Working capital is the difference between a company's assets (cash, inventory, and accounts receivable) and current liabilities (like taxes, wages, and loans). It's a key indicator of financial health and should be carefully managed.
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If you are thinking about starting a business at the moment, or you have started one recently that you are keen to keep on working with, then you are obviously going to feel as if you have been dealt a poor hand. It is not the best time to start a business, and you are going to find that it is tough in many ways, with people out of work and unable to spend as much money and the economy generally suffering. But if you are determined to carry on, then there are some things you might want to think about in order to make a success of it. Starting a business in uncertain times is not necessarily going to mean that it is a failure, as long as you remember these key things.
Focus On Offering Your USP
You will always need to think about what your own Unique Selling Point is, and whatever that is you should continue to try and push it through all this trouble. If you can do that, you are going to find that you are much more likely to keep the business going strong even when things get tough, and it could be enough to keep your customer base growing how you need it to during these uncertain times. If your USP focuses on something that is particularly important at this time specifically, then, of course, you are going to be in an even better scenario than most, and that is something that you might want to aim for if you are about to set up your business in the near future. Bear in mind, however, that you will also need longevity too.
Keep The Marketing Going
You might be tempted to draw money away from the marketing budget during all this, as you want to save money for things you might consider more important. But if you don’t keep up your marketing, then you are going to struggle to keep your business alive no matter what is going on in the world, and you might not even have a business after the uncertain times are over. You at least need to keep the marketing ticking along in the background to remind people that you still exist, and you might find that this is easier to do if you have a professional advertising agency on your side doing the hard work for you. That is going to make a huge difference.
Plan For A Brighter Future
You never quite know what is going to happen, but the good side of that means that things could turn out much better than you would expect. So you need to make sure that you are keeping positive as far as possible if you want to have a better chance of your business surviving. It’s just a better way to approach things, and you will find that you have much more luck as a result of that attitude.
Photo Credit: Career Employer
Your startup is up and running. You’ve cultivated a reasonable and growing base of customers who are happy with the products and services you’re offering. Things are going well… but they could be going better. After all, you have overhead to pay for and the debts incurred to get your business off the ground to pay off.
And that’s going to be harder if your small business remains as small as it is. Repeat customers are coming back, and that’s great. Still, it seems as though your competitors are still gaining ground. Could it be that people just aren’t taking your business seriously enough? That you could be doing more to inspire their trust and establish the value in your nascent brand?
Here we’ll look at some reasons why people still aren’t taking your business seriously, despite your commitment to operational excellence, and what you can do about it.
Your website was made using a Wordpress theme
Whether you sell products via ecommerce, your website is an integral part of how you and your business are perceived online. When you’re first starting out, it’s understandable that your lack of HTML knowledge might lead you to create a website using a Wordpress theme. However, this can mark you as an amateur in the eyes of some. Even if you’ve given a lot of thought to how your website looks, you may not have considered the User Experience (UX) quite as carefully. A web design agency can help match you to a talented web designer who can create a new website that looks great and handles beautifully, giving your brand a boost.
Your contact details
If your contact email is a Gmail address and your only contact number is your cellphone, this can scream “amateur” to some and potentially diminish their trust in your brand. While you might, understandably, be shy of overhead costs, a virtual receptionist and physical address may be cost-effective and worthy investments to lend your business a sense of size and scope.
You’re marketing to the wrong crowd
Digital marketing allows you to deliver laser-focused campaigns designed to engage your target audience. This can be far more efficient than the old fashioned “spray and pray” approach to marketing. If you’re failing to gain traction with your target audience, it’s worth asking if you could be doing more to make your marketing more effective.
You’ve not yet built a solid base of social proof
No matter how persuasive and eloquent your marketing copy, however, consumers will believe the word of other consumers before they trust anything you say about yourself, which is why social proof is such a valuable and important aspect of marketing. Make sure you incentivize customer reviews and encourage people to refer others in their friendship groups.
You’ve yet to start posting thought leadership content
You’re clever. You’re passionate. You’re the kind of person to whom people naturally gravitate. It’s time that you let that amazing personality and wonderful experience shine in your content marketing. Blogs, white papers, ebooks, and tutorials can all be great platforms for thought leadership, building trust and value in your brand by building trust and value in yourself.
