Are you an entrepreneur? Yes? Okay. I’m going to tell you something that sounds crazy–or at least like a line–but which I know to be unequivocally true. The right accounting software package will help make your dreams come true. See, I told you it would sound a bit crazy! Let me explain it a little more.
What feeds the fire of every start-up is an inspiration of what the company can be and what it can do better than any other on the market. But nothing douses that fire like drowning in inefficiency and tedious administrative processes.
In these tough economic times, it’s important that you carry out all necessary procedures to safeguard your business. Money may be tight but competition is rife, so you MUST keep all cards close to your chest to protect the company’s future.
There are various ways that you can keep your business secure and no we’re not talking about putting up CCTV or an iron gate. Yes, your business should have measures for physical security but today we’re discussing ways to keep your firm financially secure and here are 6 tips brought to you by the team at Real Business Rescue.
Saving money on your business overhead is like putting money directly into your pocket. As a small business owners are always looking for ways to make the most of their budget so they can classify as much of their revenues as possible as profit. As you probably know, cash flow is what is going to keep your start-up above water. To get more cash flow, you need to either sell more or cut back on expenses, and when you do not have a large book-of-business, cutting back is the most practical option.
Every business owner knows the basics of reducing overhead, but sometimes it takes a bit of creativity to reduce spending without compromising business solvency.
For any business owner, sustainability and growth are always top of mind. You want to invest in growth while realizing a positive return. As you contemplate your long-term goals, here are the top three investments to consider:
1. Technology infrastructure – It’s important to operate off a scalable technology platform – one that enhances employee performance. Because technology impacts every sector of your business, it’s important that it provides a simple and flexible experience for your team members so that they can maximize efficiency.
Keeping up with cutting edge trends that you can implement first in your industry is a great way for your company to stay ahead of the curve and stand out. Don’t be afraid to take risks!
So you have your new corporation or LLC formed… great! Now the next task on your list might be to build credit for it, but how do you do that?
In many ways, building credit for a new business is much harder than building personal credit. With the latter, there are a plethora of entry-level cards for students and people with no credit history. Unfortunately, you will be unlikely to find starter cards like that for businesses.
Pre and Post Recession
Having a great business idea is just the first step. Getting funding for your new company is the more challenging task that follows up. Often, individuals are discouraged from making their dream a reality because of the limited funding opportunities that are available.
It is possible to find investment for a business idea, even if the economy is slow. Presentation of your idea and having a highly professional business plan will show potential investors that you are serious and that you have what it takes to succeed. The following tips will help you present yourself well and capture the interest of potential investors.
Author’s Note: This is the second in my series of “Marketing From The Front” blog posts for MyCorporation.com. If you missed the previous blog post: “How to Get Started With Your Marketing Planning”, click here to find it.
Once you’ve accumulated your knowledge about the specific business you intend to start, you’ll quickly realize that there are a number of ways you can go to start creating some revenue.
How do you decide which path to take first?
As small business owners become increasingly uneasy about the removal of tax breaks, increased taxes and potential new costs for employee health care benefits, there are a plethora of articles cropping up everywhere on how to tighten the belt on the budget. Cutting costs on your insurance policies, voice and data plans, and credit card processing are always advised on the “to do” list and companies are often told to avoid cutting costs on customer service, marketing and employee perks.
These are all viable ideas, but they all miss the target. Instead of only concentrating on reducing expenses, why not focus on what you can do to shift your mindset over to increasing revenue? Continue reading
Guest post today courtesy of Kent E. Seton, founder and president of the Center for Nonprofit Creation.
If you are passionate about your nonprofit charity or business, branding your charity is an invaluable tool that can yield significant economic benefits. Some of the most well known nonprofits in the world, like United Way and the American Red Cross, are charitable entities that are just as well known as brands that do make a profit, like Coca Cola and Nike. How does a nonprofit translate into dollars and cents? Several companies, such as the American Red Cross, have brands so reputable that they license out their trademark to “for profit” enterprises. An example of this licensing in action is a seal of approval – if you go into a grocery store and see a Red Cross logo on a cosmetic item, it has been officially “certified” by the American Red Cross. Each time that product is sold, the American Red Cross earns a royalty. The American Red Cross generates a significant amount of revenue via this model.
A business is a business regardless of its size. But when it comes to marketing, big companies are able to splurge more on their marketing tools while small businesses have a much smaller pool of finances to be resourceful in. Limited resources shouldn’t be seen as a challenge – it’s actually an opportunity to be more creative with how you market your business.
Lacking some creative juices for marketing strategies? Worry no more with these budget friendly marketing tips! Continue reading