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.
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Topics:
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.
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Topics:
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.
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Topics:
growing your business,
small business owner,
increase cash flow,
small business,
attract new customers,
build business networks,
increase sales,
trade dollars
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.
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Topics:
clear excess stock,
attract new customers,
save cash,
trade exchange,
increase sales,
business needs,
trade dollars
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?
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Topics:
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.
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Topics:
strategy,
small business,
goals,
increase sales,
business needs,
customer loyalty,
trade dollars
Businesses are always looking for new ways to generate extra income and boost their market share. When a brand develops and markets new brands that are slight variations on similar, existing products, the result is a phenomenon known as brand proliferation. Below, we discuss what you need to know about brand proliferation and how it impacts your business.
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Topics:
small business,
branding,
increase sales,
business needs,
marketing
There are countless theories about how to run a business, and when it comes down to it, every strategy has the same end-goal: increasing your profits. Whether you’re working on brand awareness, innovative product development, or increasing workplace efficiency, the goal is always to increase sales and cut operating costs.
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Topics:
growing your business,
increase profit,
increase cash flow,
small business,
attract new customers,
save cash,
build business networks,
increase sales,
trade dollars
Being a small business owner is an enormous task. Much of the operational responsibilities of your business rest on your own shoulders. With so much on your plate, it’s no wonder that business owners often fall into habits that may not always be healthy for their business.
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Topics:
strategy,
small business,
trade exchange,
business blog,
increase sales,
barter,
business needs,
marketing
