Tag: cash flow

The Business Aspects That May Require The Most Attention In Your Biz

Scott AsaiLeave a comment

Collaborative post – may contain affiliate links

Starting up a business is something that many people would love the opportunity to do. They want to get to a stage where they feel passionate about something they do each day, and the control that being their own boss gives them. Starting up will be overwhelming, and there is often a lot of plates to spin. But you will get to the stage where the idea has come into fruition and you are ready to move the business forward. However, there will be aspects of the business that you may forget about. So here is a quick reminder to help you keep the dream on track.

Keep a close eye on cash flow

Cash flow in and out of your business may be something that you might not have much experience, but it is an essential area of the business to keep it moving forward. The aim is to stay in the black and not have any debts around you. But often not having the right level of insight on this area can cause you to make errors with forecasts and profit projections. Take time to be aware of funds going in and out, and also be mindful of payment windows. Some of which you can take advantage of, others will also take advantage of it as you await money coming in. Outsourcing your accounts can help to take the pressure off this are for you as a business leader. 

Think about your website

These days you have to be aware how much is done online, and your website is one area that you can’t afford to make mistakes with. You only have to look at your own habits to understand that you go online for a lot. So it may be time to ensure that you give your full attention to your website. Ensuring that the pages load up quickly. All images are quality and not pixelated. Things like stock levels are up to date with the correct pricing and also taking into account SEO so that you are driving traffic to your website from search engines. 

A business blog may be beneficial 

Another thing to consider might be to set up a business blog that runs alongside your website. This can also create more chances of using things like SEO to help drive traffic to your main website and ecommerce page. You could look at having experienced writers create engaging content for the blog, as there are affordable blog writing services for your business that you could consider. This can help you to also share other information relevant to your customers, such as knowledge of the industry or the latest offers. It can even translate into social media posts as another thing to share through those platforms. 

Social media engagement and responses 

Finally, you may want to think about how you engage and use your social media platforms. You may have a strategy in place in terms of content, but if you fail to respond to comments or direct messages then it could be all to waste. 

Let’s hope this has given you something to think about when it comes to the business aspects that require your attention

Avoiding The Waste Of Unnecessary Business Spending

Scott AsaiLeave a comment

Collaborative post – may contain affiliate links

All businesses must spend money to make money. We call this healthy harmony of financial spending and revenue ‘cash flow,’ and this allows companies to develop themselves even when operating at a loss for the time being. This can also be quite common for smaller businesses just trying to get their footing. But no matter the size of your business, big or small, centralized or decentralized, raised or flat in terms of hierarchy, and no matter what assets you’re sitting on or how well known you are, avoiding unnecessary business spending is always key.

Overblown spending can affect your bottom line deeply. It affects your cash flow to the point where expenditure is not longer replenished by the revenue you gain. It can lead to you defaulting on other bills that need to be paid, or can often lead you to an ineffective solution. Often, when budget is a factor, you look for the most efficient means forward. When somehow justifying unnecessary spending, you might actually be harming your productivity.

But how do you prevent this from happening? Let us explore that:

Repair Your Equipment

It can often be that business leaders wish to run their operation from only the most pressing and new equipment needs, especially when it comes to an IT network or when securing the manufacturing line. But in reality, it can often be the case that repairing existing goods can help them remain perfectly functional for a longer time, helping you gain the most value out of them. But of course, maintenance isn’t something you just click your fingers and expect to happen immediately. This also takes effort and time to perfect. Using an CMMS service such as Maxpanda.com can help you implement ticketing solutions to ensure internal and external maintenance priorities are kept in order, helping your staff apply their prioritized skillset to the right task at the right time. This leads your firm to reduce the wasting of precious assets, and instills company pride.

Recuperation

Sometimes, a business will spend money trying to fix a mistake it didn’t need to make in the first place. This can be a true pain, and quite upsetting for those who managed the initial project. Let’s say your marketing effort was a blunder. This is because you decided to arrange this campaign yourself, despite having no marketing hires and little marketing experience. Because you’re not quite up to date with current trends, it might have fallen flat on its face. Only then do you need to hire professionals to once again restore your PR and then acquire the services of a good marketing firm. Consult with the professionals first and foremost, and realize, expert knowledge is priceless.

Staff Turnover

If staff aren’t happy, they will leave, taking the training and development you have invested into them, both in time and budget. You’ll also need to replace them using the same investment. This means that investing a little more in the staff experience, giving them a competitive package and treating them well can help you avoid losing money on your labor engagements over time.

With these tips, you’re sure to avoid the waste of unnecessary business spending.

3 Things That Could Curtail Your Career As An Entrepreneur

Scott AsaiLeave a comment

Collaborative post – may contain affiliate links

So, you’ve decided that 2019 is going to be your year. This will be the year in which you shake off the shackles of employment and smash the glass ceiling that has restricted your ambitions for too long. This is the year in which you’re finally going to go into business for yourself. You’ve already started formulating your business plan, costing up your cash flow projections and carrying out some rudimentary market research. You’ve started making appointments with mentors and business angels and it’s looking increasingly like this germ of an idea you doodled in your margin on a particularly frustrating work day might just be a viable business endeavor.

This is an exciting time, but it’s also kind of scary. After all, you’ll be venturing into uncharted territory and the decisions you make in your first year of trading will have far-reaching and long-lasting repercussions for your nascent business and your personal life.

Watch out for these potential threats that could curtail your entrepreneurial career even before it’s begun…

Burnout

Long hours and a punishing schedule are to be expected for new entrepreneurs but even those in the early stages of running a business deserve at least a semblance of work life balance. Entrepreneurial burnout is a real problem and can have disastrous consequences both for your business and your personal life. Burnout can impair your judgment, make you less able to make even simple decisions and make you short tempered and emotionally volatile.

If you’re to avoid burning out it’s vital that you take sufficient time away from your business and find positive ways to manage your stress.

Trying to keep it all in house

When starting out you’ll likely have a clear idea for your operational parameters. You’ll want to do things your way as this will be at the core of what makes your brand and your business stand out from your competitors. And while this is certainly admirable, be wary of keeping everything in-house. Not only can it put unnecessary pressure on you and your employees it may not even be the most cost efficient way of operating.

Entrusting certain areas of your operation to outsourced service providers can save you time, effort and money without compromising what makes your business unique. Click here to read more if you’re curious about what outsourced service providers can do for you.

Borrowing more than you need

The last thing your business needs is for its cash flow to be inhibited by a millstone of debt. By all means borrow enough to allow you to do what you do as well as possible but be wary of excessive borrowing.

Your cash flow will be one of the most important deciding factors in whether or not your business stays afloat. It will determine your ability to pay your vendors and your employees on time or be able to afford the kinds of capital investments that will facilitate your growth.

The more you borrow, the more your monthly business loan repayments are likely to chip away at your profit margins and make your cash flow harder to manage.

One of the finest lines you’ll have to walk is investing sufficiently in your business while also keeping your overheads manageable.

Steer clear of these common threats, however, and business success is within your grasp!