Most companies make a substantial amount of money, but the high costs of running the business use up most of the finances making the venture not profitable. To maximize profits, cut down the expenses as much as you can without compromising business operations. Here are ways to help your business make more savings
Check Your Energy Consumption
As professionals from Olympia Lighting will inform you, energy costs can be managed or reduced by LED lighting. It’s easier to maintain, doesn’t use as much power (uses 75% less than traditional lighting systems), and is echo friendly.
Additionally, install solar panels in your facility to power LED street light fixtures and other appliances. Invest in smart lighting systems and ensure offices get enough natural light, which minimizes electricity use during the day. Also, make sure your devices are energy efficient, well maintained, and perform effectively. Faulty and old machines need more energy to power them. Always go for the eco-friendly options in the market when making a new purchase.
Modernize Your Marketing Techniques
Although it pays to stick to what works for your business, use the power of referral more than traditional marketing. Referrals tend to become loyal customers and refer more clients. Also, leverage your company’s social media platforms.
Engage with clients, give your business a recognizable face, and network more. Let your customers know about new offers, products, and discounts and at the same time have details of your products on all your social media platforms. Also, respond to customer inquiries on time.
Use every mode of communication with the clients as a marketing platform. Give details of the offers or new products you have on follow-up emails, invoices, and quotes.
Focus on Quality
When you offer customers quality products or services, you build trust, and they depend on your services. When goods or products are faulty, customers have to return them for replacements. It cost the company more money to issue replacements, make shipments, and it wastes time. Quality supplies, although costing more, don’t frustrate your efforts. You can also confidently charge more when offering quality products.
Keep Reviewing the Supply Costs
Are your supplies giving you the best deals? Regularly check the market prices for your supplies and negotiate a better offer with your vendor or shift base. Also, check what big suppliers are offering. Most are cheaper than smaller companies because they produce in bulk, although you don’t get to build a personal relationship with them.
Make Maximum Use of Your Space
Do you have a large space that’s underutilized? Consider leasing or crafting better ways of using it. For instance, you don’t have to invest in separate dining, meeting, and relaxing areas for the employees but consolidate all these needs into one space. Also, don’t stock more than you need for a month or two. Digitize your operations, which means less paperwork and filing systems. If you have equipment that you use seasonally, consider leasing it out when not in use.
Small adjustments can significantly lower your expenditure, resulting in more profits.
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Working for yourself can often be the dream life for many. It can give you that flexibility of finding the right balance between working and home life, and give you the opportunity to work in a field that you are passionate about. Not many people love their jobs, but people who work for themselves often say that they do. It can take a while to build up a business yourself. A lot of people do it while working in full-time jobs, or even attempt to start a business from nothing and turn it into something during their spare time on very little money.
The last few months have seen many people decide on starting a business. Having had time during the lockdowns to think about what they wanted to do, and in some cases start a business with the global pandemic directly in mind. No matter when you have decided to do it, you no doubt want to make some improvements where you can. But, once you do take that plunge and you have an established business you can look at ways to step it up a notch. 2020 may have been a strange year, but that doesn’t mean this year has to be the same, and you could make some improvements to your business in order to step things up. With that in mind, here are some suggestions to help you.
Outsourcing instead of hiring
One of the first things you could consider doing would be to outsource certain aspects of your business. Logically, this can actually be a great money saver for you as it saves you hiring someone specific and having the outlay of a consistent wage. Outsourcing means that you have someone doing that role for you as and when you need it most. The hours that suit your business as well as the budget you have to spend on it. Things it could work for include IT, accounting, social media management and website development. Leaving you free to focus on the things that you could make the most difference with. Outsourcing can be a great way to push your business forward and focus on some of the things that you could do to improve business in the areas where you can make the most difference.
Are company vehicles the right choice?
Many businesses move on to think about logistical needs, and company vehicles can often solve this problem for you. This might be for yourself or your staff members. There are many different funding and fleet management options that you could consider, and fleet finance can often be a great choice to consider. There are some other benefits to company vehicles including the advertising opportunity. Having a vehicle sign written with your company details means that every time it is out on the road or parked up, you are advertising your business. Of course, the downside is the additional business cost, but you need to weigh the benefits to work out if this is the right choice to make.
Thriving at home
Right now there is no choice but to work from home, but this could be a big money saver right now while you have no choice. Using your business as a purely online venture will help you to keep your costs down and make some big savings this year. As there is no other way to operate for your business, you know that you don’t have any worries of competitors doing things differently. So this could be a great way to give you a level playing field with businesses and allow your business to grow in a different way. If you are having to work from home make sure you create a dedicated working area. This could be something that you have in a corner of your home, or you may want to look at turning a room into an office. This might need to happen if you have stock that you need to store or if you have a lot of packing that you need to do to send items.
Moving from home into a business a premises
You may think that moving to a business from home is actually going to be a real expensive thing to do. At home, you have very little overheads to think of, but you are limited in what you can do. Sometimes spending more can bring you greater benefits. This could include a shop to sell from or a premises in which you can meet potential customers and clients. Meaning more business could be done in the future. It may seem like this is a tall order right now with many shops and establishments closed for face to face business, but it is certainly something that you can aim for in the future.