Photo credit: Career Employer
When you’re looking to get on the property ladder, you’ll likely be feeling both excited and perhaps a little stressed. The process can take a little time, and arrive with both great successes and (sometimes) a few setbacks! The key is to get good and organized with a solid action plan. For some simple steps for your to-do-list, these eight should set you straight.
1 . Determine your budget
A solid budget is crucial before you start shopping around as you need to determine exactly what you can afford and what is your ideal price range. Going in without a strict budget makes it difficult to assess whether you will be taking on a comfortable financial situation with your purchase.
Apart from your monthly mortgage payments, there are others costs to be considered. You’ll also want to draw up a budget for all other expenses associated with buying your home. For example, think about your building's insurance and the costs of any furnishings you might need to begin with. There will also be the costs of the solicitor and the survey. Besides this, you’ll likely need to pay a removal company to move your belongings from a to b.
2 . Seek mortgage advice
As a first time buyer, it’s a good idea to speak to a mortgage adviser who can help you to determine how much you will be able to borrow. A mortgage advisor will seek to gain a clear picture of any outstanding debts plus your income and your deposit. To get started on your own, try a free mortgage calculator to gauge an approximate figure to work with.
3. Prep your documents
Before you take on the mortgage application process, you need to gather all of the appropriate documents that you’ll need. You’ll need detailed proof of your income, bills, outgoings, and your debts too. While you're at it, it’s a good idea to get your check your credit report to see that everything is in order and correct. Bad credit does not necessarily mean you’ll fail to get yourself a mortgage, but it’s a good idea to know where you stand anyway.
4. Research the neighborhood
Perhaps it’s the case that you are considering a few different neighbourhoods? If so, it’s vital to spend enough time in each and every one. Check out the schools, if appropriate, and spend time in the areas experiencing the amenities and the atmosphere. Read about the neighborhood online—find out if it’s up and coming or slightly in decline. Look at the average prices so that you’ll know what to expect. Remember, you’re not just buying a home; your buying into the whole neighborhood as a community and a lifestyle. If it’s not a place that you like and feel at home, you won’t be able to fully appreciate the property. When finding a dream home is your new year’s resolution, you won’t want to choose the wrong neighborhood.
5. Start saving early
When you’re looking to buy, it’s a good idea to start saving as early as possible. You may not think you’re ready to buy yet, but time-flies and it’s preferable to put down a larger deposit. If you’re someone who finds it hard to save, try making use of a budgeting app to help you out. Mint is an excellent financial app that can track all of your accounts, spending, investments, and debts all in one place. Once you’ve provided Mint with all of your financial information, the app provides you with a workable budget for each category.
When you can see a detailed picture of your spending, it’s easier to make adjustments and therefore-savings. The app also offers you a free look at your credit score (always handy for those looking to buy)! Ideally, you’ll want to save a down payment of at least 20%; however, lower down payments can still land you a favorable mortgage.
6. Find the right realtor
Finding the right realtor is crucial for first-time buyers. You’ll want to prioritize those with a wealth of experience and an excellent reputation. Don’t be tempted to go for the first or most convenient option you're presented with. Take your time, and shop around until you find the perfect match. It can be useful to look to friends and family in your local area for advice. Often, recent buyers may be able to offer advice on the best realtor options around. Failing this, see if you can find any reviews online about the realtors who you are considering. When you meet with each one, be sure to ask about their successes and experience—to get a clear idea.
7. List your must-haves
Before you start looking for homes, you’ll need to list your must-haves; the non negotiable things that you require in a home. Perhaps the number of bedrooms is particularly important?
Is it essential that you have a garden? It could be that you want an energy-efficient home or a property within walking distance of a train station? Whatever your requirements are, it’s vital to make a detailed list of what you need and what you are looking for before you start the process. Going in with a clear idea of what you want makes the procedure much less stressful!
8. Remain patient
Lastly, patience is really important when it comes to buying a property. It can take a little time to get through each stage of the procedure. What’s more, it’s normal to get beaten on offers or find places that just aren’t what you are looking for. Try to enjoy the process and see the wait as a positive in finding a property that’s just right.
