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How To Make A Profit As A Small Business

StrategyDriven Managing Your Finances Article |Small Business|How To Make A Profit As A Small BusinessStarting a small business is a fun and exciting, but an overwhelming, task. It takes a lot of patience and practice to get the business right. From the get-go, you will encounter some mistakes or delays due to lack of understanding or not enough time. For those setting up a new business, one thing that will be on your mind is how to make a profit. In this guide, you will discover the best ways to ensure your small business can make a profit.

Ask For Help

Asking for help as a small business is key to ensure you do not do everything by yourself. You will need the advice to expand your knowledge and facilitate further development of your business. Without help, you may suffer a loss by not being able to meet customer needs or know how to market your business correctly.

There are several businesses out there that focus on helping small businesses accelerate and create revenue, such as Stephen Hourigan of Elevate Ventures. Asking for help and advice is not something to be ashamed of. There are experts out there whose job it is to offer support in order to help businesses secure a financial profit.

Make A Business Plan

Market research is the core of a business plan and a business plan is your best protection against business heartbreak.

Of the many reasons to work through a business plan, the main one is this; when you’re done, you’ll know whether or not your proposed business idea can be turned into a profitable small business. When you get your business idea right and know you can stick to the plan, you will more likely stick to targets and be on track for making a profit.

Track Your Finances Regularly

Once you have systems in place for tracking things like time, expenses, and earnings, you need to keep an eye on those things regularly. Analyzing any changes can help you determine what’s working for your business and what isn’t.

Finance tracking is a startup essential that shouldn’t be overlooked. Without accounting for your incomings and outgoings, you will not know how much your business has made or spent. You will also lose track of how much more you need to earn to make a profit.

Ensure You Offer Good Service

A small business can gain a lot from spending time serving customers and meeting their needs. No matter what type of product or service you offer, providing a great experience to customers should always be a top priority. Doing so can help you build repeat business and even gain referrals, which essentially serve as free marketing.

Do everything in your power to absolutely delight your customer. Going above and beyond to deliver an amazing customer experience increases the chance of repeat bookings, and might inspire your customer to recommend your business. These are both positive levers on the unit economic model of a business.

A Guide for First-Time Entrepreneurs: How to Strengthen Your Startup’s Foundations

StrategyDriven Starting Your Business Article |First-time Entrepreneurs |A Guide for First-Time Entrepreneurs: How to Strengthen Your Startup's FoundationsThe actions that you take during the initial stages of your startup’s inception will make or break its chances of success going forward. If you want to ensure your maiden business venture’s long-term success, you must go above and beyond to strengthen its foundations.

Here are three things you must do to provide your first company with the best possible start to life:

Make great recruits

Your talent, hard work, and vision will only get you so far in your maiden business voyage. If you are to succeed in your first entrepreneurial endeavor truly, you need to surround yourself with a dedicated support network. Above all else, this means that you must go above and beyond to optimize your hiring process. Once you start making great recruits, you will begin to build a team capable of taking your startup from strength to strength.

As an inexperienced recruiter, you must empower yourself with an expert recruiting enablement platform. With Oleeo’s Recruiting Enablement solution at your disposal, you will be provided with the support you need to pinpoint and expedite the top candidates in your target talent pool. This will save you a lot of time and effort in your attempt to unearth potential employees, which in turn means that you will be able to dedicate more of yourself to the interviewing process.

Become a great leader

No matter how many employees you hire during the initial stages of your startup’s inception, you need to showcase that you are a great leader right from the off. This will aid you in your bid to maximize the day to day efficiency of your workforce, which in turn will have a profound impact on your startup’s capacity to turn over a profit.

To become a better business leader, you must:

  1. Don’t just work over your team — work alongside them as well
  2. Remain humble and grateful at all conceivable points
  3. Understand that nobody is perfect
  4. Commit yourself to continuous learning and professional development
  5. Attain regular feedback on your leadership performance

Build a robust business plan

Building a robust business plan is one of the most important tasks you face as a startup company owner. As well as providing you with some much-needed direction, this strategy will also help to make your organization more appealing in the eyes of investors.