Making more of free advertising options
Do you really take advantage of free advertising options? The main one being social media? The chances are you are probably not doing it as well as you could be. There may be times that you are not posting as consistently. Or it could be that you are just not making great content. Now is the time to stop and reevaluate your social media marketing and make some changes. Try different things, look at ways to include a bit of personality. Don’t always think that a sales approach is the right approach, you will want to engage with your audience. This is where some of the best accounts do the best when it comes to social media and advertising in a different way.
Place a focus on your marketing
You also need to take some time to think about focusing on your marketing plan and strategy. Marketing isn’t just about social media, it is about advertising in general and all of the options that you have available to you. This is where you could use the help of the best digital marketing company in your area. They can help you come up with a plan to make the most of the marketing opportunities for your business. A strategy can help you to understand what is needed and also enable you to focus on making the best changes to your business in order to reach new customers and expand on your business where possible. A marketing professional could help you to make sure you understand what your niche is and take advantage of it.
Focusing on your local community
Many people are changing the way that they shop. This is such a good thing for small businesses. A lot of people like the idea of supporting local and small businesses, and so now is the best time to start making a name for yourself locally. There are some easy ways to be known. You could get involved in community events, such as sponsoring them, or being part of them with a pop-up shop. You can advertise locally in small magazines or on local Facebook pages. Even just talking to shop owners and chatting in the community can help build your profile. During the pandemic there was such a huge focus on helping small businesses to thrive under the current circumstances that they faced. Advertising locally can help you to build on that and to make more of the business potential that you have. Shopping locally and supporting small businesses is something that many people feel strongly about, so enabling that customer base to see who you are and what you are all about could help your business to thrive in a different way.
Is expansion on the cards?
Finally, are you thinking about expanding your business? It may often be seen as a big expense, but expanding your range and also looking at ways to reach out for more potential customers will see you benefit in the way of profits. The new year is the ideal time to start thinking about this, and some of the ways that you could do it. It could be something you have already started to work on, or you may want to put the plans in place to make it a reality. Maybe it is franchising your business or selling the business plan and potential that your business has. It could be looking at expanding your products or the services that you offer or heading in a different direction when it comes to the niche that you are in and what you can do for your customers. There is so much potential for expansion for businesses these days, so definitely don’t feel like you are restricted right now. It might just mean looking at another avenue to explore.
Starting a business is always going to be scary, and even doing it while the world faced a global pandemic may have felt crazy at the time. But now that we are in a fresh new year you can take advantage of that new found motivation to take things up a notch. Let’s hope these tips help you to step up your business.
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Let me be straightforward – there’s no magic list of lead generation strategies that will make you a fortune in 2021. When it comes to generating leads, we don’t get a magic button to push. Still, there are certain things that you can try and do, many of them regularly, that will boost your odds at bigger success by the end of this year.
What is Lead Generation?
Lead generation comprises marketing activities that result in collecting information and using it to build a list of potential clients. This data can be collected both online and offline. Offline channels include cold calling, direct mail, hosting events, print ads, etc. Online channels include websites, blogs, ads, social media posts, and SEO.
What does this mean for you?
It means that this year, you should take action as soon as possible. Roll up your sleeves, collect the necessary data, check out some presentation templates, send out emails, and get out there to make your brand more recognizable than ever. With all this being said, here are the 5 most promising tips to follow this year.
5 Tips for Lead Generation in 2021
Have you been looking to expand your brand and make it bigger? Here are some excellent ideas for generating leads these days.
1. Knowledge Base Software
Knowledge base software is an essential lead generation tool these days. This applies to a database where you store a wide range of information. Such bases are located online and in most cases, based on clouds.
How can you use such software?
Essentially, this software is the brain of your company. You can use it for both internal purposes and communication or external support and communication. By using free knowledge base software, marketers can manage, store, and organize the documentation and information they need to take any further steps into branding their business.
You’re probably a very busy person and as such, you need to find a single solution to most of your problems. Rather than having all your data spread across systems and platforms, apps, email chains, tools, widgets, and notes – you should have them placed in a central, easy-to-access place.
When you have it all organized and gathered, you can create better planned and carefully executed lead generation strategies.
2. Email marketing
For many years now, email marketing has been one of the top priorities of business managers and owners when it comes to lead generation. Research shows that over 80% of marketers already use it in their strategies. Seeing how email marketing stands right beside content in terms of affordability, this is one of people’s favorite methods to find more leads.
According to BtoB Magazine, 59% of marketers consider email to be their best channel for generating revenue. Chances are, you are already aware of this and have built your email marketing to some point. This year, make it your priority. Create quality content to send to potential customers and use cold email outreach to generate new leads. If you do it properly i.e. with quality content and by targeting the right people, it will surely get some leads flowing in.
3. Automation
On average, 51% of companies use at least one automation feature or platform. This comes as no surprise – people are busier today than ever. Lead generation used to be much simpler when you needed to offer a downloadable product or white paper, create an email funnel and simply pass it off. Now that the competition is much bigger, this takes long hours that many marketers don’t have at their disposal.
In 2020, most companies opted for automation in at least one project in terms of marketing. Some automated the tasks for employees, others used this to schedule their online presence, etc. As long as you use accurate and carefully collected data to prep the automation process, this can save you a lot of time and yield amazing results.
If you don’t know where to start when testing for your brand and lead generation, use this usability testing guide. It will help you find out which parts of your business can be automated and how this can be achieved.
