Small business strategies to increase profits There are 3 key small business strategies to increase profits: increase sales increase your price cut costs Increasing sales is a great strategy, but it can take some time to get new customers. You can also increase sales if you convince your current customers to start buying more products.
One of the things many of you ask me during our meetings is how to build financial reserves in your small business. Well, first of all, your business should be making profit. You cannot build reserves if your business is not profitable. If your business is not profitable, you need to address that problem first.
One of the main reasons why businesses do not succeed is because they run out of cash. This is often caused by them having problems with pricing and costs. This means that their financial management is not as it should be. A business budget can help you to avoid these issues. What are the benefits
In previous posts, I have discussed Financial Business Management 101: We started with an easy way to do record keeping Followed by how to create your sales forecast for the coming year Then, we looked at how to determine if you have the full overview of all your costs and expenses And finally, we calculated
We are continuing the series on business management basics. Last week, we looked at a 5-step approach that can be used to: get an overview of all your expenses divide them into direct and indirect costs and take action and reduce your expenses so that your profitability increases. The week before that, you used your
I recently spoke to a business owner who has been struggling with his business. He told me that his business is doing well and he keeps getting new customers, but at the end of the day, the business keeps making a loss. During our conversation, I realised that he did not have a total overview
Nobody knows the future. But you can take steps to prepare your small business to deal with that same future. One of the ways to do this is by having a sales forecast. Why is a sales forecast important? Because it helps business owners to determine: how much revenue you will be able to make
Basic financial management is the number 1 thing every small business owner should know how to do. You need to know how to do basic bookkeeping, how to calculate your financial position, and how to forecast when + how much money is coming in and going out. When you talk about bookkeeping, budgeting and financial
COVID-19 is among us and may remain with us for a very long time. Even if a vaccine is ready by the end of 2020, it may take several years before the largest part of the world population has been innoculated. And even then, things may not return to the way they used to be.
