Slow paying debtors, the misery of every business owner at some point. Payment terms are not being met, receivables blow out and the money that could so usefully be put back in the business is just sitting tickling their fancy. Torture.
Selling goods or services means you’ll end up providing terms if you intend on growing.
Unless you’re cashed up or have the modern invoice financing alternative in place, you’ll need to bridge shortfalls between paying wages and suppliers.
Business owners embrace the idea of invoice finance until the “brain freeze” moment hits as the nuts and bolts of finance contracts are revealed.
Businesses are thrust into unsuitable, often mismatched finance products thanks to an inability to see what “better” looks like, thanks to a confusing business financing marketplace evolved over decades. When seeking finance, it’s that comfortable warm feeling to go with what appears to be the status quo.
Once you’ve secured your first business loan, depending on your growth cycle, is it worth taking on another loan? i.e. “Loan Stacking”
Do you need to evaluate the real commercial benefit from taking on further funds with additional costs?
Cloud Accounting software is fast becoming a staple in the business world, with a myriad of new features that help your business to grow and adapt in the digital age.
Topics: Waddle Tips
Scrum or Kanban? What are these foreign words and how can you mould these techniques for use in your business?
Believe it or not, it's highly likely you're using at least one, if not more of the techniques used within Scrum or Kanban. Even teams that use Scrum also use Kanban to visualize processes and project manage.
When deciding between Kanban or Scrum, the individual distinction doesn’t have to be made because Kanban and Scrum can go hand-in-hand in almost all cases for a business that has decided work within the guidelines of an agile environment. If you are a business owner and are not involved in software development, then Kanban would be the ideal choice in almost all cases.
A quick look at Scrum
Scrum divides up a project into short “sprints,” ranging from a couple of days, weeks to no more than a month (rare), and each sprint has a concrete output or “increment” to achieve before the next sprint can begin. Each increment is complete in itself and can be used in its right. This means no time is wasted backtracking to fix issues after the whole project is complete because the team or customer sees and approves each increment as it grows toward the end goal. During each sprint, the team uses very short daily meetings, charts, and backlogs to keep them organized and on point.
A quick look at Kanban
Kanban is used primarily as a visual project management tool. Kanban’s primary mechanism for improving the flow of work is the Work-in-Process Limit. You set a policy for the team, saying that we’ll limit how much work gets started, but not finished, at any one time. When the board starts to fill up with to much work that remains unfinished, team members re-direct their attention and collaborate to help get some of the work finally finished or prioritize work and remove work from the board that is not the high priority, before starting any more new work.
You might be starting to grasp that you can use Kanban to manage the overall projects and utilize Scrum to get the individual task completed efficiently and on time before moving projects along in the cycle.
The greatest management tool within Kanban is the Kanban board, The work of all kanban teams revolves around a Kanban board, a tool used to visualize work and optimize the flow of the work among the team. While physical boards are popular among some teams, virtual boards are also hugely popular.
On a Kanban board or wall lies the Kanban cards which serve as visual signals that separate work. Each card can move along as work is completed and are assigned to individual people within the team to bring transparency to completion of tasks and allow other team members to offer assistance to finish tasks or remove roadblocks preventing another team member from completing.
I am doing Kanban; I must be Agile! Hmm Probably not.
The initial concepts behind Kanban come from the world of Lean Manufacturing as a way of doing something called “Just-in-Time” production. It was developed by Toyota (Kanban is Japanese for “Visual Card”) in the 1950s. Agile was developed by software developers to deliver projects on time, with Kanban not unique to Agile software development as it primarily has longer cycles and would not suite software development teams that need to respond to immediate changes.
Kanban could be adapted to anything within your business that has a process or workflow involved. Kanban itself is a process improvement approach, not really a process of its own. It’s something you apply to an existing process, like Scrum, or whichever your current process happens to be.
Kanban vs. Scrum
Kanban is not Scrum, and there are several distinctions between Kanban and Scrum, though they are both work methods. Kanban is a visual management method that was developed by Hirotaka Takeuchi and Ikujiro Nonaka in the “New New Product Development Game.” The 1986 product development strategy was a way toward “organizational knowledge creation,” according to Takeuchi and Nonaka.
Scrum and Kanban are both repeatable work systems that rely on process flows and aim to reduce waste, inefficiencies and dramatically increase communication across teams. However; there are a few main differences between the two:
Topics: Waddle Tips
Ever invested in anything before? Anyone ever told you to spread your risk? Believe it or not the same can apply to funding your business.
Confused? It all comes down to how much security or collateral a lender requires and how much flexibility they will allow if you need to source additional funds against varying assets.
Business loans can be tricky, especially when quoted interest rates don’t include all the fees and charges.
When you’re shopping for a new business loan online it’s very easy to get bamboozled by all the terms lenders use like APR, RR, PA, PM etc. The most important one to look at is the APR.
You’re a lender and you didn’t even know it; offering trade credit means you need to have a credit policy from the get-go.
We’re pretty certain you’re either contemplating offering credit terms or have been offering them already, turning a blind eye to knowing exactly who you’re dealing with.