Some of the most prominent ways that automation is driving lead generation efforts in the past few months include chatbots, tool integrations, and of course, nurturing leads. Estimates have already shown that by the end of this year, the automation industry will be worth over $83 billion. This number sure gives you a push in that right direction, doesn’t it?
4. Content Marketing
Content has always been the strongest tool in marketing. This applies to lead marketing, too. This year, when you think content, think whitepapers, eBooks, webinars, and videos. But most importantly, focus on quality content.
Creating quality content demands a magnitude of resources, experience, and planning. You need it for your email funnel, website, blog, social media posts, and even the conversations you have with potential customers. They don’t say that ‘’content is king’’ without a reason.
High-quality infographics, whitepapers, videos, eBooks, webinars, and podcasts have been in high demand these past few years. This year, you should make it your brand’s priority to create only original, quality, and planned content across different platforms and for different purposes.
One of the most promising content types is a video right now. Experts have predicted that by next year, 82% of the internet traffic will be dedicated to some kind of video content. This shows that video marketing:
increases engagement
provides more accurate, visual, and detailed demonstrations
is an amazing tool for spreading word-of-mouth
How does this apply in the lead generation world, you might ask?
In this sense, videos can be used to get your brand’s name recognized, make it memorable, send more personalized follow-ups, and reach a wider audience.
5. Social Media Communities
Social media doesn’t always have a good reputation when it comes to lead generation. In reality, this can go both ways. But, if you know where to look, social media can turn out to be the best place to find new potential customers.
In addition to social media advertising, try tapping into online communities and social media forums on different platforms. Find out where your target audience hangs out. Some research on your current audience will help you narrow down a buyer persona, information that you can use to find the right groups and reach out to them.
When you find them, how can you use them to generate leads?
First, make sure that the group allows for promotional content. Hunt down the groups that are relevant to your brand and mention the problems you aim to and can solve. Second, check the group’s post. Go through their history and decide whether or not your target audience hangs out there.
Once you find those groups, get subscribed and slowly build yourself a name in the group. Answer people’s questions to establish yourself and your brand as experts in the field. Provide people with solutions and ask them questions that could help you improve your strategies. Reply to their comments and messages. This is how you will generate new leads.
Final Thoughts
Trends like video, automation, and knowledge base software can easily become a win for landing new customers, sales, and leads. Even though these tips aren’t written in stone, they have proven to be very effective in the past couple of months. Research shows that their effects will only grow, which makes it undeniable that you need to use these tactics in your lead generation strategy.
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Planning is a crucial aspect of our lives. From planning dinner to a summer vacation to managing shopping expenses, everyone likes to in advance to ensure that outcomes are satisfactory.
And starting your online business is no different. However, if you want to become the next big name in the market, you need a robust plan to guide you through all the steps necessary to establish your brand.
Without any further delay, let’s learn how to launch your startup on the road to success.
1. Find the perfect idea or product
The market is quite saturated, so it can be challenging to find an idea or product that will turn out to be profitable and stay in demand for the long haul. Here are a few tips to help you out:
Find a solution to a problem
Improve an existing product
Identify a product that has branding potential
Create a niche-specific product
Offer something unique
2. Evaluate market viability
Congratulations! You have a killer idea. But ideas are a dime a dozen today. The real question is will it survive in the market?
It’s time to research the market. Your market analysis should include:
Customer Analysis: Who are your target customers? What are their needs? You need data such as demographics, psychographics make-up, income, location, etc.
Industry Analysis: Acquire details about the market such as outlook, statistics, size, trends that influence it, current and projected marketing data, etc.
Competitive Analysis: By looking at other businesses relevant to your brand, you can fish out their shortcomings and weaknesses. Find something that they are not offering that the target audience needs and convert them into your strengths.
While these are perfect ways to establish a profitable company, you simultaneously need to know how much demand there is.
Consider factors such as price, seasonality, product lifespan, current competition, etc., before starting your business. Answers to these criteria will allow you to gauge the long-term viability of your brand. More importantly, they can help you gain a strong foothold in the industry or out-compete your competitors entirely.
What should be included in your initial research?
Evaluate current trends
Survey the industry
Look closely at keywords
Take note of hashtags leading on social media platforms
3. Write down a business plan
A realistic, functional business plan will help highlight your objectives and strategies. It clearly describes the products and services you intend to provide. Though every company has a different perspective, writing down a business plan will keep you organized through the initial phases of development as well as help measure results later on.
More importantly, it is essential to secure external funding and measure the success rate of your new business. And because it lays out a clear vision of success, your business plan can pave the road for growth, helping your startup take off and thrive.
Remember that your business plans need to be flexible. This will help your company adapt to change quickly.
4. Map out finances
Most startups have minimal capital. However, it’s one of the most important aspects to consider when establishing your business. So before launching it, identify whether you have enough money to fund your startup. Nearly 75% of new companies and startups need a helping hand to get up and running.
If you happen to be one of them, where do you intend to acquire it? If you plan to borrow from a friend, family member, or a financial institution, draft a loan repayment plan mentioning the terms and conditions, interest rates, cosigners, etc.
Often startups need to search out investors. This is where your business plan will help explain where funds are allocated, describe cash flows, and how capital will be funneled into activities that allow the business to develop and grow.
