One of the integral facets of achieving business growth and increasing profit is hiring a team of high-performing employees who can do the job efficiently. Hiring effectively is one of the most important business growth strategies, but there’s still no guarantee that your current staff will stay with your company permanently.
Read MoreTopics: business strategies, Workplace productivity, unrealised potential, rewarding staff, trade dollars
Thanks to a massive shift in technology, companies are starting to adopt flexible work arrangements for their employees. Companies are incorporating flexible work schedules, which involve giving employees the freedom to arrive and depart from work at varying times. This change in the professional landscape has proven to be beneficial for employers looking to increase business profits. Even human resources professionals are supporting the initiative; urging more employers to bolster their efforts towards this kind of set-up. Here are the main reasons why you should welcome flexible work schedules.
Read MoreTopics: increase profit, customer loyalty, rewarding staff, trade dollars
Owning your own business is widely recognised as one of the best ways to achieve financial freedom. With the right knowledge and skills, you can cultivate a successful business, hire staff to help it grow and put your money to work for you. That said, starting your own business is by no means a guaranteed path to success. By tying your fortunes to the success of your business, you are naturally shouldering a higher burden of risk than you would if you merely collected a pay cheque from someone else’s business.
Read MoreTopics: increase cash flow, attract new customers, save cash, build business networks, increase sales, trade dollars
Running a business requires up-to-date inventory management. When the demand for your products or services is high, you need an accurate inventory ledger to ensure production is meeting consumer demands. Conversely, when demand is low, business owners need to slow down production to prevent excess stock accumulating, as that risks destabilising inventory. Luckily, a few simple metrics can help you accurately measure your inventory so you can determine your business' production rates over time. We discuss what inventory turnover ratio is, its importance, and how it can help stabilise your inventory and improve business cash flow.
Read MoreTopics: clear excess stock, increase sales, trade dollars
It’s no secret that online sales are quickly overtaking those made over the counter. Customers love the convenience of shopping from their office, at home, and on the go. If you’re not building your e-commerce presence, you’ll find your business will be left behind.
Read MoreTopics: growing your business, small business owner, increase cash flow, small business, attract new customers, build business networks, increase sales, trade dollars
Emails are a necessary part of everyday business communication. They can also be a major distraction that eats up your time and negatively affects your productivity. With emails now on your phone, it’s even easier for your attention to be hijacked by the ‘ping’ of every notification, losing valuable time that should be spent growing your business and getting more customers.
Read MoreTopics: business strategies, small business, business blog, business needs, marketing
With 2020 comes a new decade, and with it, a new range of challenges every successful business must overcome to increase sales and grow their customer base. How can you set your business up for success, while also setting yourself apart from your competition? Here are some tips from Dr. George Day, a marketing expert at the University of Pennsylvania.
Read MoreTopics: clear excess stock, attract new customers, save cash, trade exchange, increase sales, business needs, trade dollars
Finding business partners that share similar markets to you can help you leverage your business, increase business profits, and expand your customer base. The problem is many business owners are scared off by the statistics - at least 50% of partnerships fail in the first 2-3 years! That’s enough to make any business owner decide to tough it out alone.
Read MoreTopics: growing your business, strategy, small business, trade exchange, build business networks, networking, trade dollars, marketing
It’s an age-old dilemma. Diversifying your product range can help you meet a broader range of customer demands, but will it spread you too thin? Devoting your resources and energy to a narrower product range may ensure greater quality, value, and market share, but do you risk putting all your eggs in one basket?
Read MoreTopics: attract new customers, save cash, build business networks, branding, unrealised potential, increase sales, business needs, customer loyalty, marketing
Businesses set long-term goals to help them measure their success. However, as a business owner, you must also set attainable and specific short-term goals that support the bigger picture. Invest time to create scalable plans that will accelerate your business along the path toward your long-term vision. Here are examples of short-term goals, which can pave the way towards achieving your long-term objectives.
Read MoreTopics: strategy, small business, goals, increase sales, business needs, customer loyalty, trade dollars
