A key focus of my blog is Financial Literacy/Money. One component to being successful with money is making it. A second key is knowing what to do with it and then executing a plan. The following contributed post is entitled, Making Good Use Of Your Money.
Being savvy with money can make all the difference to your day to day life. If you are irresponsible with money, or have to make tough decisions that place you in debt, you can experience a lot of struggle and hardship down the line. If you are financially savvy, you should be able to keep yourself above the water and can even start to invest and save. This gives you a security blanket that you can rely on during harder times or difficulties. Here are a few simple steps you can take to manage your money well.
If you have any outstanding debt, it’s important that you do what you can to clear it. Clearing debt can feel difficult, especially if you’re already living on a tight budget, but by clearing it, you can lift a huge weight from your shoulders. Start out by determining your budget. Find out your take home pay (this is your pay after tax and national insurance deductions – you may also find you have pension or student loan deductions if relevant). Next, take away all of your essential costs. This could include things like rent or mortgage payments, energy bills, groceries and water. It should also include payments that you are contracted or committed to, such as car payments, financial agreements, broadband costs, mobile costs and more. The figure you’re left with is your disposable income. If you have debt, you should try to dedicate as much of this disposable income as possible to clearing your debts. If you’re experiencing difficulty and feel you’ll never realistically be able to clear your debt, you may want to consider options like bankruptcy.
If you are debt free, you may want to consider investing some of your disposable income. This means using some of your disposable income to invest in projects that could make you money going forward. There are short term investments and long term investments. Only you can know which will best suit you, or you could talk to a financial advisor for advice on your personal circumstances and the best investments for rising interest rates.
Saving money is important too. By having a savings account, you will have money available for situations where you might need it, such as having to repair your car, replace a broken appliance or other situations. Alternatively, you can save for something. It could be a mortgage deposit, a dream holiday, a car or anything else. Find a savings account with a good interest rate for the best return on your money while it’s sitting waiting to be used.
These steps may not be possible for everyone, but if you can take them into account, you really should. They will make all the difference to your financial status and security and can help you to lead a more comfortable and less stressful day to day life!
Two key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. While the focus of a business is the generate profit, a key aspect of that is controlling costs and improving cashflow. The following contributed post is entitled, How To Improve Cashflow As A Small Business.
* * *
One of the problems facing small businesses, even profitable small businesses is cash flow or lack thereof. Having a steady cash flow is important for all businesses as it is the means to meeting all overheads such as rent and bills. If payments are due to be made but cannot be met even a successful company could run into difficulty and uncertainty over their future. Here are some tips to consider when it comes to keeping your company cash available.
Choosing to lease over purchasing property or even equipment and goods may at first seem counterintuitive as commonly you will end up paying a higher amount over the duration of the lease than you would if you bought the property outright. While this may be the case outlying large sums of money into property or goods will tie up your company funds and could have a very detrimental effect on its access to cash and cash flow. It may also be that your lease agreements can benefit from certain tax advantages, advice on which should always be sought.
If you do choose to buy your goods or equipment then you will always have the option to sell them to liquidize those assets. Or, it may be that you have surplus inventory to your requirements that you can dispose of to increase your cash flow. Take a look around, and consider whether everything you have is truly needed. Your company tools or equipment will always be worth something and there are specialized companies available who can help value your stock and offer you competitive rates. If you are in the restaurant trade for example take a look at this site to see what services they offer for liquidating your inventory.
Stay on top of invoicing
It sounds like an obvious one but you would be surprised how many companies lag behind when it comes to invoicing. Firstly be sure to invoice as soon as possible and make sure all invoices are clear and easy to read with all of the relevant information easy to find. Relevant information such as payment terms and payment methods should be top priority. It is also a good idea to include a due date and to make it visible from several locations on the invoice. Finally be sure to chase unpaid invoices regularly. Set yourself weekly or even bi-weekly reminders to send out follow ups as the payment deadline approaches. If an invoice is unpaid after the due date be sure to charge late payment fees.
Consider how people pay you
If your cash is coming from your customers, which it will be, consider the payment methods you offer and whether you can expand these. There are so many viable payment options available from Paypal, Venmo, Apple Pay or even Bitcoin. The more possibilities you have and the more convenient it is for customers to pay you the quicker you will receive your money and improve your cash flow.
Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Arguably the most important part of any business is its marketing. A part of marketing is figuring out how to maintain your customer’s attention. The following contributed post is entitled, Tips For Maintaining Your Customer’s Attention.
* * *
Maintaining the attention of your customers is super important so that they don’t lose interest. Non-interested customers will slowly hinder your business sales, which will decrease profits and make it harder to grow and expand your business. To make your business more effective and successful, it is important to engage your customers.
On that note, here are the best tips for maintaining your customer’s attention.
Make an engaging website If your business runs an online website, that it will need to be as engaging as possible to maintain the attention of your customers. If your business doesn’t have a website, then it will benefit your business to work with a website design team who will help to build your site. A business website will help your business be more discoverable, which will boost sales and success.
Your business website should be as responsive as possible, which will maintain the attention of your customers. Using an expert in the field will ensure that your website is easy to use and smooth so that your customers do not lose interest.
Fast responses An effective way to keep your customers engaged is to respond to their comments and questions as fast as possible. Although it would be ideal to offer your customers immediate responses, sometimes it simply isn’t possible. Therefore, ensure to stay on top of your comments/queries so that you can turn around quick responses.
If you do want to try and increase your response time and offer more frequent immediate responses then it can help to build a live chat service on your website. During business hours, customers can contact you there and attain an immediate response to their query, which will keep them attentive and interested.
Never promise anything You should avoid promising anything to your customers because if you fail to meet the expectations that you have set out for yourself, then you will lose your customer’s trust. Therefore, never hand out promises.
Instead, fulfilling your own expectations should be enough to satisfy your customers and keep them interested.
Get to know your customers The more personal you are with your customers, the more engaged they will be. Simply knowing their name or their preferences will ensure that you can be friendly and create a relationship, which will keep them coming back to use your business.
Getting to know your customers will also mean that you can rely on them for regular and honest feedback. The more feedback you attain from your customers about your business, the more you can improve and ensure that you provide your customers with what they want.
Offer regular deals Every customer will appreciate a good deal from time to time. Therefore, offering regular deals to your existing customers will make them feel appreciated and encourage them to keep shopping with you to attain more deals.
You could offer a reward scheme whereby you offer a free product for every ten purchases made. It will keep them interested and engaged with your business, which will maintain their loyalty.
Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. A critical piece to winning with money is learning to invest. As with most things, there are numerous important aspects to learning to invest money. The following contributed post is entitled, Investment Tips Anyone Can Profit From.
* * *
Whether you are new to investing, investing for yourself, or for your business, there are many avenues you can go down. Creating more wealth is a sensible life choice that offers you a lot more choice. How you choose to invest will play a huge role in how successful you are, and your choice is always going to be affected by your personal circumstances. So, when you look to invest, always be honest with yourself, invest only what you can afford to lose, and never get into an investment that you do not fully understand. Let’s have a look at a few options:
Cryptocurrency Cryptocurrency is still rising in popularity. In fact, more and more businesses are seeing this as a viable investment option and making investments this way. The rise in technology such as blockchain has made cryptocurrency easier than ever to use. There are also a lot more financial; institutions that can help you create an investment portfolio with cryptocurrency. Cryptocurrency may well be the future of all online transitions, so this could be a very good long-term investment. However, there are risks, such as law changes and the volatility of cryptocurrencies. So, be careful.
The Stock Market The Stock Market is a great way to invest, you can make money on the share price increasing, and you can make money in dividend payouts too. The short-term, high-risk investors may not be so interested in dividends as they are about making big returns on the stock increasing over a short period of time. Long-term investors may well be more interested in the dividend payouts than they are about huge increases in the share price value over the short term. Decide what kind of investor you are and choose something that suits your needs. Younger people may well be more inclined to take risks, whereas older people may find the less risky, pretty much sure thing dividend payout a more attractive option. It may well be worth your while speaking to a financial advisor such as Prio Wealth Management, who can advise you on the best form of investment for your situation.