Once you’ve created a product and identified its market, it’s time to develop an online presence. Your website will become your digital storefront.
According to Devrix, in 2018, 6 out of every 10 small businesses didn’t have a business website. But things have changed since the pandemic hit. Now, it’s simply not feasible to conduct a business without a website.
The design of your website should be simple, clean, and user-friendly. Not only should it be aesthetically appealing, but it should be easy to navigate.
Some important aspects to consider are:
Design elements should be consistent on every page
Design a unique logo that effectively represents your brand
Use a color palette that promotes brand identity
Select one or two plain fonts
Use appropriate color schemes that enhance readability
Incorporate images, video, audio
Offer essential contact information
Simplify purchasing and checkout
Ensure your site is safe and secure
A website is an extension of your business. Therefore, make sure everything is flawless, from the logo to the written copy to the UI/UX elements. So if you intend to build your own website, consider outsourcing different projects to professionals. For instance, Logo Design Valley can design your logo and etch your brand’s message in the framework of design.
Or you could simply hand over the entire project over to an established, experienced website development agency.
6. Create a marketing strategy
In this digital era, a website is essential, but it’s not enough. After working day and night to get your business up and running, you won’t get far if people don’t know about it. That’s why you need to have a robust marketing strategy in mind.
As the leader, you need to find ways to promote brand awareness and increase online visibility. So your approach should utilize various marketing channels to reach the right people at the right time. Standard digital marketing practices include Search Engine Optimization (SEO), Email Marketing, Social Media Marketing (SMM), Content Marketing, Pay-Per-Click (PPC) Marketing, Video Production, Link Building, and much more.
Closing note
The steps mentioned above help get your startup established. But a business is nothing without customers. So you need to devise a plan that keeps current customers coming back as well as attracts new ones.
Most online businesses focus on increasing revenue through back-end sales and upselling. According to entrepreneur.com, 36% of people who purchase from your brand once are more likely to do so again if you follow up. And since it nearly costs five times more to acquire a new customer than to retain one, it’s something that you need to think about sooner rather than later.
Easy ways to get your customers to shop again are:
Suggest products that complement the original purchase
Start a loyalty program
Offer discounts, promotional discounts, coupons, etc.
Over to you
There are endless opportunities for people to start their own online business. But being equipped with the right information can make your efforts more worthwhile. More importantly, it helps you set yourself up for higher success.
The key is to start off with an aura of positivity. Continue to search for creative and unique ways to improve your brand. And always be flexible to change. That’s one thing COVID-19 has taught all entrepreneurs over the past year.
I hope this blog has made it easier for you to understand what starting an online business entails. So are you ready to embark on your life-changing journey and launch your online business?
About the Author
Evie Harrison is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences and express herself through her blogs. Find her on Twitter:@iamevieharrison. Learn more about Evie at about.me/iamevieharrison.
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After you file your small or midsize business’s taxes for the year, you think you’re done with taxes. However, sometimes you’re contacted about the process that most business owners dread: an audit. While being audited is a long process that takes extra time, by following these eight tips, you ease your worries and help the process go more smoothly.
1. Don’t Panic
If you’ve filed your taxes honestly, you don’t have anything to fear from auditing services. Most auditors look for blatant fraud such as inaccurately reporting your gross income. They also examine your accounting procedures and make sure that they’re sufficient for your business’s size. For example, if you don’t have an accounting department and your business is growing, they may recommend that you hire a full-time employee to oversee your finances. Remember, all you have to do is cooperate with the auditors’ questions, so take a deep breath and get ready for your audit.
2. Keep Your Records
Audits are usually ordered within seven months of when you originally filed your taxes, but the Internal Revenue Service can audit your reports from up to two years ago. For example, if you’re audited in July 2021, the audit could be for your 2020 or 2019 taxes. As a result, it’s critical that you hold on to all your tax forms:
Don’t forget to retain your employees’ tax information as well and the forms verifying their ability to work. Keep all these forms organized by year, even after you’ve filed your taxes, so that you’re ready when it’s time for an audit and assurance.
If you’re overwhelmed by all the paperwork, it’s time to find a new organizational system. Scan your paperwork and store it in well-labeled online folders that you can access from any computer. To streamline this process, use a service such as DocuSign rather than printing your forms.
3. Plan Ahead
Scrambling to prepare for an audit makes you look unprofessional and increases the probability that you’ll make a sloppy error. As soon as you find out that you’re being audited, start working with your accounting team to get the forms ready and make sure your books are up-to-date. Leave room in your schedule to take off work during the audit so that you can answer the auditors’ questions. Finally, choose one of your accountants to serve as the primary contact for your auditing team.
4. Think About Your Changes
Has your small business undergone any major changes that affect your accounting procedures in the relevant tax year? For example, did the tax laws change for your industry, or did you upgrade your personal reporting requirements? Consider whether the leadership of your office changed or was restructured, and note any grants or loans you received. By telling your auditors about these factors before the audit begins, you help them understand potential discrepancies in your books.
5. Learn About Tax Laws
Tax laws change frequently, but they don’t always affect your business. It’s critical that you follow all the developments in financial legislation so you’re ready to implement a change. You don’t want to discover during an audit that you’re required to keep your records a certain way. If you’re struggling to understand the laws on your own, reach out to a lawyer, a certified public accountant, or a professional from the Financial Accounting Standards Board.
