Thursday, 26 February 2009

Te Puni Kōkiri’s Māori Business Facilitation Service (MBFS) has compiled a list below, of 10 business tips from MBFS business sources to support Māori businesses in this current economic climate. “As we face a global economic recession it is timely for Māori businesses to take stock of their business position,” says Te Puni Kōkiri’s MBFS acting manager Jim Wilson. “We are committed to ensuring that Māori succeed as Māori in business, to that end I invite all Māori businesses that need assistance managing their business in the present climate, to contact one of our regional account managers to seek advice and support as we face this economic recession together,” he says.

Top Ten Tips

1. Top priority is your business Cashflow (Converting goods and services to cash in your bank account as quickly as possible)
2. Prepare your business budget and monitor monthly
3. Keep stock to a minimum (Sell slow moving stock through sales or specials)
4. Stay close to your customers
5. Know and manage your costs
6. Chase up slow and bad debtors diligently
7. Look for product or service efficiency
8. Make sure your business plan is up to date
9. Maintain sound governance
10. Get good advice

To access advice and support for your business in the current economic climate contact the MBFS account manager in your region or visit http://www.tpk.govt.nz/en/services/business/regional

Last modified: 29/08/2008