In their book, Growing Your Business: A Handbook for Ambitious Owner Managers, Gerard Burke, Liz Clarke, Paul Barrow and David Molian describe the owner-manager as developing across specific roles over time. These roles include ‘artisan’, ‘hero’, ‘meddler’ and ‘strategist’.
Businesses don’t go bust because of a lack of profitability. They go bust because they run out of cash!
Sadly, many entrepreneurial businesses fail in their start-up and development phases and even mature businesses succumb from time to time.
Most businesses prepare management accounts on a monthly (recommended) or less frequent basis. By the time these are delivered and reviewed, valuable time will have passed. This may mean that corrective action is delayed, adversely impacting on future profits and cash flow.
There are many owners who had planned on selling their businesses by now, but as a consequence of the ongoing recession, it just hasn’t happened — the clocks have been forcefully turned back. So, instead of selling, they may want to take some cash out of their businesses to provide security for themselves and their families.
We asked six successful entrepreneurs about their academic careers. Here’s what they had to say:
Posted on 31st January 2013 in Corporate Finance .
Business leaders and managers must do all they can to ensure that everyone is pulling in the same direction. This comes down to building a corporate culture, having shared values and effectively communicating those values. The point is that shared values create a common direction which makes decision-making far easier, because every decision can be made in line with those values.
Access to funding isn’t getting any easier for the UK’s small andmedium sized enterprises, aka SMEs. With most businesses unwilling or unsuited to raising traditional venture or growth capital, and with a scarcity of bank loans and overdrafts, there’s an increasing focus on the alternatives.