6. Look Back
If you’ve been audited before, now is a good time to review that auditing report. Did you fix the issues that the previous auditors pointed out, or are you still making them? What parts of your books were confusing or misleading from their perspective? Looking at your auditing report also gives you an idea of how long the process will take and how much you need to be involved.
7. Speak Up
When an auditor asks you a question and you’re not sure what he or she means, don’t be afraid to speak up. Ask follow-up questions and request clarifications; otherwise, you can’t give your auditing team the correct information. If your auditors ask for a record and you don’t think it’s relevant, explain why you don’t think it’s necessary and ask for their perspective.
8. Read the Report
When the auditing process is over, read through the finished report and decide what changes you need to make. Where did you succeed, and where did you fall short of your industry’s requirements? Keep this report close at hand so you can refer to it as you implement changes in your accounting procedures.
No one wants to be audited, but the process is actually beneficial to you. You learn about your accounting mistakes and adjust your practice to align with the law. Just make sure to stay calm, be honest, and keep good records.
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Business Programs
4 Adjustments that Can Significantly Reduce Company Expenses
/in Managing Your Finances/by StrategyDrivenCheck Your Energy Consumption
As professionals from Olympia Lighting will inform you, energy costs can be managed or reduced by LED lighting. It’s easier to maintain, doesn’t use as much power (uses 75% less than traditional lighting systems), and is echo friendly.
Additionally, install solar panels in your facility to power LED street light fixtures and other appliances. Invest in smart lighting systems and ensure offices get enough natural light, which minimizes electricity use during the day. Also, make sure your devices are energy efficient, well maintained, and perform effectively. Faulty and old machines need more energy to power them. Always go for the eco-friendly options in the market when making a new purchase.
Modernize Your Marketing Techniques
Although it pays to stick to what works for your business, use the power of referral more than traditional marketing. Referrals tend to become loyal customers and refer more clients. Also, leverage your company’s social media platforms.
Engage with clients, give your business a recognizable face, and network more. Let your customers know about new offers, products, and discounts and at the same time have details of your products on all your social media platforms. Also, respond to customer inquiries on time.
Use every mode of communication with the clients as a marketing platform. Give details of the offers or new products you have on follow-up emails, invoices, and quotes.
Focus on Quality
When you offer customers quality products or services, you build trust, and they depend on your services. When goods or products are faulty, customers have to return them for replacements. It cost the company more money to issue replacements, make shipments, and it wastes time. Quality supplies, although costing more, don’t frustrate your efforts. You can also confidently charge more when offering quality products.
Keep Reviewing the Supply Costs
Are your supplies giving you the best deals? Regularly check the market prices for your supplies and negotiate a better offer with your vendor or shift base. Also, check what big suppliers are offering. Most are cheaper than smaller companies because they produce in bulk, although you don’t get to build a personal relationship with them.
Make Maximum Use of Your Space
Do you have a large space that’s underutilized? Consider leasing or crafting better ways of using it. For instance, you don’t have to invest in separate dining, meeting, and relaxing areas for the employees but consolidate all these needs into one space. Also, don’t stock more than you need for a month or two. Digitize your operations, which means less paperwork and filing systems. If you have equipment that you use seasonally, consider leasing it out when not in use.
Small adjustments can significantly lower your expenditure, resulting in more profits.
Stepping Up Your Business In 2021
/in Entrepreneurship/by StrategyDrivenThe last few months have seen many people decide on starting a business. Having had time during the lockdowns to think about what they wanted to do, and in some cases start a business with the global pandemic directly in mind. No matter when you have decided to do it, you no doubt want to make some improvements where you can. But, once you do take that plunge and you have an established business you can look at ways to step it up a notch. 2020 may have been a strange year, but that doesn’t mean this year has to be the same, and you could make some improvements to your business in order to step things up. With that in mind, here are some suggestions to help you.
Outsourcing instead of hiring
One of the first things you could consider doing would be to outsource certain aspects of your business. Logically, this can actually be a great money saver for you as it saves you hiring someone specific and having the outlay of a consistent wage. Outsourcing means that you have someone doing that role for you as and when you need it most. The hours that suit your business as well as the budget you have to spend on it. Things it could work for include IT, accounting, social media management and website development. Leaving you free to focus on the things that you could make the most difference with. Outsourcing can be a great way to push your business forward and focus on some of the things that you could do to improve business in the areas where you can make the most difference.
Are company vehicles the right choice?
Many businesses move on to think about logistical needs, and company vehicles can often solve this problem for you. This might be for yourself or your staff members. There are many different funding and fleet management options that you could consider, and fleet finance can often be a great choice to consider. There are some other benefits to company vehicles including the advertising opportunity. Having a vehicle sign written with your company details means that every time it is out on the road or parked up, you are advertising your business. Of course, the downside is the additional business cost, but you need to weigh the benefits to work out if this is the right choice to make.
Thriving at home
Right now there is no choice but to work from home, but this could be a big money saver right now while you have no choice. Using your business as a purely online venture will help you to keep your costs down and make some big savings this year. As there is no other way to operate for your business, you know that you don’t have any worries of competitors doing things differently. So this could be a great way to give you a level playing field with businesses and allow your business to grow in a different way. If you are having to work from home make sure you create a dedicated working area. This could be something that you have in a corner of your home, or you may want to look at turning a room into an office. This might need to happen if you have stock that you need to store or if you have a lot of packing that you need to do to send items.
