In essence, having an elephant in the room signifies a glaring issue or challenging circumstance that everyone avoids addressing. So, let’s confront the elephant in the room. It’s a major factor contributing to the downfall of many businesses, and it’s high time we acknowledge it openly.

Neglecting this fundamental aspect of your business renders everything else irrelevant.

Can you hazard a guess? It’s not even the calibre of your hires. It’s not your marketing strategies or even your branding efforts.

The primary reason behind the staggering failure rates of small businesses is their inability to effectively sell their products or services. IT’S A FACT! No sugarcoating, no falsehoods. You don’t need a meticulously crafted brand identity to start generating revenue for your business.

No matter how many branding experts insist otherwise, it’s simply not the case. Drawing from my experience as a multi-business owner who has built one company from $0 to $10M turnover and helped 100’s and 100’s of businesses to grow revenue, I can assert unequivocally that salesmanship is the paramount factor in business success. Without sales is the number one reason why businesses fail!

We hear often from business owners “I despise sales! Can’t I delegate it to someone more skilled?” True, you absolutely can, but let me explain why that would be a monumental error in your entrepreneurial journey. You are placing the entire burden of driving revenue on another individual which will leave you and them in a bind because you lack a comprehensive understanding of your business’s sales strategy, plan, activity, and sales cycle.

This lack of understanding of your sales cycle will hinder your ability to properly train someone.

You won’t fully grasp your customers’ objections. You won’t be able to coach and support your sales team if you don’t even have a strategy, let alone a plan. You won’t have a solid process in place to effectively train someone else.

The only way to truly comprehend the sales process is to dive in and sell! Immerse yourself in the nitty-gritty of sales and start generating revenue for your business. The moment you empower yourself as a salesperson in your business is the moment your business will grow.

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– Catherine Cooke
Founder and Leading Business Advisor 

The Unyielding Sway of Cash: When Liquidation Becomes the Sole Alternative

We dropped the final curtain of filing for liquidation proceedings in the High Court this week assisting a client that had waited nearly 18 months for funds from a debtor in excess of $300k. They had worked with us 4 years ago and said they regretted leaving our expertise. This business owner was extremely stressed and broken. They asked us to facilitate an attempt to recover. From the outset we said this was never going to be easy given the attitude of the debtor and the endless broken promises.

In the unpredictable landscape of business, the adage “cash is king” resonates with a resounding truth. For companies navigating financial turmoil, maintaining a robust cash flow can often mean the difference between survival and insolvency. When a company finds itself in a precarious position, owed money by another struggling entity, there comes a time when the only alternative is to shake the tree and opt for liquidation. This decision, although fraught with uncertainty, is driven by the imperative to salvage whatever value remains and mitigate further losses. The harsh reality is that not every debtor can fulfill their financial obligations, and as creditors, the decision to liquidate becomes a strategic move to safeguard one’s interests. It is a last resort born out of a pragmatic understanding that clinging to hopes of recovery may lead to deeper financial entanglements. By initiating the liquidation process, the creditor takes control of the situation, actively participating in the disbursement of remaining assets to recover as much debt as possible.

Inaction is often the riskiest course of action. A paralysed approach could result in a prolonged battle for repayment, draining both time and resources. By opting for liquidation, the creditor seizes the initiative and accelerates the resolution process. While it may seem counterintuitive to accept the possibility of receiving nothing, this decisive step ensures a definitive conclusion to the debt recovery saga. The decision to liquidate is a calculated one, acknowledging the delicate balance between risk and reward. The debtor’s financial instability may render traditional avenues, such as restructuring or negotiation, ineffective. In such cases, liquidation becomes the pragmatic choice, offering closure and the chance to allocate resources more efficiently. It becomes a testament to the uncompromising nature of the business world, where tough decisions are sometimes the only path to financial equilibrium.

In conclusion, the mantra “cash is king” reverberates through the corridors of financial strategy, especially when dealing with a debtor on the brink. While opting for liquidation might seem like a drastic measure, it serves as a lifeline for creditors navigating treacherous waters. In the unpredictable dance of commerce, sometimes the only alternative is to shake the tree, accept the harsh reality, and move forward, even if it means braving the uncertainty of receiving nothing at all. You don’t need to navigate Debtor Management on your own.