To build an effective business plan that actively grows with your company going forward, you must:

  1. Determine the exact purpose of your plan (guidance, investment, etc.)
  2. Create a company profile
  3. Document the financial aspects of your business (including your prospective fiscal aspirations)
  4. Research your target market and study your competitors
  5. Draw up an executive summary

If you want your startup business to grow from strength to strength over the coming decade, you must fortify its foundations. Performing this crucial task will provide you with the robust platform that you need to scale your market in the future.

Starting Your Own Business

StrategyDriven Starting Your Business Article |Starting your own business|Starting Your Own BusinessYou’ve had a business idea in your head for some time and you’re just now ready to put it into action. Maybe you have a fresh, new startup plan that you’re ready to build from the ground up. Or, perhaps you plan on buying an established small business. Either way, starting your own business is an exciting, albeit challenging, life journey, that can be very fulfilling.

There are several considerations when it comes to starting your own company. While there are many technical and legal steps you need to complete to open your doors for business, this article is focused on the personal qualities necessary to be a CEO. Here are some suggestions to keep in mind when chasing your entrepreneurial aspirations.

Make sure you’re ready.

Timing matters, but at a certain point, there likely will never be the perfect time to start your own business. For every reason to take the leap, there might be several factors that point to why you should wait. That is why it’s essential to ask yourself if you’re in the right mindset to take on the challenges that come along with owning a company. Are you ready to turn your career into a 24/7 lifestyle? If the answer is yes, then shoot for the stars.

Say goodbye to your 9-5.

Speaking of adopting a 24/7 schedule, understand the limitations of a work/life balance when you become the owner of a business. When you eat, sleep, and breathe your career, time becomes a lot more valuable. You’ll always be on the go, forcing you to adapt your old ways of doing things. To avoid over-scheduling yourself, you’ll want to find time-saving solutions to give yourself more hours in the day. For example, you can use a household delivery service and have your weekly staples brought to you, saving you time otherwise spent at the store. And with a personal assistant app, it’ll be easier to keep track of your daily to-do. Finding little ways to save you even just a few minutes will add up over time.

Set reasonable and realistic goals.

Especially if this is your first venture as an entrepreneur, being realistic about your goals and expectations is fundamental in maintaining your sanity. Optimism is important, but naive optimism can hurt you. Owning your own business has a steep learning curve and every day will have its own lesson. Your company probably won’t outsell your competitors in your first month of business, and that’s okay. Set goals that will encourage you to create the best company possible, and if applicable, be a great leader to your team. Perseverance and patience are key in helping you learn and grow as an entrepreneur, and will pay off in the long run.

Find a mentor.

The only people who will understand the trials and tribulations of starting a new company are other entrepreneurs. Because of this, surrounding yourself with others who have had similar experiences as you can prove to be an excellent resource for you to consult. You can bounce ideas off of them, share goals, and receive constructive feedback, a fundamental component of success and growth. If you don’t know any other business owners in your immediate circle, you can still find people to connect with by other means. Go to networking events, check out your city’s startup incubator, utilize a mentorship network like SCORE, or turn to LinkedIn, Twitter, and other social networking sites to find like-minded individuals. You can find a mentor practically anywhere. It’s up to you to invest in the relationship so that you can benefit from the knowledge and experiences that they have.

Have a stable financial footing.

It should be no surprise that starting a business costs money. While it can pay off tenfold in the future, there is significant financial risk involved. You’re likely leaving a well-paying and stable job when starting this journey, which is already a risky endeavor. Not to mention there are plenty of startup and ongoing costs required to keep your company afloat. You’ll never eliminate the financial risks associated with entrepreneurship, however, you can protect yourself from too much financial harm. Best financial practices are to minimize your personal expenses, reduce or eliminate debt, improve your credit score, and have an emergency fund ready. Additionally, considering the type of business structure you want to implement, such as an LLC or S Corp, can have lasting impacts on your personal liabilities and taxes. Taking the time to determine what structure fits your company best will help ensure that your finances stay in check.

Starting a new company is an exciting and fulfilling journey. However, the challenges that come along with it make it so that it isn’t for the faint of heart. Take the appropriate steps to prepare yourself mentally and financially for this new trajectory in your career.

