Ways to improve cash flow
Signs of growing revenue and profits are ones that indicate your business is succeeding. This does not reduce the importance of continually making small changes that will improve profitability of the business. These are some changes you can make to improve the cash flow of your business. Send invoices straight away: The faster you send…
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Improving sales pitches by understanding your clients
Understanding what drives your clients to buy is a key factor in maintaining high levels of client engagement, even during economic uncertainty. In any business operation, sales pitches are responsible for bridging the gap between client needs and business products. You can improve your sales pitches and keep clients interested in your business by understanding…
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Evaluating the risks of business
Business owners are faced with constant challenges and decisions that often involve taking risks. While risk-taking can be a necessary part of running a new business, entrepreneurs need to make informed and thoughtful choices to avoid unnecessary damage to the business. To manage risk effectively, business owners need to be proactive in identifying and responding…
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The critical steps to a successful partnership
It is a tall order to ask for a business owner to manage everything alone, much less lead their business into success. This is why many successful businesses are born from partnerships. Partnerships can be advantageous to business owners looking to balance their complementary talents and personalities. Sharing the experience of running a business can…
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Find your business niche
When starting a new business venture, too often entrepreneurs look to do something cool and different instead of looking at the market and seeing what is needed. While finding your own business niche can be tricky, it doesn’t mean you have to come up with a whole new concept. Simply making a few unique changes…
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Are you using cash flow forecasting?
Cash flow problems are the reason that 82% of small businesses fail. One of the ways you can prevent your business from being one of them is by using a cash flow forecast. Small business owners are often faced with stressful financial decisions and periods of uncertainty. Having a cash flow forecast can help your…
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What to consider when developing a sales strategy plan
A successful sales strategy plan will provide your business with clear priorities, goals, and outcomes that can help you increase sales. Outline your mission and goals What’s your business’ mission statement? What are the goals and objectives that will help you achieve this? Your mission statement should define what your business stands for and what…
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Communicating effectively with your remote team
Businesses who have made a recent and ongoing shift from face-to-face work to working remotely may be putting productivity and quality at risk if they don’t adapt and maintain effective communication. Just because you no longer see your staff face to face doesn’t mean that your communication has to suffer. Here are some ways you…
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Avoiding project failures
While business ventures are bound to fail or return unprofitably at some point, it is never a bad idea to prepare for such situations or minimise their chances of happening in the first place. There are often a combination of factors which contribute to the failure of a business project. However, there are certainly ways…
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Keeping your business afloat during an economic downturn
Sustaining your business during an economic downturn comes with financial and managerial pressures you may never have had to deal with before. The following are four key measures you can implement to protect and maintain your business during an economic downturn. Monitor your cash flow Diligently tracking your cash flow can help you assess your…
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