Spread betting Spread betting is another way you can make money off the stock market. Instead of buying and selling shares, you make informed bets on whether the value of a particular share will go up or down in a predefined period of time. If you have put in the work, this is less like gambling and more like educated betting.
Real Estate Investing in real estate is a great thing for both the individual and the business to do. The buy to let market is always thriving, as is buying something as a project to do up and sell later. Property is currently on an upwards trend, and having a few properties in your portfolio can be a very business savvy choice. If you end up with enough properties, you can even create a property sideline or use a realtor to take control of the properties for you, so you can make money with minimal stress.
Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. A component of your business is its customer service. Even in today’s digital age, a key aspect of that is communication over the phone. The following contributed post is entitled, Phone Etiquette Tips For Business.
* * *
Phone etiquette is very important for maintaining customer satisfaction and representing your brand professionally. Your manner on the phone matters, and will change how your customers feel about you and how effective your business is.
Here’s what every business owner needs to know about managing phone lines, whether you’re a one-man band using your mobile phone, or a larger business with a voip phone provider.
Make sure everyone answers the phone in the same way. If it’s an inbound call, all the customer wants to know is that they have called the right place. Keep your hello brief. Choose a professional greeting that mentions the company and then your own name. Don’t waste time with extras like, “How can I help you?”. Something like, “Hello, Mary’s Cafe, Ryan speaking,” is enough.
Don’t interrupt a complaining customer. It can be hard to do this, but listen to the whole problem, no matter how long the customer talks. Even if you use call center that will hand off the call to a member of your staff, listening to the whole problem is important so that the customer feels you are taking them seriously.
Use The Hold Button
Make sure everyone at your company knows how to use your phone system, including the hold button. Never put the phone to your chest to muffle the mouthpiece so you can talk to someone in the office. Clients might hear things that you don’t want them to hear.
Use The Transfer Button
You need to know how to transfer someone to another member of your team. Tell your customer something like, “The best person to handle this is Claire, so I’m going to transfer you.” If you need time to find Claire or explain the customer’s problem to her, tell the customer this, and put them on hold, so they understand why they’re waiting. Make sure Claire takes the call with some knowledge of what the problem is.
Keep Customers Informed
It’s important to train your team on this. They need to give the customer a list of what they are going to do, then a longer timeframe than necessary. Do this, because when you solve their problem faster than you said you would, the customer is pleased and feels you went above and beyond to help them. If you take longer than you said, they’ll be annoyed.
Smile When Your Talk
You can hear when someone is smiling. When you smile while you’re speaking on the phone makes a detectable difference to your tone of voice, so make sure that your team sounds as though they’re in a good mood when they’re on the phone. If a member of your team sounds bored or miserable, it will be worse on the phone, as the customer can’t see their body language. Words and inflection are very important over the phone, more so than they are in a face-to-face encounter. Smile, and keep your tone friendly and professional when you talk.
Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. If you’re running a business, you may hit stretches were you’re taking losses or a system goes down. You may experience difficulties from the start. The following contributed post is entitled, Helping You To Understand What Could Be Wrong In Your Business.
* * *
Is something going wrong in your business? At some point in their business life, every business owner is going to go through a patch where something isn’t quite right with the business that they own. As such, it’s up to you to find out what the problem is so that you can start working on the solution. In this article, we’re going to be taking a look at some of the more common issues so that you can work out where to go from there. Keep reading if you would like to find out more about this topic.
The first problem that you might have is the fact that your employees aren’t dedicated to helping you see success. If this is the problem, then you need to either put your current employees up for performance review, or you need to get new employees. You don’t have the time to let them sink your business by not caring about what goes on, so you need to make a decision fast. Of course, if there is an employee who is usually working really hard and things have slipped recently, try talking to them first to see what is going on. You never know, there might be something that you can help with.
If this is an issue for you and it’s becoming a constant problem, you can always look at outsourcing instead. This is a cheaper option, and you can get managed devops services, accounting services, human resources and so much more when you outsource.
Your Marketing Isn’t Working
Potentially, the issue is that your marketing just isn’t working. If this is the case, you need to start evaluating why this might be. Have you run your marketing campaigns past a focus group before you launched them? If not, why? A focus group will give you invaluable feedback that will help you understand the position you are in when it comes to your marketing. They will tell you if your target audience is going to find this campaign interesting and engage with it, or if it’s going to flop.
