FOOD FOR THOUGHT

Most business owners and managers know that their KPI (key performance indicator) reporting could be better.

CFOs are valuable, but they’re also expensive. In fact, for a full-time, salaried CFO, you can expect to pay just under $140,000 a year. Add in the additional secondary costs, such as paid leave, insurance benefits and sick days: that significant sum simply grows larger.

Virtual CFOs are a relatively new phenomenon, spurred on by increasing digital accessibility and the demand for business advisory on a budget. However, some virtual CFOs have already distinguished themselves from their peers in terms of quality.

There are hundreds of business growth strategies––how do you know which one is right for you? The Ansoff Matrix is a good place to start. This tool helps businesses assess four common strategies: market penetration, product development, market development, and diversification. Here’s how the Ansoff Matrix works and some tips for applying it to your business.

Business growing pains are incredibly common, but that doesn’t make them any less painful. The faster you can implement solutions, the better. Here are five signs your business is experiencing growing pains so you can get it back on track.

A good governance board will hold you accountable to your business goals by prompting regular discussion and reflection. Here are four key business growth questions your board should be asking you on a regular basis. These questions are designed to challenge you so you can identify opportunities to take your business to the next level.

For many, the long-term goal is to take a step back from the day-to-day operations and instead focus on the ‘big picture’ vision. However, if you run a small business in start-up mode you will likely find that you have to be both a manager and an owner. Drawing the line between business ownership and management is never more important than it is when you are trying to bring in investors.

The importance of market research cannot be overestimated, especially if you’re in the process of scaling your business. Below are three things to do before you begin to raise capital to take your products or services to the next level.

There are several business development grants available for New Zealand SMEs. Could you be eligible to receive funding? One thing is for sure: you won’t find out unless you apply. Many eligible business owners miss out on funding simply because they didn’t put their hat in the ring.

Most businesses require at least some external finance to grow, and this is usually obtained from banks in the form of a business loan. While every bank is slightly different and has unique terms and conditions, there are generally two key things that almost every bank or lender will consider before they approve finance.