I talked in the previous section about how the development of management systems, infrastructure and processes which were built on upon the fundamental mission and values of the company were essential before international or geographical expansion should be considered. The next point to ask yourself is why do you want to do it?  Have you … More ON INTERNATIONAL EXPANSION

Unless you are an accountant, balance sheets are unlikely to hold any great fascination for you. It is far more exciting to pioneer your company into new frontiers. However, my advice is “Learn to love your balance sheet” nurture it, care for it and watch it grow. Because when you go to sell the business … More ON THE BALANCE SHEET

Mission – The mission statement of a company should contain the very essence of your business philosophy. It should not be just a bland statement that gets put in the reception. The mission statement not only defines what the company is committed to become, but “why” it is striving for this mission. The statement should unite … More ON MISSION AND VALUES

The chances are that, if you are running your own business, you are fundamentally an entrepreneur and instinctive marketeer. There are as many definitions of the term marketing as there are management gurus. My particular favourite is, “Marketing is the process responsible for identifying, anticipating and satisfying customer requirements profitably”, i.e. marketing is in fact … More ON MARKETING

The talents of your staff as a team are key to the achievement of your business goals. In the early stages of a company these values will be instinctively driven and upheld by you as owner manager. However, as the company expands, and day to day contact with the staff gradually moves further away, it … More ON HUMAN RESOURCES

There is much truth in the old adage “turnover is vanity, profit is pride, but cash is king”. The chances are that if you are a management buy-out, a start-up or just a rapidly expanding successful company, then you will require access to working capital funds, i.e. cash, by way of loans or overdraft facilities … More ON BANKS AND CASH

I find it increasingly disconcerting that the skills needed to run a company come more from accountancy rather than my own discipline of engineering. Financial information is the dashboard of the company; it defines where you want to go, it tells you where you are going and where you have been. There are 3 fundamental … More ON FINANCIAL CONTROL