Moving from home into a business a premises
You may think that moving to a business from home is actually going to be a real expensive thing to do. At home, you have very little overheads to think of, but you are limited in what you can do. Sometimes spending more can bring you greater benefits. This could include a shop to sell from or a premises in which you can meet potential customers and clients. Meaning more business could be done in the future. It may seem like this is a tall order right now with many shops and establishments closed for face to face business, but it is certainly something that you can aim for in the future.
Do you really take advantage of free advertising options? The main one being social media? The chances are you are probably not doing it as well as you could be. There may be times that you are not posting as consistently. Or it could be that you are just not making great content. Now is the time to stop and reevaluate your social media marketing and make some changes. Try different things, look at ways to include a bit of personality. Don’t always think that a sales approach is the right approach, you will want to engage with your audience. This is where some of the best accounts do the best when it comes to social media and advertising in a different way.
Place a focus on your marketing
You also need to take some time to think about focusing on your marketing plan and strategy. Marketing isn’t just about social media, it is about advertising in general and all of the options that you have available to you. This is where you could use the help of the best digital marketing company in your area. They can help you come up with a plan to make the most of the marketing opportunities for your business. A strategy can help you to understand what is needed and also enable you to focus on making the best changes to your business in order to reach new customers and expand on your business where possible. A marketing professional could help you to make sure you understand what your niche is and take advantage of it.
Focusing on your local community
Many people are changing the way that they shop. This is such a good thing for small businesses. A lot of people like the idea of supporting local and small businesses, and so now is the best time to start making a name for yourself locally. There are some easy ways to be known. You could get involved in community events, such as sponsoring them, or being part of them with a pop-up shop. You can advertise locally in small magazines or on local Facebook pages. Even just talking to shop owners and chatting in the community can help build your profile. During the pandemic there was such a huge focus on helping small businesses to thrive under the current circumstances that they faced. Advertising locally can help you to build on that and to make more of the business potential that you have. Shopping locally and supporting small businesses is something that many people feel strongly about, so enabling that customer base to see who you are and what you are all about could help your business to thrive in a different way.
Is expansion on the cards?
Finally, are you thinking about expanding your business? It may often be seen as a big expense, but expanding your range and also looking at ways to reach out for more potential customers will see you benefit in the way of profits. The new year is the ideal time to start thinking about this, and some of the ways that you could do it. It could be something you have already started to work on, or you may want to put the plans in place to make it a reality. Maybe it is franchising your business or selling the business plan and potential that your business has. It could be looking at expanding your products or the services that you offer or heading in a different direction when it comes to the niche that you are in and what you can do for your customers. There is so much potential for expansion for businesses these days, so definitely don’t feel like you are restricted right now. It might just mean looking at another avenue to explore.
Starting a business is always going to be scary, and even doing it while the world faced a global pandemic may have felt crazy at the time. But now that we are in a fresh new year you can take advantage of that new found motivation to take things up a notch. Let’s hope these tips help you to step up your business.
5 Lead Generation Tips for 2021
/in Online Marketing and Website Development/by StrategyDrivenWhat is Lead Generation?
Lead generation comprises marketing activities that result in collecting information and using it to build a list of potential clients. This data can be collected both online and offline. Offline channels include cold calling, direct mail, hosting events, print ads, etc. Online channels include websites, blogs, ads, social media posts, and SEO.
What does this mean for you?
It means that this year, you should take action as soon as possible. Roll up your sleeves, collect the necessary data, check out some presentation templates, send out emails, and get out there to make your brand more recognizable than ever. With all this being said, here are the 5 most promising tips to follow this year.
5 Tips for Lead Generation in 2021
Have you been looking to expand your brand and make it bigger? Here are some excellent ideas for generating leads these days.
1. Knowledge Base Software
Knowledge base software is an essential lead generation tool these days. This applies to a database where you store a wide range of information. Such bases are located online and in most cases, based on clouds.
How can you use such software?
Essentially, this software is the brain of your company. You can use it for both internal purposes and communication or external support and communication. By using free knowledge base software, marketers can manage, store, and organize the documentation and information they need to take any further steps into branding their business.
You’re probably a very busy person and as such, you need to find a single solution to most of your problems. Rather than having all your data spread across systems and platforms, apps, email chains, tools, widgets, and notes – you should have them placed in a central, easy-to-access place.
When you have it all organized and gathered, you can create better planned and carefully executed lead generation strategies.
2. Email marketing
For many years now, email marketing has been one of the top priorities of business managers and owners when it comes to lead generation. Research shows that over 80% of marketers already use it in their strategies. Seeing how email marketing stands right beside content in terms of affordability, this is one of people’s favorite methods to find more leads.
According to BtoB Magazine, 59% of marketers consider email to be their best channel for generating revenue. Chances are, you are already aware of this and have built your email marketing to some point. This year, make it your priority. Create quality content to send to potential customers and use cold email outreach to generate new leads. If you do it properly i.e. with quality content and by targeting the right people, it will surely get some leads flowing in.
3. Automation
On average, 51% of companies use at least one automation feature or platform. This comes as no surprise – people are busier today than ever. Lead generation used to be much simpler when you needed to offer a downloadable product or white paper, create an email funnel and simply pass it off. Now that the competition is much bigger, this takes long hours that many marketers don’t have at their disposal.