It could also be true that the issue is that you are not being creative enough with your content. People want to see something a little different than they are always seeing. The same thing over and over is extremely boring, and you’re not going to catch anyone’s attention like this. If your marketing is failing to garner attention, this will be your biggest issue.
Have you ever stopped to consider your reputation? Some business owners seem to think that a bad reputation is better than no reputation at all but this is untrue. If you have no reputation, it’s easier to try and build one, but if you have a bad one, then this is going to be extremely difficult to turn around. One of the things that they might say about your company is that you are not reliable. Now, you will know if this is true or not. You will know if you are consistently providing high-quality to your customers, and you will know if getting through to your business is as simple as it should be. If you are not reliable, we suggest that you get to work on changing that if you want to see an improvement.
Leadership Is Lacking
The final thing that we are going to look at is the leadership in your business. If the leadership is lacking, then things are never going to be successful. Think about the way that you run your business and ask yourself whether there is anything that you could be doing better. If you can’t come up with anything, then you may want to look at taking a leadership course. This might give you insights that you needed, but never would have found otherwise.
We hope that you have found this article helpful, and now see some of the things that could be going wrong in your business. It could also be none of the things on this list and be something entirely different, but if any of these sound familiar to you, it’s well worth taking a look at trying to fix it. Try to remember that all issues in business can be fixed as long as you are willing to find the solution rather than just leave it to fester. We wish you the very best of luck, and hope that you find the answer you are looking for soon.
Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Once you’ve started a business, one of your keys to success will be ensuring it’s growth and prosperity. The following contributed post is entitled, How To Make Your Business More Effective.
When you run a business, you want it to be as profitable, efficient and useful as possible. You want to get the most output possible, whether that be through the capabilities of your staff or the amount that you bring in each money. Luckily, through the use of technology and a few other tactics, you can soon make your business more effective. After all, the most important thing when running a company is to remember all times to work smarter, not harder. If you are looking for some great ways to make your business more effective we have put together some top things to consider below.
Make use of the technology on the market
There is so much innovative technology on the market now, it is important to utilise it to your advantage. Whether it is implementing the cloud so your employees can access documents from anywhere, or using a more advanced accounting system, it is up to you. It is also important for you to keep an eye on emerging trends such as virtual reality which can be a real selling point to your company, or World Mobile Token which enables you to connect to any network in the world. By keeping in the know about technologies that are coming up, you are well set to improve the effectiveness and efficiency of your company.
Ensure your staff members are happy
Your staff members are integral to your business so the happier they are, the more money you will make and the more effective your company will be. There are many ways that you can ensure your staff are happy, from giving incentives such as finishing early on a Friday, to an employee of the month and end of year bonuses. By adding simple things like this to your strategy, you will soon find that your staff members are much happier and your business will be reaping the results. Try to book appraisals with your employees too, so you can find out anything that is bothering them and also help them to improve if they need to.
Think about where you are spending your money
It can be easy to spend money needlessly in a business. This could be through different monthly subscriptions and programs, or simply through using a service that is more pricey than it necessarily should be. To combat this, go through where all your money is going and see if you can cut it down. It could be that you are paying over the odds for your phone contracts, or perhaps you are ordering more stationery supplies than are needed.
These are just a few simple ways that you can make your business more effective. By implementing these top tips you are sure to improve how it runs and find an increase in profits and hopefully a decrease in your expenditure. Do you run a business? What are some top tips you like to follow in order to make it more effective? Let us know in the comments below!
Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Once you business is up and running, you want to determine if you have competitors. If so you, need to determine how to set yourself apart from you competition. The following contributed post is entitled, How To Give Your Business The Competitive Edge.
Keeping a business afloat isn’t always easy and this is largely due to the threat of the competition. If you don’t take steps to give your business the competitive edge, your nearest rivals could steal away your potential and existing customers and limit your chances of making a profit.
There are a number of things you can do to gain a competitive edge and these include the following.
