Advertising should be viewed as an investment that should generate a return, rather than a fixed cost. Many businesses spend money on the same kind of advertising each month without knowing what is working and what isn’t. Effective advertising builds profile, generates new business, and retains your existing customers. Poorly thought out advertising can create […]
Read More… from Advertising that Works
If you’re ready to grow your business, our free guide will help. It offers ten strategies you can use to take your business to the next level. Download the How to Grow Your Business eBook to learn 10 strategies you can use to take your business to the next level. Here’s what’s inside: Step 1: […]
Read More… from How to Grow Your Business eBook
What exactly is profit in a business? This article shows you how to avoid three common profit mistakes that can seriously affect the success of your business. 1. Sales are NOT profit The biggest beginner mistake is assuming that sales are profit. People new to business can easily confuse sales with profit, but there is […]
Read More… from How to avoid three common profit mistakes
1. Build credibility quickly Why should people buy from a new business? Your first challenge is to overcome their doubts by building trust and credibility quickly. Some tips: Promote your skills and experience, plus those of your staff and associates. Join your industry or professional organization and start building a profile. Commission a writer to […]
Read More… from Ten marketing priorities when you start your business
1. Generate sales as quickly as possible Your first priority when you launch your business is to gain some traction in the market as quickly as possible. Some tips: Ensure you have a compelling point of difference Build and promote your credibility Work for free or less than the normal rate in return for endorsements […]
Read More… from Seven revenue priorities when you start your business
If your customers owe you money, the faster you’re able to obtain it using effective collection tactics, the better. Ideally, you want to reduce the chance of bad debts and pressure on your business’s cash flow. It can be easy to neglect managing your debtors when you’re busy growing your business, but smart credit control […]
Read More… from How to handle debt so you always get paid on time
Taxes – there’s no avoiding them. But there are ways to reduce the amount you have to pay so that your business is more profitable. All it takes is some preparation, planning, and the advice of a good tax specialist. So one of the first things you need to do is talk to your accountant […]
Read More… from How to reduce your tax bill
Cash flow – the lifeblood of any business. The aim of any business owner is to have more cash coming in than is going out. You’re in business to make money, and one of the most effective ways of doing this is to examine your cash flow and look for ways to improve it. You’ll […]
Read More… from Handy tips for improving your cash flow
Running a successful business is a juggling act between cash coming in and cash going out. If you’ve built up a cash reserve, you’ll be better able to stay in business and handle short-term issues like falling sales. Build a cash buffer Businesses generally fail because they run out of cash. Cash in the bank […]
Read More… from How to set up a cash reserve
If you’re in retail, there’s money to be made online and it’s important your new business finds its place in the online market. Survey your regular customers Many retail businesses are now offering online shopping features. Their keys to success involve measuring the market first to make sure their time, money and effort bring about […]
Read More… from Build and grow your online revenue stream
Your current business model is the way your business earns money. A change in your business model can bring substantially more income – sometimes for less work and lower overhead costs. Technologies and markets change at an ever-increasing rate, opening new growth opportunities that may just require a shift in your thinking. First, identify your […]
Read More… from Changing your business model
Both cross-selling and upselling can be useful methods for increasing your business’s sales. But there are also genuine benefits for your customers. They’ll appreciate being offered an item that either complements or adds value to their original purchase. The art of cross-selling Cross-selling is the art of convincing your customers to buy a complementary item […]
Read More… from Cross-selling and upselling to increase your sales
Most small business owners start out with a good business idea but little concept of what it takes to manage and grow a business. But you can learn and improve your management skills as your business grows. While there isn’t a definitive list of skills, the ones listed below will help you build your initial […]
Read More… from Key management skills to grow your business
While your tools, skills and reputation allow you to operate, it’s your staff who can often influence your trade business’s progress. Hiring great workers is only half the solution. Once you hire them, you’ve got to retain them. Here’s how. 1. Know your people One of the simplest but most effective actions an employer can […]
Read More… from Nine ways to retain great employees
Once your business is up and running, it’s important not to rest on your laurels. Successful business owners are always looking at ways they can grow their business and maximize their profits. We’ve put together a guide and checklist that can help you identify ways to get the most out of your business. 1. Grow […]
Read More… from Growing your business – checklist
Online distribution frees you geographically. Where you might have been selling your product or service locally, opening an online distribution channel means you can sell it on a global scale, which is an effective way to grow your business and boost your brand. Identify what you can sell online You’ll have an online presence with […]
Read More… from Building an online distribution channel
Depreciation is basically a reduction in the value of an asset over time. What this means for your business is that if you buy a substantial asset like a computer or a car, you can claim a certain amount of the loss of value over time as a business expense. It’s also a method of […]
Read More… from How does depreciation affect small businesses?
For many small businesses, the best way to improve profitability is to increase turnover, as there’s no limit to sales but there is a limit to how much you can reduce your costs. Let’s look at how you can focus on each of the five ways in our profit increase calculator to achieve your goal […]
Read More… from Five ways to increase your profit
An asset ratio compares your assets to another part of your business. So, you could be comparing assets to revenue, profit, the number of employees or their salaries – whichever you wanted to measure. For example, if your assets/salaries ratio increases, you may have staff over-ordering on equipment. It’s a great ratio to assess the […]
Read More… from How to make your fixed assets work harder and provide a better ROI
Operating at a loss simply means you’re spending more money than you’re making. And while it’s not uncommon, especially for new businesses, it’s still not an ideal situation and one that shouldn’t be allowed to continue in the long term. Otherwise, eventually you’ll run out of cash reserves and be out of business. So the […]
Read More… from What to do if your business is operating at a loss