For most businesses, increasing sales during this time will be very beneficial and may provide some much-needed cashflow relief. 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 […]
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If you’re serious about getting the best value you can for your marketing budget, you’ll need to develop a marketing plan. Below we outline eight simple steps for making your marketing efforts more effective. 1. Know your customers Firstly, you need to identify your target market. You probably have an idea of who buys from […]
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We’ve said it before and we’ll say it again – this has been an extremely difficult few months for all of us, but there is no better time to think seriously about your business. In this article, we have compiled a few tips to create value in your business. The key to building value in […]
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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. Many businesses have had to move their businesses online in recent months. […]
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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. Many business owners […]
Markets are dynamic and constantly evolving so no business can afford to stand still. Many business owners have learned that in the last few months as COVID-19 spread around the world. No matter how excellent your products or services, they have a finite lifespan, so they must be developed, improved or replaced if you’re to […]
You probably didn’t factor a global pandemic and national lockdown into your business plan! So now is definitely a good time to revisit your business plan for the next year. We know that writing a plan can feel like a big effort so we have created a template to make it easier. Please get in […]
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Is your business worth the risk? If you’re confident there’s a genuine demand for your potential product or service (and at the price you want), the next step is to work out how much you need to sell each month to make a profit. Will your business venture be worth it? It’s unlikely your business […]
The prices you charge for your products or services can have a dramatic effect on sales and profits. Your pricing strategy also determines how customers view and respond to your product or service. Consider the different options when it comes to pricing, to make sure your strategy is effective. The main pricing options Since you’re […]
Finding money for the essential assets you’ll need to run your business efficiently can be a challenge. You’ll need to decide whether leasing or buying is best for your business. Is borrowing money essential? Whether you need to purchase a vehicle, some computer equipment, or a bigger warehouse to expand your business or to operate […]
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 […]
Before you go down the path of seeking capital from outside your business, identify any other ways of raising capital. For example, do you have any savings (either in the business or you personally) that you could use? If you have unused assets in the business (machinery that’s not used very often, buildings or excess […]
At a time like this, money is tight for pretty much every business. Cutting costs can be a quick and easy way to improve the profitability of your business. Introducing cost-control measures can bring immediate savings and ensure you remain profitable in the long term. But it’s important that cost-control measures are carefully managed. Eliminating […]
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 continue in the long term. Otherwise you will eventually run out of cash reserves and be out of business. So the first thing […]
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We understand that the Coronavirus outbreak has changed the lives of many people already. Some businesses are temporarily shut due to government restrictions, others have had to closed their doors completely. No doubt, everyone is feeling a little more stress and anxiety because of the ‘unknown’ this pandemic creates. It’s important to look after yourself […]
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Slack is a communication tool that works especially well for remote teams. Every day, all over the world, in teams large and small, people are working together remotely through Slack. Slack has put together a bunch of useful resources to help people work better—wherever they are physically. Check out the useful guide here. […]
Provide customers with updated info Google has put out some recommendations if your business has been impacted by COVID-19. It’s best to update your Google My Business profile to provide the most accurate information to your customers. For example, change your hours of operation if you’re closing early, or add more details to your description. […]
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Before you decide to apply for business finance, it’s important to have all the information at hand. The more methodical your documents are, the better your chances of success. Before you go and see your bank manager, prepare the following: How much it will cost to either buy or set up your business venture, including […]
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Feeling isolated The main challenge facing most home-based small business people is the feeling of being isolated from the mainstream of business life, resulting in lower motivation and a loss of work discipline. The transiton is most difficult perhaps for people who have moved from busy offices. Interruptions by family It’s hard to stop children […]
More and more people are choosing (or being forced to) work from home given the current global pandemic. Making the transition to home-based operations – especially if it is a quick jump – can be tricky. This article explores the pros and cons of working from home and looks at ways to make your home […]