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– Catherine Cooke
Founder and Leading Business Advisor 

Charting Success: Mastering Fiscal and Sales Strategies for a Thriving Future

In the ever-evolving landscape of business, predicting the future remains elusive. Nonetheless, a proactive approach demands a well-thought-out plan. The axiom “turnover is vanity, profit is sanity, but cash is king” underscores the importance of financial stability. Current trends reveal challenges in sales and meticulous scrutiny by funders on serviceability, making it imperative for businesses to focus on solid fiscal and sales strategies. The solution is straightforward: businesses must invest in disciplined fiscal planning and sales strategies, all guided by a comprehensive business vision strategy. Unfortunately, many companies lack strategic planning and fail to communicate their vision strategy to their teams. This deficiency not only hinders the execution of plans but also undermines employee motivation. Establishing a clear and compelling sales vision is paramount in steering a sales team toward success and aligning their efforts with the broader business vision strategy.

The absence of strategic planning is a common challenge faced by businesses today. Owners often neglect to convey the company’s vision strategy, leaving team members in the dark about their roles and the roadmap ahead. Collaborative efforts among stakeholders are essential for effective decision-making and sustained success. Working with advisors can bridge this gap, enabling businesses to create a unified vision strategy, establish accountability, refine plans as needed, overcome challenges, and nurture teams to reach new heights.

In essence, the key to navigating the uncertain future lies in a dual focus on fiscal responsibility and strategic sales planning. By investing in comprehensive strategies, businesses can weather challenges, secure additional operating cash flow, and foster an environment where both owners and teams are aligned towards a shared vision of success. Business Advisors play a crucial role in guiding this process, ensuring accountability, and fostering a culture of continuous improvement and growth.

– The Engine Business Advisors have continuously: Successfully transformed top-performing sales people into highly effective sales teams, optimising their leadership potential and impact.

– Accomplished the identification and resolution of distinctive challenges faced by sales managers, ensuring a streamlined and efficient sales management process for our clients.

– Acknowledged and honed critical sales management skills and behaviors proven to drive tangible revenue results, providing our clients with a competitive edge in their respective markets.

– Executed a results-driven development program for sales managers, fostering their professional growth and enhancing their capabilities to navigate the dynamic landscape of sales management with success.

– Spearheaded a comprehensive fiscal management overhaul, resulting in substantial cost savings, improved financial efficiency, and enhanced profitability for our clients. Our strategic interventions and meticulous discipline in financial planning have not only stabilised the financial health of businesses but also positioned them for sustained growth and resilience in the face of economic uncertainties.

Don’t let another year pass by without taking action. Make this year the year of growth and success for your business and build a business you love. Book a 30 minute session with one of our Advisors to discuss what options from within our services will propel you for 2024. You may be eligible for capability funding (50% up to $5000) to work with us. And if you don’t have a vision or strategy make that appointment a priority with us.

Navigate by clicking on the far right or left of the pages below. 

– Catherine Cooke
Founder and Leading Business Advisor 

Take action to propel your business forward.

We welcome you back to a new year. And just like that we are now 2 weeks in to the new year where as Business Advisors we always look at business roadmaps for our clients for the coming year. Do you have a robust business roadmap with your vision & strategy in play for 2024?

Have you considered who will keep you accountable this year to your vision & strategy, build your management capability & help you develop your people? Having a plan is only 1/3rd of the success.

Over the last few weeks we have been reviewing our newsletter open rates and its showing the readership going from strength to strength. We had 4417 business owners open our last newsletter 3 times over the last 4 weeks and more so in the last week, likely because business owners were thinking about their return to work. These open stats demonstrate the thirst for credible information, but also means businesses are not alone especially given the modern pandemic of fear and loneliness – let‘s call this vulnerability. Vulnerability when embraced is a business owner‘s superpower! Yes that‘s right – you are all wearing capes!

It is a proven fact entrepreneurs can’t grow their business stonefaced

In her wildly popular TED talk on vulnerability, Brené Brown (watch here) tells us that one of our deepest fears is vulnerability. In the vein of being vulnerable know that problems are great and build resilience + fuel growth. When you share your vulnerability with others your courage is rewarded with bravery & help. However, if you don’t share and wait for things to improve, there is a strong reality the problem will worsen.

Is 2024 the year you take action to be vulnerable & propel your business?

As we enter into the new year, it is crucial to recognise that staying stagnant will only result in remaining in the same place as before. If you want to see growth and progress in your business, it is essential to take action and make strategic moves. The Engine Business Advisors are experienced in business, own businesses and are helping businesses just like yours holistically with the same growing pains – we are here to help you navigate the path to success.

Don’t let another year pass by without taking action. Make this year the year of growth and success for your business and build a business you love. Book a 30 minute session with one of our Advisors to discuss what options from within our services will propel you for 2024. You may be eligible for capability funding (50% up to $5000) to work with us. And if you don’t have a vision or strategy make that appointment a priority with us.

Navigate by clicking on the far right or left of the pages below. 

– Catherine Cooke
Founder and Leading Business Advisor