Productivity is essential for profitability, and yet most small businesses have several productivity leaks that are in desperate need of plugging. Here’s how to weed out the bad habits that may be draining your business of efficiency and put better practices in place going forward. 1) Not Setting Goals This applies for both you as
As we edge ever closer towards a completely cashless society, credit cards are becoming more and more necessary. Business credit cards are also enormously helpful for bookkeeping, payment protection and emergency funds. So long as you manage your account well, a business credit card can really help you to manage your cash flow more effectively
When building and growing a small business, entrepreneurs often forget smaller details such as digitisation. It’s completely understandable; saving and organising documents or backing up data doesn’t quite demand your attention in the same way that products, services and employees do. However, digitization offers a number of benefits for business owners that can really make
The benefits to starting your own business are certainly attractive, but research by the Telegraph newspaper found that a third of small businesses fail within the first year. Time and time again, new business owners fall prey to the same common pitfalls. It’s important to be aware of the money traps that small businesses frequently
Business growth presents a huge challenge for small business owners. Sustainable growth requires careful forethought and preparation; you can’t build a solid house on shaky foundations. It’s easy to get swept up in all the excitement that accompanies business growth, but remember to take the time to prepare and organise your business to ensure that
Cash flow management is one of the most difficult parts of owning a small business. Even if your business is profitable, cash flow problems can make you feel like you’re in a never-ending cycle of feast and famine. If it seems as though money is leaving your business faster than it’s coming in, read on
As a small business owner it’s only to be expected that you want to take things to the next level. However, before you begin to grow it’s important to make sure that your business is scalable. Scalability is your ability to grow your business without overwhelming your current structures or running out of resources. Therefore,
A good customer retention rate is essential to your small business. The more one-off customers you can convert into long-term patrons, the more profitable your business will be. Research by Invesp found that it costs five times more to acquire a new customer than retain an existing one. Meanwhile, the probability of selling to an
Every business owner starts out brimming with motivation and enthusiasm, and yet according to the US Bureau of Labor Statistics, 20% of small businesses fail within the first year. Jump ahead to five years and that number rises to a terrifying 70%. These numbers are alarming, but that doesn’t mean you should throw in the
About 20% of businesses fail during their first year. So which traits should an entrepreneur have to become successful in a highly competitive environment? Starting a business isn’t easy, especially in the modern environment that favours sound, long-lasting practices and a severe loss-aversion mentality. While not everyone is born to be an entrepreneur, there are skills
It might be tempting to try and do the accounting yourself. But getting a team of experts could save you precious time and resources. Some businesses have internal solutions for financial management. And in smaller companies, even the owners themselves can weigh in and tackle the task. Such an approach could work for the business for
If you want to avoid the stress of the tax period, follow these four simple steps to prepare your business in advance. Tax season is one of the most stressful periods of the year for a business owner. With proper planning, however, you can change that. It’s essential to start preparing for the filing of your
Marketing budgets are on the rise, and for good reason. Research by the CMO Council found that 65% of marketers plan to increase their budgets in 2021, but how do you know which channels or tactics will work best for your business? To help answer that question we’ve created a list of five tips that
It’s the age-old debate: cash flow or profit? Whilst the two are undoubtedly related, they are certainly not the same thing and business owners must often sacrifice one at the expense of the other. In the long term, a business needs both positive cash flow and profits to continue operation, but which one should entrepreneurs
Every business owner must know where the money in their company comes from and where it goes. That’s why financial management is one of the most important things to keep in mind. What is a business budget? Simply put, it’s a financial plan that gives a company relevant information on revenue, expenditure, and capital. Business
Many businesses compete on price simply because they haven’t contemplated taking another route. The problem is that simply slashing your prices and trying to undercut your competitors can set you on the path towards financial failure. Competing on price often leaves small businesses with narrow profit margins and picky customers who are always trying to
Businesses often put off hiring an accountant until they’ve grown bigger, but that’s a mistake that can actually delay growth. The services of an accountant extend beyond simply minimizing your tax bill, although that’s an undeniably valuable advantage. In addition to saving you time and money, a good accountant helps you to manage your cash
During the tough time COVID-19 has brought to us, it must have been extremely difficult for you or people around you to make a living, at least not the same as you used to. There must be a lot of you who have some unanswered questions in your heads, here I am writing to clear
If you read our blogs regularly, by now you would be well aware of the importance of accounting and finance for a business. Staying on top of accounting and finance is the key element for a business to be successful. Every business requires a professional accountant to rank on top, however, each business is unique,
It is quite easy and favourable for most business owners to make the presence of their business firms known to their potential customers. In context to which, having a small retail business an exciting venture in this day and age. Today’s digital technology has made it extremely easy for businesses to reach out to their
