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1123 5 In the unpredictable world of startups, maintaining a cash surplus can be a lifesaver. It provides a safety net in case sales don’t meet expectations or unexpected expenses arise. Aside from providing security, surplus cash also paves the way for expansion opportunities, handling large bills, or purchasing essential equipment. While injecting personal capital or taking out a loan can aid in creating a cash surplus, let’s explore some…  Read more

If you want to increase sales on your e-commerce site, you should not only focus on traffic but also on your conversion rate. The higher your conversion rate, the more money you can make with the same number of visitors. Here are five tactics to help you increase your conversion rate. Test Testing is an important part of improving your conversion rate. Split testing can help you determine what aspects…  Read more

The worst thing about a rude message is the author presuming you’ll respond to a complaint or request when his communication lacks any hint of civility. When confronted with an obvious violation of good manners, you can easily delete the email without upsetting anyone who is aware of politeness standards. You can also punt the request to a co-worker, but that would make you the bad guy. It’s best to…  Read more

If you’re like most small business owners, there are never enough hours in the day to complete every task on your list. Often you’re faced with prioritizing what you need to do right now – deal with a customer, meet a deadline, attend an event – and the things you know you should do for the ongoing growth of your business. Scheduling time to attend to these business activities on…  Read more

Creating a robust business plan is crucial to the success of any startup. It not just provides a roadmap for your business, but also helps to attract potential investors. Here’s a practical guide to help you put together your business plan. Gather Relevant Information Start by collecting all the necessary information about your business. This includes understanding who will run the business, who will advise you, and a thorough analysis…  Read more

Even if you have outsourced your financial functions, as a small business owner, it is crucial to have a solid understanding of key financial concepts to work with your advisor and ‘speak their language”. This article outlines several important concepts that every small business owner should be familiar with. Basics of income and expenses As a small business owner, it’s important for you to understand how you generate and spend…  Read more

As a small business owner, you’re likely already wearing many hats. But the hat of a financial analyst might seem a little oversized, particularly if your background isn’t in finance or accounting. However, understanding financial ratios can be a game-changer for your business, helping you assess your business’s financial health and make informed decisions. Financial ratios: what are they? Think of financial ratios as a thermometer for your business’s financial…  Read more

Assessing the viability of your new idea is an essential part of market research. While seeking input from friends and family is common, gathering information from the market itself can provide more accurate insights. Here are 4 effective research tactics to collect accurate information about your business idea: Harness the power of the internet Leverage the power of the internet to explore your chosen market. Investigate your main competitors, their…  Read more

Starting a new business can be incredibly exciting, but it’s important to thoroughly evaluate your business idea before taking the plunge to ensure you’re creating a sustainable and successful venture. To get started, here are 9 questions to consider as part of an overall evaluation process. Save yourself money, time, and heartache down the line by investing a little time now. What customer problem does your business solve? Your business…  Read more

As a business owner, the thought of selling your company can be quite daunting. You’ve poured your heart and soul into building it, and it’s crucial the company continues to grow even after your departure. An attractive option is selling your business to your employees, those who know your business inside and out and have a vested interest in its success. The upside of employee acquisition Selling your business to…  Read more

As a small business owner, you always look to keep your business running efficiently. Expense reimbursement fraud is the last thing you want to face. Not only can it hurt your bottom line, but it can also damage your company’s reputation. Here we discuss what is employee expense fraud, reasons behind it, and most importantly, how to prevent it from happening to your business. What is expense fraud? Expense fraud…  Read more

As a business owner, you know that the right people are crucial to your company’s success. The best employees can help you achieve your business goals, improve your productivity, and drive growth. But finding the people best suited to your team can be daunting, and sometimes it’s easy to hire someone who seems okay, rather than taking the time to find the best fit.  Here are some steps you can…  Read more

As a small business owner, you may be considering enabling a remote work environment. With the rise of technology and the pandemic shifting the way we work, managing a remote team has become a popular option for business owners looking for new and unique ways to grow their business.  However, there are both benefits and drawbacks to consider before making the switch. We’ll start with the benefits. A larger talent…  Read more

No matter what size your business is, or what industry you’re in, supply chain management is often an essential part of running a successful business.  As a small business owner, managing the supply chain can be overwhelming and time-consuming, especially when you have many other responsibilities to worry about. Fortunately, technology has made it easier to manage your supply chain more efficiently and effectively. Here are some pros and cons…  Read more

The key performance indicators (KPIs) for one company will invariably be different from the KPIs of another firm.  What both hypothetical companies share however, is the challenge of selecting which KPIs are best suited for measuring the goals and progress of their particular business model. Indeed, entrepreneurs have a vast array of reports and data sets from which to choose and select from, but that data needs to target those…  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

The best companies attract and retain top talent. Finding the best people takes time, but it is an investment that can save you money over the long haul. The more effort you put into finding the right people, the less likely that they will move on when another opportunity arises. Here are some strategies for attracting and retaining top talent. Give Yourself Time A senior manager has quit, leaving a…  Read more

As a small business owner, you know the importance of getting the word out about your company and engaging with customers. Social media platforms are indispensable tools for achieving this.  The following is a guide to help you leverage social media to increase your brand’s awareness, engage with customers, and generate leads. Step 1: Define Your Goals Before diving into the world of social media, it’s crucial to identify your…  Read more

How often do you feel like a superhero, taking on the world and tackling everything that comes your way? If you’re a small business owner, chances are it’s more often than not! The demands of running a small business can weigh heavy on our shoulders at times, and as business owners we often try to do everything ourselves. The success of your business depends not just on you, but also…  Read more

It’s hard to go a day without reading something in the news about the state of the economy. Whether it’s interest rates rising or the cost of living, there’s no getting around the fact that in 2023 there are many doing it tougher than a few years ago. But while there are some economic challenges for individuals and businesses, it’s important to not go too far down the rabbit hole.…  Read more