Why Working On Your Financial And Economic Ability Will Boost Your Money-Making

StrategyDriven Professional Development Article |Making Money|Why Working On Your Financial And Economic Ability Will Boost Your Money-MakingWhen it comes to your ambition and your ability to bring in money, you’re going to want to make sure that you have a lot in your locker with regard to skills surrounding it all. People who have the wherewithal to generate a large income don’t just get a little lucky. Sure, some might take a punt on a particular business and come out the other side a lot healthier, but there’s a method to it all. Whether you’re looking to raise your personal profile or create an amazing business, you need to have the skills to accompany the journey.

Certain things like confidence, the ability to lead employees and other important contacts, knowledge of the chosen field, and plenty of other aspects need to all be present. Your financial knowledge and ability need to be there, too, however. If you aren’t good with money and the numbers you’ll be working with, then you might not last long here. Fortunately, being good with money isn’t something you need to worry about. It’s something you can learn about as you work. If it was so difficult, hardly anyone would do it. Here’s why you might want to focus on your economic and financial ability:

Your Confidence Will Rise Overall

If you know what you’re talking about with regard to money, then you’ll get a big boost mentally. It’s quite an important facet of life, so you’ll get a kick out of knowing about this stuff. When you aren’t as aware, you may be quite reserved regarding it all.

It’ll Help You With Motivation

Motivation can be hard to come by when you aren’t as educated in terms of money. Not knowing where to go next or how it all comes about can leave you in the wilderness somewhat. Once you know a little more, it can give you lots of different options. You’ll know where to allocate your time and you’ll be more inclined to try new things.

You’ll Have Fewer Issues With Formalities And Legalities

The legal aspects of your money can be quite important – as you probably know by now. A lot of people get into trouble due to the way in which they declare their income. Some genuinely make mistakes while others actively look to cheat the system somewhat. If you know what you’re talking about then working on the likes of self-assessments and 1099-misc reporting can become more of a walk in the park. You’ll stay out of bother and become a lot more experienced in handling these kinds of essential formalities.

You’ll Appreciate The Value Of Money A Lot More

When you don’t know that much about your money, cognitive dissonance can occur, and veering away from the topic as a whole can also happen. You won’t rush to work on a financial plan and you won’t be interested in what’s to come for you financially. If you know what you’re talking about and you know how to act going forward, however, then it makes you understand just how important it all is. This can be excellent going forward as you’ll be more inclined to use your money wisely.

How to strategically plan for your business’s future

StrategyDriven Strategic Planning Article |Strategic Plan|How to strategically plan for your business’s futureBusiness planning can save time and money in the long run. Refresh your fundamental values, key growth areas and sectors you want to target. Sharing your business plan with your employees can help to direct and motivate them as well.

A business plan should be a flexible and dynamic template that changes with the industry. Say goodbye to your static method, and hello to a continuous business planning cycle. Here are a few tips on how to create a strategic business plan for your future.

Keep it simple!

Employees and investors are unlikely to read your business plan if it’s long-winded and tedious. Keep it simple with a one-page document that is easily digestible and accessible. Use a list format to present your marketing aims, mission statement, objectives, strategies and action plan.

Update and change it

You should refresh and check in with your business plan every few months or so. Remind yourself of your goals and identify which direction you want to go in.

Potential investors will want to read your business plan to see how you would use the money and allocate resources. A business plan is not just for investors – it should forecast the lifespan of your business.

Consider taking out a small business loan to prepare for future expansion, equipment, refurbishments and any unexpected expenses. Preparation is essential.

Go digital

Two-thirds of managers reported an increase in productivity from their remote workers. Video conferences are great for having a personal face-to-face meeting without the added travel cost. Digital communication is an innovative industry that businesses need to invest in!

Going green is becoming more important

Consumers are starting to notice green companies and want to purchase products that have environmentalism at heart. More than 70% of consumers are willing to pay at least 5% more for sustainable products. Don’t get left behind – invest in green products now.

Furthermore, renewable energy is becoming more affordable and can save you high costs later down the line.

Think about automation where possible

Automation processes can drastically increase the productivity of your workforce. Automate mundane tasks that distract your workers from the more important, urgent work at hand. Many industries are using automation services to store email templates and perform tedious customer service responses.

Take the time to identify which processes need to be automated before launching into a new automation strategy—research how your competitors use automation to improve workflow and develop a strategic approach.