Tag Archive for: Business Consulting

Peer Business Consulting is an upcoming consultation firm dedicated to supporting startups and small business organisation in and around the Sydney area. Our services are wide ranging and cover all the aspects of a business or startup one needs to look into before he or she starts investing. From business planning and advice to cash flow, drawing up forecasts for cash flows, designing an optimum budget sheet, project management services and support, all can be rendered to you in the most facile manner all under one roof.

We genuinely look into the well-being of our customer’s businesses and ensure that you put in your trust in us. Our services will prove to be somewhat assured that your business will not only thrive in this competitive market but also will reach new heights as we believe in maintaining the originality and uniqueness of any business. We will be at your arms end for all critical decisions and help optimise all your strategic options.

What you get when you appoint Peer

  • We provide you with a peer, a friend who will discuss with you all the options for you to avail from.
  • Our peers ensure that the advice given to you is strategically sound and not to forget realistic.
  • With the regular advice and services, you will maintain peace of mind
  • Having taken over all the tedious financial work, you can now focus primarily on running your business
  • We also help optimise your paths so that your profits are maximised. 

Why Peer is different

  1. We firmly believe in converting every small plan into reality.
  2. We will be present like your shadow in every step of your business journey.

As unrealistic as it sounds, the title is probably not to be taken literally but metaphorically. It is all about being flexible with your startup or your small business. Flexibility refers to the length you are willing to go, the bending you need to do for your company and making slight adjustments to suit your business output. Starting a business is no man’s cup of tea. You need to have patience, try different marketing strategies, do surveys and finally decide on the approach that will work best for you. Understand what your business stands for and fulfil your mission and vision for the company. Sometimes we need a big budget to start off, but that is not always true. It is all about smart and economic decisions you take and strategies along with the techniques that you apply. Accept that you cannot do everything.

Just because there are 100 different marketing strategies does not mean that you can relate to all of them. Thus, use money and time wisely. Do not be afraid to experiment. Get out of your comfort zone and try innovative things. See what suits your business the best. If one strategy is not working out, just let it go. However, when it is being said and done, make sure that in the end, you strike a balance between your experiments and your actual outcome. Lastly, go with the flow and be opportunistic by taking chances and above all, take a leap of faith. You never know when you will reach your milestone.

Every organisation, big or small requires a goof balanced budget sheet to maintain their financial accounts and create new nosiness goals and opportunities. Startups especially, need to focus on building a reasonable budget to have a clear agenda about their do’s and don’ts during their course of business. Some of the common mistakes made by startups while making their budgets are listed below:

Some most common Startup Budget Mistake
1. No Budget plan at all

The importance of discussing finances and accounts with a proper professional before starting a business cannot be stressed upon more. To make any business or startup successful and thriving, one needs to assimilate and estimate the correct quantity of investment one will need and allocate the funds accordingly.

2. Not making a budget plan for marketing purposes.

No organisation can thrive without advertisement and marketing in today’s’ world. Separate and sufficient funds need to be allocated for marketing purposes so that optimum marketing strategies can be applied, which will, in turn, increment your profit. Advertising through social media and other virtual platforms, all require some solid investment. Proper investment and budgeting in marketing can prove to be somewhat beneficial for any start-up.

3. Miscalculation of the breakeven point

Business organisers and owners cannot distinguish between fixed and variable costs due to which there are errors in the assumption of all costs that remain steady and the ones which vary concerning time, labour and other factors. This results in a wide profit margin which in turn is a downside for your startup.

4. Under or overestimation of startup costs

Several business owners are often taken aback by the expense of a startup. Most of them either ignore to account for several factors or underestimate the cost of certain aspects of the business, both which lead to miscalculation and hence a shortage of finances. Talking to a professional always comes in handy to become aware of all the expenses and legal requirements.

Colour psychology is how people respond to colours which in turn invoke different types of emotional changes in their current behaviour regarding the subject. Recent studies have proven that when people see the colour red, their rate of reaction not only amplifies but also becomes quite forceful. They seem to have a boost in energy, and there is a reduction is analytical thinking. A sense of urgency gets developed due to which they make faster decisions regarding the topic and their hearts begin to race.

This same psychology is used by several companies all over the world to optimise their advertisement strategies to attract new customers. Some organisations also apply this psychology to their day-to-day business and logos so that it has a much vivid effect on their customers. The type of colour scheme one uses to design their logo, or the interiors of their office dramatically influences the enticement level of their customers towards their product or services. The font, the words and the layout, everything plays a significant role in design. Red being a dramatic colour is associated with love as well as anger. It is programmed into a psyche such that we can sense danger whenever we see the colour red, which in turn creates a sense of urgency in the people and they’d want to click on the font which you’ve boldly mentioned in red. Being a bold and bright colour, it naturally catches attention and comes in several hues for one to use in their advertisement schemes.

Cash flow forecasting can be defined as the flow of financial sources in the future for your business during a given period. Here the cash in incorporates receipts, taxes and any money contributed by the owner into his or her business. Whereas cash out refers to any amount paid as wages, paid suppliers, etc.

Cash flow forecast is not a very difficult task, but when undertaken manually, can lead to a lot of time consumption. Every organization needs to develop a plan for a short-term cash flow as well as a long-term cash flow.

For short-term cash flows, one needs to make a list of all the expenses one will be making, taking into account how much you spend on the resources required for the manufacturing of the products or keeping up with the services, the travelling charges, the charges as are necessary for paying the labourers and the professional charges too. All the receipts need to be kept in proper condition and be accounted for. The cashout forecast needs to be made similarly.

The same principle needs to be applied to long-term forecasting too. The annual budget and the balance sheet will help you maintain a good cash flow. Estimating an accurate cash flow is not possible, so probable measures are taken. Excel is an outstanding and widely used tool for long-term cash flow forecasting. A realistic forecast of cash position helps you maintain a better position in the market.