First-time buyers looking for further advice would be well advised to look to sites like Altrua Financial. Here you’ll find some excellent info and services for first-time buyer mortgages. It’s important to find the right kind of company who can talk you through the fine print and who are committed to offering you the lowest rate that they can.
There is little doubt that your top priority as a businessperson should be to help your company achieve sustained and long-term growth. With growth being a sure sign of financial health and strategic success, there’s so much value in finding new and exciting ways to grow your business, from your knowledge of the market and your tapping into new customers, to the investment of your resources in a whole new branch of work. Here, you’ll find four steps to grow your business, from the planning through to the execution.
Investment Funding
These investments—in marketing, auditing, accounting, and providing for higher volumes of sales – require funding. Often, that means either approaching a funding body for an investment in your business or needing to open a line of credit with a reputable business loan provider, like biz2credit.com. With the capital you need to make your investments in growth a success, you’ll be able to strategize and invest freely, without budget constraints imposed by the relative size of your business as it attempts to establish itself in the market.
Map Out Your Space
It’s important to be aware of the business space in which you operate. This means taking account of your competitors, taking account of your customers, and taking account of the business and consumer trends that you see around you, whether they exist in your own particular market or not. Without this important base work, you won’t have an informed foundation from which to plan your growth strategy. So, try to answer the following questions:
· Who is my target customer?
· Why are they my target customers?
· Where can I find this target customer?
· How can I target this customer?
Now, it’s time to look at how you’ll put the answers to these questions to use.
Marketing and Sales
So, you’ve decided that you have an ideal customer—one that you think is most likely to trade with you—and you’ve strategized some ways in which to access them with sales and marketing techniques. Now, it’s time to direct your marketing and sales energy to find these customers and target them with advertising and marketing materials that’ll lead them gently back onto your website, from where they’ll make purchases and boost your profits. Engage with external, outsourced marketing companies for help in getting your message across to your target consumers.
Consolidation
If you grow, you really do not want to shrink back. That can be disastrous for your business, as when you scale too quickly and then fail to maintain the extra business you were anticipating, your whole business, set up for higher volumes of sales, will start to lumber towards debt and high costs with low profits. As such, every time you grow your business, you need to work on a period of consolidation in order to keep the boat steady and ensure that the extra market share you’ve captured is there to stay for your long-term financial future.
These four steps will guide you through the planning and execution of your strategies for your business’ growth in 2020 and beyond.
Whatever type and size business you run, there will always be obstacles to overcome. Of course, when you are operating a small business, there are some conundrums you are more likely to encounter. The good news here is that they are often very solvable in simple, smart ways. Keep reading to find out more.
Lack of staff skillset
One of the issues small businesses often face is that they do not have enough employees to cover all of the skill sets they need. For example, a small online t-shirt retailer won't have an IT specialist to build their site or run their network. There are also unlikely to have a marketing professional to create their strategy.
Luckily, two solutions can be applied to this problem. The first is to outsource the projects that you cannot complete yourselves. This is an option due to the gig economy. Of course, with outsourcing, you will still need to shoulder a significant cost, as the best people do not come at a cheap price.
Alternatively, you can remove the need for additional specialist skills in your business—a task that is now possible by using products like SimplyClouds hosting service. In fact, this service is designed to be so simple to use and manage that you won't need any specialist IT services.
Smaller marketing budget
Smaller businesses often come with smaller budgets. Of course, this applies to all departments, including marketing, which can be problematic. After all, marketing your business lets your customer base know what you have to offer and helps to convince them to buy. Without marketing your small business, it could struggle to sell as many products as it needs to be successful.
There is hope here, however! This is because effective marketing doesn't have to be expensive.
Of course, now with social media, search engine marketing, and SEO, it is possible to create marketing content that fulfills your small business goals—all without having a sky-high budget. In fact, the focus is now on content that is entertaining, informative, and engaging, rather than slick big-budget campaigns and productions. This means that small businesses have just as much chance of being successful in their marketing campaigns as any multinational conglomerate.
Restricted income stream
Finally, an issue that can plague many small businesses is limited income streams. When a company only has a single stream set up, this makes the whole enterprise risky.
Planning to have multiple streams of income from the outset of launching your business is the way to go. You can do this by appealing to different demographics or by diversifying the products and services you offer. This approach will help you to create a stable income for years to come.
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