There are very few people who would consider an economic downturn to be good news, but tough economic times are particularly difficult for startup business owners. Unlike well-established businesses, startups lack coping mechanisms and support systems; the safety net is much thinner. However, hard times don’t have to prove fatal to your startup business. If …
How to Protect Your Startup During Tough Economic Times Read More »
Maintaining a productive relationship with your customers can go a long way in boosting your profit. Updating your offer will significantly contribute to that goal. After its initial success, your business can take steps to drive more sales and attract new customers. From improving your offer to creating a loyal customer base, here are five …
Making More Profit From Your Client – The Five Techniques You Can Try Read More »
It’s the age-old debate: cash flow or profit? Whilst the two are undoubtedly related, they are certainly not the same thing and business owners must often sacrifice one at the expense of the other. In the long term, a business needs both positive cash flow and profits to continue operation, but which one should entrepreneurs …
Cash Flow vs Profit: What’s the Difference and Which is More Important? Read More »
As a small business owner, you always have a million-and-one things to think about. It can be difficult to stay on top of the numbers and know which ones matter when it comes to the financial health of your business. However, it’s essential that you know whether you’re operating at a profit or not. Burying …
How to Work Out Whether Your Small Business Is Profitable Or Not Read More »
It seems like everyday we hear about another industry being threatened by the advancements in technology, but is accounting one of them? Cloud based accounting software certainly has risen in popularity in recent years, but Quickbooks and Xero are no replacement for living, breathing professionals – and here’s why… Location Freedom Before we dive into …
Why Cloud Software Will Never Replace Accountants Read More »
As a small business owner, it’s important to differentiate yourself from the competition, but doing so often comes at a hefty cost. According to the Small Business Administration, just below half of all small businesses survive for five years and just one in three stay afloat for over a decade. The importance of being financially …
How to Ensure that Your Small Business is Both Competitive and Financially Conscious Read More »
Systems run businesses. But like anything else, they require constant maintenance since there’s no such thing as a perfect system. Systems fail all the time. It’s not a comforting thought, but it’s the truth. But that doesn’t mean that you can’t fix, optimise, or change them. Have a look at the following problems that are …
Why Do Systems Fail? (And Five Things You Can Do to Build More Resilient Systems) Read More »
As a small business owner, there’s no greater joy than watching your creation thrive. As you experience success, it’s only natural to think about growth, which is both exciting and intimidating. Starting a business is one thing but scaling up is quite another. Research by Barclaycard found that in order to scale up, you need …
How to Plan for Growth as a Small Business Owner Read More »
Working with an angel investor seems ideal for small businesses, especially startups. However, it’s not without its challenges. Financing through angel investing is based on equity. And this makes it perfect for businesses that don’t have the initial funds or collateral for loans. For the purpose of starting a new company, this financing method is …
Angel Investing – The Pros and Cons of Working With an Investor Read More »
Cash is king in business and good cash flow management is essential for the success of your startup. Think of cash flow as blood flow and you’ll understand just how vital it is to the health of your business; without it, you’ll die. That sounds bleak, but it really is important to manage your cash …
5 Simple Ways for Startups to Improve Cash Flow Management Read More »