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:
attract new customers,
save cash,
build business networks,
increase sales,
business needs,
customer loyalty,
trade dollars,
increase profits
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:
attract new customers,
build business networks,
increase sales,
networking,
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:
clear excess stock,
small business,
attract new customers,
unrealised potential,
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:
increase profit,
small business,
attract new customers,
branding,
unrealised potential,
increase sales,
business needs,
networking,
customer loyalty,
trade dollars,
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:
small business,
attract new customers,
build business networks,
branding,
goals,
networking,
customer loyalty,
marketing
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,
attract new customers,
branding,
barter,
business needs,
customer loyalty,
marketing
A business cycle is the natural rise and fall of economic growth over a period of time. The cycle is a useful tool for analysing the wider economy, as the upward and downward fluctuations show variations in production, employment, wages, and investment. Understanding the cycle allows you as a business owner to make better financial decisions with the goal of helping your business increase profit despite the downturns. Today we discuss the five main phases of a business cycle: expansion, peak, recession, trough, and recovery.
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Topics:
small business owner,
bartercard,
attract new customers,
business blog,
increase sales,
barter,
business needs,
trade dollars
It’s not surprising to see a significant shift of practices when it comes to business networking. The world has adopted new ways to network that are no longer limited to face-to-face interactions. For a long time, business owners have attended meetings, events, and Trade Shows to expand their contact base. Today, thanks to fast-paced technology, online networking sites have become common in the realm of making business connections. You can connect with countless individuals in the click of a button. However, the question is, are these virtual connections as valuable as personal interactions? Could they even be more valuable? Read on to find out more about the difference between online networking and in-person networking, and how you can use both to your advantage.
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Topics:
small business,
attract new customers,
save cash,
build business networks,
business blog,
increase sales,
business needs,
networking,
trade dollars
Business networking is an essential growth strategy to scale up your business and create a real impact on your bottom line. Finding a supportive network can help you find true value in your work, as you help your customers with your products and services, while making authentic connections.
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Topics:
small business,
attract new customers,
save cash,
build business networks,
increase sales,
networking,
trade dollars
Research shows conclusively that your existing customers are your best chance at increasing your overall sales. Closing a deal with a potential new customer is tricky and doesn’t actually happen all that often—even if your sales team are virtuosos of the craft. Statistically speaking, you’re much more likely to find success selling additional products and services. That’s where upselling and cross-selling come in. Unfortunately, people hear a lot about these kinds of tactics, and it’s easy for them to switch off if you take a poor approach. What exactly are these tactics, and how can you employ them effectively?
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Topics:
strategy,
buyer demand,
expand your product line,
small business,
attract new customers,
branding,
unrealised potential,
increase sales,
business needs,
customer loyalty