In 2020, most companies opted for automation in at least one project in terms of marketing. Some automated the tasks for employees, others used this to schedule their online presence, etc. As long as you use accurate and carefully collected data to prep the automation process, this can save you a lot of time and yield amazing results.
If you don’t know where to start when testing for your brand and lead generation, use this usability testing guide. It will help you find out which parts of your business can be automated and how this can be achieved.
Some of the most prominent ways that automation is driving lead generation efforts in the past few months include chatbots, tool integrations, and of course, nurturing leads. Estimates have already shown that by the end of this year, the automation industry will be worth over $83 billion. This number sure gives you a push in that right direction, doesn’t it?
Content has always been the strongest tool in marketing. This applies to lead marketing, too. This year, when you think content, think whitepapers, eBooks, webinars, and videos. But most importantly, focus on quality content.
Creating quality content demands a magnitude of resources, experience, and planning. You need it for your email funnel, website, blog, social media posts, and even the conversations you have with potential customers. They don’t say that ‘’content is king’’ without a reason.
High-quality infographics, whitepapers, videos, eBooks, webinars, and podcasts have been in high demand these past few years. This year, you should make it your brand’s priority to create only original, quality, and planned content across different platforms and for different purposes.
One of the most promising content types is a video right now. Experts have predicted that by next year, 82% of the internet traffic will be dedicated to some kind of video content. This shows that video marketing:
How does this apply in the lead generation world, you might ask?
In this sense, videos can be used to get your brand’s name recognized, make it memorable, send more personalized follow-ups, and reach a wider audience.
5. Social Media Communities
Social media doesn’t always have a good reputation when it comes to lead generation. In reality, this can go both ways. But, if you know where to look, social media can turn out to be the best place to find new potential customers.
In addition to social media advertising, try tapping into online communities and social media forums on different platforms. Find out where your target audience hangs out. Some research on your current audience will help you narrow down a buyer persona, information that you can use to find the right groups and reach out to them.
When you find them, how can you use them to generate leads?
First, make sure that the group allows for promotional content. Hunt down the groups that are relevant to your brand and mention the problems you aim to and can solve. Second, check the group’s post. Go through their history and decide whether or not your target audience hangs out there.
Once you find those groups, get subscribed and slowly build yourself a name in the group. Answer people’s questions to establish yourself and your brand as experts in the field. Provide people with solutions and ask them questions that could help you improve your strategies. Reply to their comments and messages. This is how you will generate new leads.
Final Thoughts
Trends like video, automation, and knowledge base software can easily become a win for landing new customers, sales, and leads. Even though these tips aren’t written in stone, they have proven to be very effective in the past couple of months. Research shows that their effects will only grow, which makes it undeniable that you need to use these tactics in your lead generation strategy.
How To Start Your Online Business
/in Starting Your Business/by StrategyDrivenAnd starting your online business is no different. However, if you want to become the next big name in the market, you need a robust plan to guide you through all the steps necessary to establish your brand.
Without any further delay, let’s learn how to launch your startup on the road to success.
1. Find the perfect idea or product
The market is quite saturated, so it can be challenging to find an idea or product that will turn out to be profitable and stay in demand for the long haul. Here are a few tips to help you out:
2. Evaluate market viability
Congratulations! You have a killer idea. But ideas are a dime a dozen today. The real question is will it survive in the market?
It’s time to research the market. Your market analysis should include:
While these are perfect ways to establish a profitable company, you simultaneously need to know how much demand there is.
Consider factors such as price, seasonality, product lifespan, current competition, etc., before starting your business. Answers to these criteria will allow you to gauge the long-term viability of your brand. More importantly, they can help you gain a strong foothold in the industry or out-compete your competitors entirely.
What should be included in your initial research?
3. Write down a business plan
A realistic, functional business plan will help highlight your objectives and strategies. It clearly describes the products and services you intend to provide. Though every company has a different perspective, writing down a business plan will keep you organized through the initial phases of development as well as help measure results later on.
More importantly, it is essential to secure external funding and measure the success rate of your new business. And because it lays out a clear vision of success, your business plan can pave the road for growth, helping your startup take off and thrive.
Remember that your business plans need to be flexible. This will help your company adapt to change quickly.
4. Map out finances
Most startups have minimal capital. However, it’s one of the most important aspects to consider when establishing your business. So before launching it, identify whether you have enough money to fund your startup. Nearly 75% of new companies and startups need a helping hand to get up and running.
If you happen to be one of them, where do you intend to acquire it? If you plan to borrow from a friend, family member, or a financial institution, draft a loan repayment plan mentioning the terms and conditions, interest rates, cosigners, etc.
Often startups need to search out investors. This is where your business plan will help explain where funds are allocated, describe cash flows, and how capital will be funneled into activities that allow the business to develop and grow.
For more on how to raise capital for your startup, read Easy Ways To Raise Capital For Your New Venture.
5. Build a website
Once you’ve created a product and identified its market, it’s time to develop an online presence. Your website will become your digital storefront.
According to Devrix, in 2018, 6 out of every 10 small businesses didn’t have a business website. But things have changed since the pandemic hit. Now, it’s simply not feasible to conduct a business without a website.
