Growing a business broke is not an uncommon phenomenon. Yet, it can be avoided or overcome with discipline and measuring the right metrics. Let’s look at business growth and how to balance it with profitability.
Business owners and leaders often don’t understand cash flow, let alone manage it. The numbers can be so complicated that they almost serve no value to the business owner to run the business. Read this article to understand why it’s important to understand cash flow.
Every business will benefit from practical ways to improve cash flow. More money in the bank means more opportunities to grow your business. Read this article for practical tips to improve cash flow.
The cash conversion cycle (CCC) is a metric that expresses the number of days it takes for a company to convert its investments in inventory and other resources, into cash flow, from sales. Read this article to understand more of the basics of the cash conversion cycle.
CoLAB is proud to launch a brand new, packaged solution, to help you to make your business more successful!
“We know that the success of your business is important to you, and at CoLAB, we partner with organizations that are serious about growing their performance and their bottom-line”, says Barend Cronjé, CEO of CoLAB.
When organizations have strong employee engagement, the profitability of the business increases, Read more for tips and to understand how employee engagement increases profitability.
Not only are checklists useful in daily life, but checklists are also extremely helpful in business. Once you’ve identified and mapped the processes in your organization, you can bring them to life through checklists. Checklists are valuable for key parts of the 4 to 9 processes that drive the business, and help ensure that the right things happen.
Have you ever had a key person leave, and no one really knew all the work they do and how they will survive without them? Or are you experiencing “floating leaders” or “floating work”? The good news is, what feels like a major issue, is really just misaligned expectations that can be cleared up pretty quickly.
Simply stated, a Lean business is a business that maximizes value while minimizing waste. A Lean business model focuses on improving processes across the value stream to eliminate waste and deliver optimized value to the customer. Read this article to understand the basics of the Lean methodology.
Growing organizations have a common goal: they want to optimize business processes and operations. The Process Accountability Chart is a #bestpractical tool to help business leaders reach this goal.
When a business gets above 50 employees, the organizational structure should be designed to align teams around projects, product groups, industry segments, and geographical regions. This is the start of what is commonly called a matrix organizational structure.
Do you have the right people in the right seats in your growing organization? Moreover, do you have the “right people, doing the right things, right” in your company? And importantly, do you have the right people in the right seats in the leadership team?
These 3 business terms are often used interchangeably. It is important to understand the difference between accountability, responsibility, and authority to be able to implement it correctly in your organization.
One of the biggest challenges business leaders face, is how to deal with a growing organization – how to divide up teams and set clear accountabilities.
Going forward, onboarding remote employees, will be more normal than ever before. But how do you welcome, set up and train a new member of the team who you never actually see in person? Here are a few tips!
New employee onboarding is the process of integrating a new employee with a company and its culture, as well as getting a new hire the tools and information needed to become a productive member of the team. Here are some tips for effective employee onboarding.
How do you as a business leader ensure that you appoint an A-player in each position in your company? This article introduces 4 criteria to hire A-players.
Top talent are employees that are competent, have character and bring a chemistry with them that will help make the team and the company successful. To attract top talent, companies need to use creative ways in their recruitment efforts.
An employer of choice attracts and retains top talent. Not an employer of choice (yet)? Implement these 10 strategies to attract and retain top talent.
Core customer should always be the most important word in your business vocabulary. Because it is the life blood of your company. Therefore, you should constantly be asking: Who is my customer? Where is my customer? How do I reach my customer? Moreover, these are building blocks not only for your marketing strategy, but also for your One-Page Strategic Plan (OPSP).
