Posted tagged ‘cash’

Advanced Stakeholder Management aids recovery!

05/08/2010

“…If you grow slowly and strongly, you will be around for a long time…”

Edwin Booth Chairman Booths Supermarkets

Business has never been harder, but in some sectors there is an increasing understanding that the only way to recover and even survive is through continued investment and growth.

The Chartered Institute of Public Relations (CiPR) latest ‘state of the industry’ research reports a marked increase in PR budgets with professionals expressing confidence in terms of the health of the PR industry and growth expectations.

A host of areas are predicted for growth in the coming year, with key ‘ones to watch’ being online reputation management, crisis management and strategic planning.

Bodyproject, a niche consultancy based in Liverpool, that pioneers an Advanced Stakeholder Management (ASM) methodology, believes that those businesses that want to succeed and grow are continuing to invest to protect and promote their reputation.

Nick Taylor, owner of Bodyproject comments: “The strength of the balance sheet is clearly a major factor but more and more companies are understanding that the true value of their business is tied up in their intangible assets and intellectual capital.

“Those businesses that continue to invest and take a strategic approach to managing their reputation are also the ones that are expressing optimism that they can trade their way through the recession”

Bodyproject is seeing a great deal of interest in the ASM methodology from businesses that are growing, increasing employment, achieving more sales, reducing costs and demonstrably becoming profitable.

Nick continues: “I am convinced that to be successful in business you have to go beyond the traditional aspects of stakeholder management around the protection of reputation and brand.

“Our ASM methodology is an innovative strategy seeking to integrate the management of stakeholders into core business with visibility and control from senior leaders and board level rather than solely the preserve of PR, marketing and communications departments.”

Businesses achieving direct commercial advantage understand the essential elements of stakeholder relationships, including the development of a better brand image, additional market insight, increased flow of new product and service ideas, improvement of internal business processes, better insight into consumer behaviour, new marketing channels for company products and services, and early warning of potential risk and crisis.

Pay Up! Stay Up!

30/10/2008

“…We make a living by what we get, but we make a life by what we give…”

Winston Churchill

Cash is King, Queen and pretty much the ruler over all businesses and so getting paid by clients is one of our biggest business challenges. I recently held a theoretical debate with some small business owners that tried to imagine a time when every single business paid its invoices on time. What impact would that place upon the creditors, debtors and balance sheets? More importantly, what impact would it have on the looming recession?

Whatever the impact, all of us were agreed that if our clients paid up then we would stay up and trading. Of course we debated many horror stories including one large council who had still not paid a supplier after twelve months. No dispute over the work or the invoice just sheer incompetence, bureaucracy and now a visit to the small claims court.

So credit when it is due. The Northwest Development Agency (NWDA) announced last week that they aim to pay all invoices within 10 days. Whilst this is a small step, it is also a magnificent one and leading the way and they are to be commended. Now all that has to happen is for everyone to follow – easy!!!