The design of your website should be simple, clean, and user-friendly. Not only should it be aesthetically appealing, but it should be easy to navigate.
Some important aspects to consider are:
A website is an extension of your business. Therefore, make sure everything is flawless, from the logo to the written copy to the UI/UX elements. So if you intend to build your own website, consider outsourcing different projects to professionals. For instance, Logo Design Valley can design your logo and etch your brand’s message in the framework of design.
Or you could simply hand over the entire project over to an established, experienced website development agency.
6. Create a marketing strategy
In this digital era, a website is essential, but it’s not enough. After working day and night to get your business up and running, you won’t get far if people don’t know about it. That’s why you need to have a robust marketing strategy in mind.
As the leader, you need to find ways to promote brand awareness and increase online visibility. So your approach should utilize various marketing channels to reach the right people at the right time. Standard digital marketing practices include Search Engine Optimization (SEO), Email Marketing, Social Media Marketing (SMM), Content Marketing, Pay-Per-Click (PPC) Marketing, Video Production, Link Building, and much more.
Closing note
The steps mentioned above help get your startup established. But a business is nothing without customers. So you need to devise a plan that keeps current customers coming back as well as attracts new ones.
Most online businesses focus on increasing revenue through back-end sales and upselling. According to entrepreneur.com, 36% of people who purchase from your brand once are more likely to do so again if you follow up. And since it nearly costs five times more to acquire a new customer than to retain one, it’s something that you need to think about sooner rather than later.
Easy ways to get your customers to shop again are:
Over to you
There are endless opportunities for people to start their own online business. But being equipped with the right information can make your efforts more worthwhile. More importantly, it helps you set yourself up for higher success.
The key is to start off with an aura of positivity. Continue to search for creative and unique ways to improve your brand. And always be flexible to change. That’s one thing COVID-19 has taught all entrepreneurs over the past year.
I hope this blog has made it easier for you to understand what starting an online business entails. So are you ready to embark on your life-changing journey and launch your online business?
About the Author
8 Tips for a Smooth Auditing Process
/in Managing Your Finances/by Nathan Ives1. Don’t Panic
If you’ve filed your taxes honestly, you don’t have anything to fear from auditing services. Most auditors look for blatant fraud such as inaccurately reporting your gross income. They also examine your accounting procedures and make sure that they’re sufficient for your business’s size. For example, if you don’t have an accounting department and your business is growing, they may recommend that you hire a full-time employee to oversee your finances. Remember, all you have to do is cooperate with the auditors’ questions, so take a deep breath and get ready for your audit.
2. Keep Your Records
Audits are usually ordered within seven months of when you originally filed your taxes, but the Internal Revenue Service can audit your reports from up to two years ago. For example, if you’re audited in July 2021, the audit could be for your 2020 or 2019 taxes. As a result, it’s critical that you hold on to all your tax forms:
Don’t forget to retain your employees’ tax information as well and the forms verifying their ability to work. Keep all these forms organized by year, even after you’ve filed your taxes, so that you’re ready when it’s time for an audit and assurance.
If you’re overwhelmed by all the paperwork, it’s time to find a new organizational system. Scan your paperwork and store it in well-labeled online folders that you can access from any computer. To streamline this process, use a service such as DocuSign rather than printing your forms.
3. Plan Ahead
Scrambling to prepare for an audit makes you look unprofessional and increases the probability that you’ll make a sloppy error. As soon as you find out that you’re being audited, start working with your accounting team to get the forms ready and make sure your books are up-to-date. Leave room in your schedule to take off work during the audit so that you can answer the auditors’ questions. Finally, choose one of your accountants to serve as the primary contact for your auditing team.
4. Think About Your Changes
Has your small business undergone any major changes that affect your accounting procedures in the relevant tax year? For example, did the tax laws change for your industry, or did you upgrade your personal reporting requirements? Consider whether the leadership of your office changed or was restructured, and note any grants or loans you received. By telling your auditors about these factors before the audit begins, you help them understand potential discrepancies in your books.
5. Learn About Tax Laws
Tax laws change frequently, but they don’t always affect your business. It’s critical that you follow all the developments in financial legislation so you’re ready to implement a change. You don’t want to discover during an audit that you’re required to keep your records a certain way. If you’re struggling to understand the laws on your own, reach out to a lawyer, a certified public accountant, or a professional from the Financial Accounting Standards Board.
6. Look Back
If you’ve been audited before, now is a good time to review that auditing report. Did you fix the issues that the previous auditors pointed out, or are you still making them? What parts of your books were confusing or misleading from their perspective? Looking at your auditing report also gives you an idea of how long the process will take and how much you need to be involved.
7. Speak Up
When an auditor asks you a question and you’re not sure what he or she means, don’t be afraid to speak up. Ask follow-up questions and request clarifications; otherwise, you can’t give your auditing team the correct information. If your auditors ask for a record and you don’t think it’s relevant, explain why you don’t think it’s necessary and ask for their perspective.
8. Read the Report
When the auditing process is over, read through the finished report and decide what changes you need to make. Where did you succeed, and where did you fall short of your industry’s requirements? Keep this report close at hand so you can refer to it as you implement changes in your accounting procedures.
No one wants to be audited, but the process is actually beneficial to you. You learn about your accounting mistakes and adjust your practice to align with the law. Just make sure to stay calm, be honest, and keep good records.