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

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

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

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

As a small business owner, consistent, constant marketing plays a big part in making sure your audience knows you, what you offer and what makes you unique. It would be great to simply open the door to your business every day and wait for the customers to roll on in. In reality, we know that doesn’t happen without a LOT of effort.

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Topics: increase profit, small business, market research, attract new customers, save cash, build business networks, content marketing, unrealised potential, increase sales, business needs, networking, trade dollars

Did you know that the ancient concept of bartering goods/services is still relevant in this age of digital money? Yes, as amazing as it may seem, trading your products in exchange for what you need or would otherwise have purchased in cash can be the ultimate business tactic. Not only do you attract new customers in the process, but you also increase the profitability of your business, managing stock more effectively and participating in a supportive network of other businesses. What’s more, a healthy barter relationship can serve as a perfect opportunity to turn your bartering members of today into the paying clients of tomorrow. After all, opportunities for extra income shouldn’t be passed up!

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Topics: attract new customers, save cash, build business networks, unrealised potential, increase sales, networking