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
Whether you have plans to expand a business or you’re starting up a new venture, there is generally a time when a cash injection is required to help boost the business and increase profits.
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Topics:
growing your business,
small business owner,
increase profit,
restaurants,
hospitality,
strategy,
small business,
build business networks,
increase sales,
business needs,
networking,
customer loyalty,
trade dollars,
marketing
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.
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Topics:
small business owner,
increase profit,
small business,
build business networks,
Leadership,
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:
small business owner,
attracting new customers,
increase profit,
increase cash flow,
build business networks,
increase sales,
business needs,
trade dollars
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
Each year seems to arrive earlier than the last, and in a world steeped in new and rapidly evolving technology—smarter AI, leaner management systems, more flexible mobile solutions, and more—we’ve adjusted to the reality that nothing stays the same for very long.
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Topics:
business strategies,
growing your business,
attracting new customers,
increase cash flow,
small business,
build business networks,
increase sales,
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
The most basic way that businesses make a profit is to sell their goods and services. To do so first requires that businesses provide a good or service, then to market that product and make sales. However, there are two very different channels that businesses can sell through. Selling directly to consumers, or “business-to-consumer” (B2C) marketing, is an entirely different operation than selling directly to other businesses (“business-to-business”, or B2B).
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Topics:
build business networks,
increase sales,
business needs,
networking,
trade dollars,
marketing
Small-to-Medium Enterprises (SMEs) often lack the sheer size they need to compete with much larger, international firms. Doing business in an environment where you’re one of the smaller fish is difficult, which is why smaller businesses often align their objectives with other, similar businesses to create business networks. These networks let SMEs work together to accomplish larger objectives, which increases their competitiveness with bigger companies, and as such, they’re very important for the businesses involved.
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Topics:
build business networks,
barter,
business needs,
networking,
trade dollars
