payments, particularly from large organizations (apparently, half of small businesses continue to suffer slow payments in silence for fear of losing ‘valuable accounts’), or do the extreme opposite, ie close the account. Two things are certain: large companies are not going to change their bullying payment habits overnight, and there will always be clients with genuine cash-flow difficulties that cannot pay up on time. Your organization may not yet be big enough to employ a professional credit manager, but taking the recommended steps above will make it look to the outside world like you do. This may well lead to you gaining not only respect from customers, but a healthier cash position for your business too! More information For more information on Graydon UK Limited: www.graydon.co.uk Federation of Small Businesses: http://www.fsb.org.uk The Better Payment Practice Group: http://www.payontime.co.uk Martin Williams has spent the last 30 years in the Credit Information Industry. For the first nine years, he held a number of management positions with Dun & Bradstreet UK, but was transferred in 1984 to Dun & Bradstreet Europe, as part of a high-level team employed to help Dun & Bradstreet companies in Europe to computerize their operations. In 1987, Martin moved to Graydon, which is now one of the top five players in the UK. Since 1989 Martin has been a board director of Graydon UK and became managing director in 2001. Martin is currently the president of Eurogate, a network of European Credit Information Agencies, of which Graydon is a part. He has also been a member of the Institute of Credit Management in the UK since 1991, and is a regular presenter and speaker at credit management forums in the UK.
Preventing slow payments 157 Graydon UK is one of the leading database information providers specializing in credit risk management. The company helps clients to reduce the uncertainty of commercial risk by providing a high-quality package of credit scoring, credit rating and credit risk management services. Graydon provides access to credit information and reports on more than 70 million companies in more than 130 countries worldwide. The Graydon group is owned by Atradius, Coface and Euler Hermes, three of Europe’s leading credit insurance organizations. For additional information visit the website: www.graydon.co.uk.
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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
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Fit for market 101 markets abroad a
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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
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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 and 166: Invoice finance for growth 151 ●
Page 167 and 168: 153 Preventing slow payments 5.3 Do
Page 169: Preventing slow payments 155 some l
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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Page 217 and 218: Part Eight International expansion
Page 219 and 220: 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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