#1: Improve your SEO
The higher your business website ranks on search engines the better, as you will instantly elevate your business over the competition. This is because customers tend to trust the businesses that rank highly so you will be giving your business the credibility it needs To improve your SEO, you could take steps yourself, such as tweaking your website content to accommodate the keywords your target demographic will be searching for. You could also outsource to web design services akin to WebX360 as they have the know-how to improve your website, manage your content, and elevate your search engine ranking.
#2: Work on your brand identity
Your brand is what sets you apart from other businesses. At a very basic level, it’s about working on your businesses’ physical image, such as the logos and colors you choose to represent your business. However, it’s also about less tangible qualities, such as the values that your business represents. One such value could be care for the environment as this would do much to win over the hearts and minds of those shoppers that prefer to go green with their purchases. Check out our branding tips for more advice and browse our website for any similar topics.
#3: Become an industry expert
If you have worked in your industry for a while, you will have built up quite the knowledge base related to the products and services you provide. You can use this to your advantage by sharing what you know with others. When you do this by speaking at events and conferences, you will increase your credibility with a wider audience. You could create your own podcasts and YouTube videos too, write ebooks, and write informative articles that could be placed on prominent sites online. This is your way to make an impact on the people that use your business and is an excellent way to leverage yourself above your competitors.
#4: Find your niche
If your business isn’t very different from the others in your industry, it’s understandable that your business might get lost amongst the crowd. You need to stand out in some way, as we have discussed within our other suggestions. One way to stand out is to find your own niche, giving people something that isn’t being offered by any of your rivals. To do this, you need to research your competitors, look for gaps in the market, and then fill those gaps if you think there is a demographic for something unique.
Too many businesses experience failure because of the competition but you don’t have to let this happen to you. By giving your business the competitive edge, you may be able to sidestep failure, as you should be able to attract more customers to your side. Consider our suggestions and then think about the other things you need to do to elevate your business over the competition.
Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. If you’re fortunate enough to have had your business survive its initial stages, you must continuously think about how position it to survive and thrive. The following contributed post is entitled, How To Succeed In Your Newfound Small Business.
* * *
Creating your own small business is an incredible feat. It is something that most people dream of and with more people taking the plunge, there seems to be more competition than ever. With that being said, it is important to know the best tips so that you can take your business idea to new heights and succeed in your newfound small business. No matter which industry you work in, here are some tips to help you succeed in your small business.
Being behind on the latest trends and news within your industry can result in your business falling behind. Opposingly, staying up to date with the latest trends will ensure that you offer the most effective solutions for your customers.
Simply researching the news and trends once a week will ensure that you are always inspired by new ideas and don’t fall behind should there be a leading trend that is winning over customers.
For instance, if you work as a freelance gamer and miss out on the new gaming updates, then you could lose your audience to others that have bothered to be on-trend and give the audience what they want. You can do your research and stay up to date with websites like iGaming News so that you can be ahead of the game and succeed in your business.
For example, if your new business is a marketing agency then the more skills you have, the more you can offer clients in terms of packages and results. It is ideal to have the most skills possible so that you can win over clients and ensure to be efficient and achieve the best results.
Ensure to get your marketing under control
Speaking of marketing, it is an important area of the business that you need to get right. The more you knuckle down on your marketing strategies, the greater your business’s reach will be. A higher reach will result in more sales and therefore, more profit.
Although business success isn’t defined by finances, more money certainly helps take a newfound small business to new heights. It will enable you to hire more staff so that your business can grow.
To get your marketing under control here is some advice:
● Start automating. Automation in marketing is extremely useful to reduce the amount of manual labor that you have to put into your business. It allows your business to share marketing content throughout the day without having to manually push the publish button. You still need to create and schedule the content. Yet, you won’t have to worry about sharing it. Automation means that you can share more frequent marketing content, which will increase reach and brand awareness. ● Cross-promote. Cross-promotion is crucial if you want to reach out to as many people as possible. Although your business will likely have a target audience or a niche, reaching more people will likely result in more sales. Use email marketing as well as new marketing methods, such as social media, to reach as many customers as possible. ● Get help. Should you lack knowledge and experience in marketing, then you could put your spare money to good use and pay for help. Although a small business does not always have the extra money to pay for help, the return will be worth it. When your marketing is under control by someone who knows what they are doing, they can help expand your reach and therefore, grow your business.
