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The Synergy of Strategic Partnerships: When 1+1 Equals 11
Collaborating with peers, competitors, and businesses sharing a similar client base has been the cornerstone of success for Lantern Partners. Over the years, I have seen first hand how these collaborations can create synergies that go far beyond simple addition; rather, they amplify, until 1+1 actually equals 11.
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Time to review your expenses?
One of the most important things you can do to ensure your finances are in good shape is to review your expenses. It’s important to do this on a regular basis, not just when you’re encountering problems. And particularly at the moment, building up a cash buffer for unexpected future expenses is an important business discipline.
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When is the right time to engage a virtual CFO for my business?
Picking the right time to engage a virtual CFO can be tricky, but we find there are a few key signs that a business is ready for additional support.
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I have an accountant – why do i need a CFO?
The challenge with any industry when you’re looking in from the outside is to understand the different roles that make up a particular profession. And I know I’ve been guilty of that when I’ve looked at other professions.
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Key considerations on making the move overseas
So you’ve set your sights on expanding overseas - go you! But what are some key considerations to ensure that the move goes smoothly?
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Know your margins
The number 1 piece of advice I give to business owners is - know your margins. No matter what kind of business you are in you need to know how much money it is costing you to deliver each $1 of revenue. And this advice applies regardless of your stage of business or what kind of business you are in.
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You’d get more love from your investors if you just knew how to talk to your numbers
A huge frustration investors have with founders is the inability to communicate effectively around their numbers. And for founders, who are usually doing this unknowingly, it can, worst case, become a road block when they need support or more funds. And best case it means they are not getting the most out of the relationship.
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Budgets, Forecasts and Business cases – what’s the difference between them and why do you use them
Budgets have traditionally been constructed once a year and become your yardstick to measure progress against.
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How to talk finance to your board
Not all businesses have, or need, boards but if you do then how you talk to your board is a key part of getting the most value from the relationship.
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10 things boxing has taught me about business…and life
I recently started boxing again after a long hiatus and I'm loving it, but more than just getting back in the ring and improving my fitness, it is also reminding me how valuable the lessons I've learned from boxing are for business and life in general.
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The three pillars of preparing your business for sale
There comes a time in (most) founders' lives when their thoughts turn to selling their business. For some, it has always been the objective, and for some a gradual realisation that this is the endgame. Regardless of how this objective has been arrived at, the key to a successful exit is preparation, preparation, preparation. A useful structure for this preparation, particularly for a first-time seller, is to approach using these three pillars.
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How to Write an Effective Business Plan
SWOT Analysis? Executive Summary? Execution Plan? Here’s expert advice on how to write an effective business plan and just what needs to go into it.
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How will your company recover after COVID-19?
What steps can finance take to help the business survive COVID-19? I shared my thoughts with FM Magazine
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Having trouble sleeping? Part 2
Over the years I’ve had many similar conversations with business owners who were struggling with having no one to confide in about the risk, the pressure and the options available for the business. So much so that it’s now become a key part of how we support growing businesses. Here’s how we help founder CEOs sleep at night
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Having trouble sleeping? Part 1
I speak to many Founder CEOs who can’t sleep at night. In fact, one CEO, after the successful divestment of his company, confided to me that this was the first Christmas he’d be able to take a real break without wondering if he would have to do some last minute fancy footwork in order to make payroll. Two thoughts struck me 1) I love how concerned he was that no staff member would be caught short over the festive period and 2) Wow. By any measure the business was really successful and yes cashflow had been tight in the past, but we’d done a lot of work in getting it to a place where it was well managed and there was really no need for that type of stress. But still that feeling stayed with him until he was no longer the owner of the business.
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Does your business need a health check?
Most people hate going to the doctor. You know something doesn’t feel quite right, you’re not sure if it’s in your head but you keep putting off the appointment. Usually that’s because a) you’ve managed to convince yourself it’s a brain tumour (thanks Dr Google) or b) you’re worried that it really is nothing and you’re going to sound silly. I find the reluctance for business owners to get a health check on their business runs along pretty similar lines.
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Valuation – Art or Science?
Well it’s both and where it sits on the scale depends on the approach and the approach depends on the kind of company being valued….
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It’s all about the execution
They say the road to ruin is paved with good intentions so how do you stop your goals falling by the wayside?
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Smart Sourcing
It’s challenging out there at the moment. And as the attention turns towards costs it’s important to think strategically about the types of costs you occur.
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The seven deady start-up sins and how to avoid them
Starting a new business is a daunting step. Here are the seven expensive mistakes that every start up needs to avoid
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How to stop “getting bigger” getting in the way of your growth
It's an oxymoron right? How could getting bigger possibly get in the way of your growth? Well it can and it quite often trips companies up. Why?
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Four key financial reports you need to run your business
Many small-business owners find financial reporting daunting, but ignore it at your peril. Here are the key reports you need to understand to run your business effectively.
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Do you have what it takes to start your own business?
Ever thought about casting off the shackles of the nine to five and ditching the boss? Before you resign in a blaze of glory ask yourself these ten questions.
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