Most small business owners who use accounting software quickly master the basics. They automate processes like invoicing and payroll, track expenses and view real time financial reports to manage cash flow and make better business decisions. But what many business owners don’t take advantage of are key insights that can improve customer care and increase sales. Here are some smart ways you can use your accounting software to help boost… Read more
Tips for Managing Debtors When You’re Self-Employed You’ve poured passion, time, and money into fulfilling a contract, have agreed on payment terms and invoiced your customer—and then nothing. Days turn into weeks, and you still haven’t received payment. For single proprietorships and small start-ups, uncollected invoices can sink your business. Suddenly, you’re cash flow negative. Income you needed to cover expenses and pay vendors dries up. Without the safety nets… Read more
Eighty percent of staff turnover is caused by bad hiring decisions, according to the Harvard Business Review. But few organizations question whether problems within their own recruiting processes turn away potential talent. If your recruiting strategy exhibits any of the following obstacles, it’s time for a rethink. Self-Centered Job Advertisements Most job advertisements speak extensively about the talent, skills and qualifications a candidate must have, but do nothing to sell… Read more
Being a leader is not just about the habits you practice in front of others. It is often about the habits you practice behind closed doors that make you an easy person to follow. Accountability is a touchy subject that can make many people feel uncomfortable, but it protects you as a leader and can exponentially increase the level of influence you have over a corporation or group of followers.… Read more
There are several aspects of business that can only be learnt through actual experience. One of them is negotiating contracts. Several people fear the negotiation process because it is an intrinsically uncomfortable process. Asking for more money or making personal demands doesn’t come naturally to everyone. But with the right toolkit, you can breeze through contract negotiations. And you’d better get used to it, because you’ll have to handle a… Read more
For bootstrapping young businesses, making a professional first impression as you build your brand is key. Although hiring a branding expert may be too large an expense in the early days, you can still help your business stand out in the best possible way without breaking the bank. Just follow these simple marketing moves that will help people to know, like, and trust you. 1. Build credibility with your own… Read more
“Outsource your weaknesses.” So says start-up guru, Sujan Patel, when advising small business owners to get outside help for tasks like payroll and bookkeeping. And when you consider that 70% of businesses fail due to poor in-house financial management, Patel’s advice seems spot on. Unfortunately, many small business owners seek to keep costs low by doing everything themselves— unwittingly sabotaging the financial stability of their own company. If numbers aren’t… Read more
The same advice for building a healthy investment portfolio applies to your business: diversifying will lower risk and increase growth. Adding a recurring revenue stream (or two, or three!) can provide a predictable, ongoing source of income which will improve the accuracy of your projections, increase profits, and provide a buffer for any unexpected sales dips. Here are four simple ways to start earning recurring revenue for your small business.… Read more
Did you know that 50% of small business expenses are generated on the go? It’s no wonder the majority of expense receipts end up shoved in coat pockets or an old shoebox. In spite of all of the high-tech options out there, 47% of small businesses are still using spreadsheets for expense management, leaving room for errors that could really hurt their bottom line come tax time. Why not take… Read more
Everyone would like to become a better investor. People get into a twist trying this method and that only to abandon them for the next new thing. There’s an easier way, and it involves following a few simple suggestions. Stop watching the market and start your watching stocks Just because the market is frothy doesn’t mean your stock’s price is. Just because the market is sinking doesn’t mean your stock… Read more
The ability to network is a fundamental part of running a business. Running a business in isolation is difficult, so it helps to have expert partners and acquaintances available to share ideas with. For an online entrepreneur, the best niche experts might be located all over the world. But regardless of location, there are still a number of effective ways to build relationships that are mutually beneficial for both partners.… Read more
Thinking about turning your passion into a paying gig? These steps will help you avoid some common mistakes as you set out to earn an income from your favorite pastime. Do you have what it takes? Unless you’ve run a business before, it’s easy to get carried away with the idea of how perfect it will be to get paid for doing what you love. Reality check: the stress of… Read more
Perhaps you’d always planned to build a thriving business to eventually sell for a tidy sum – or maybe for unexpected personal reasons it’s best to let your company go sooner rather than later. No matter what the reason for selling your business, experts agree: it’s best to be prepared well in advance as it can take years to complete a successful sale. These four tips will help you get… Read more
While homeowner’s insurance isn’t required by law, it is often required if you are taking out a mortgage in order to purchase your home. There are a lot of things that you need to think about when purchasing homeowner’s insurance, including what types of coverage you think you need. This can be a challenging task, especially if you are not up to date on your homeowner’s insurance terminology. The following… Read more
For many small business owners, the offer of low payment fees is a very attractive proposition. Bitcoin – a digital currency that allows low-cost peer to peer payments – offers an interesting alternative to traditional payment methods. When you buy or sell with bitcoins, fees are set by bitcoin users. Typically those fees are much lower than the 2-3% transaction fees incurred in a typical credit card transaction. Before you… Read more
Good news for small business owners: according to the US Small Business Administration, nearly 80% of small businesses survive their first year. However, that number begins to drop as time rolls on. Only half of small businesses pass the five year mark, and a mere third celebrate their tenth anniversary. Taking steps to create a good foundation in the early days of your business is essential for a sustainable and… Read more
If you’re like many small business owners, your business may not be adequately insured in the case of a fire, flood, natural disaster, theft, or personal injury. Often home-based business owners assume they are covered under their homeowner’s policy. Other entrepreneurs, working long hours and pulled in too many directions, may never get around to talking to an insurance agent about their business. If you’ve been procrastinating on business insurance,… Read more
Without knowing your break-even point, you can’t make informed business decisions. The performance review has become a rite of passage in the business world, yet many managers and employees fail to make the most of the opportunities these important discussions can provide. When used properly, the annual review process can provide managers with real insight into everything from employee perception of the company to ways to make the firm better… Read more
While most small businesses spend a great deal of time and effort in finding the right employees, they often fail to capitalise on their newly hired talent by ceding the onboarding process to HR or neglecting their responsibility entirely. From long waits for workspace, equipment, or training to an overly negative recitation of ‘don’t do these things or you will be fired,’ employers consistently miss the opportunity to inspire new contributors… Read more
It’s easy to believe that the key skill in giving a presentation is making sure you say the right thing, but studies have shown that 55% of your message comes from non-verbal cues and people remember more if they see something than if they just hear it. This article looks at the eight areas you need to focus on to make the most of that 55%. Your Natural Style Making… Read more