Focus on customer service
Happy customers are the backbone of every business, no matter how big your business is. Should you disappoint customers and not fulfill their needs, then they will likely lose interest and go elsewhere.
Therefore, it is very important and beneficial to offer the best customer service possible. To do so:
1. Respond as quickly as possible. You can lose a customer’s interest by taking a week to reply. Thus, reply as quickly as possible to maintain their attention.
2. Help no matter what. Whether your customer has a compliment or a complaint, ensure to help them no matter what. While doing so, be friendly and never use negative language as it can put them off of your business.
3. Never promise anything. If you promise a customer something and fail to meet the expectations, then you might end up losing them for good. Should you tell them a product is coming back in stock in 5 days and it doesn’t, then they might shop elsewhere and therefore, you will lose them as a customer. Never promise anything so that you never disappoint anyone.
Build an online presence
Alongside marketing, an online presence will form. This is essential for any newfound small business in today’s technology-based world. Should you lack an online presence, then you might struggle to achieve your goals.
An online presence will showcase your business to more customers, which will result in you attaining a wider customer base. A wider customer base will always result in more profit, which is a stepping stone for small business success.
Build an online presence through social media pages, a website, a blog, and great reviews. Adding a blog to your website is a great way to be more engaging, improve your SEO, and become a more personable brand.
On the topic of becoming a personable brand, it really helps to be personable. Simply being friendly and getting to know your customers will attain their loyalty. Loyal customers will help your business maintain regular sales and therefore, regular profit.
Get to know any new customer from the get-go so that you can create a great relationship with them. Ask their names and know something about them so that you can give them individually special service each time they use your business. Being personable as a small business will attain customer loyalty and help them trust you, which will help maintain a long relationship.
Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. One of the most important parts of your business is its advertising. Though some may not know it, advertising is an art form. The following contributed post is entitled, The Dos And Don’ts Of Advertising Your Business Successfully.
* * *
Getting people to know about your product and business, and to trust your brand are all vital aspects of being successful. The good news is the best way to achieve all of these goals is to embrace advertising for your company. Of course, for this to be effective you will need to understand what does and doesn’t work, topics you will find covered in the post below.
Don’t forget the power of video
The first thing you need to remember when advertising your business successfully is that video is one of the most powerful forms of promotion at the moment. This is because a large majority of people consume video content online both on video only platforms like Youtube as well as social media sites like Facebook, Instagram and Pinterest.
The great thing about video advertising content is that it no longer costs a fortune to produce or edit. It can also be embedded in other forms of marketing such as your website and email to add interest and get even more engagement from viewers.
Do use an agency to help you get the best ROI
Another important point when advertising your business is to remember that it’s OK if you aren’t an expert. Indeed, advertising is an entire specialism and for your efforts to be effective you will need an expert to help you come up with your strategies and concepts.
The good news is that you can work with advertising agencies to get the expertise you need and create a campaign that will provide the best return on your investment possible. Indeed many businesses find that in terms of ROI, actively advertising their company is far more effective than many other marketing techniques.
Don’t ignore the reach of podcast advertising
While podcasts may be the new type of content on the block, their reach is undeniable. They also tend to be pretty specialized, which means they are ideal for businesses looking to target a very specific demographic. (Something that has been shown to be most effective).
However, when advertising through a podcast there are some rules that it’s important to use. The first of these is that you need to provide a special offer along with your advertisement, as this can help give listeners that added push to buy. Additionally, choosing a podcast on which to promote your product should be done carefully, with particular attention being paid to finding presenters that can talk about your product engagingly and genuinely.
Do use PPC as part of your SEO strategy
Last, of all, another form of advertising that can be very helpful to your business is PPC or pay per click. This is when you pay for your business link to appear above the organic search results online. The advantage is that because it’s first, prospects are much more likely to choose your link to click on.
Indeed, combining the paid form of advertising along with other marketing techniques like SEO can be the most effective way of getting your products in front of people that will buy them.