Contributed Post | Mike McRitchie | Resume and LinkedIn Profile Writer | Telecom Marketing Content Writer

How Businesses Can Improve Cash Flow

July 17, 2023 by Contributed Post Leave a Comment

It can be pretty sobering to look at the failure of businesses. Most ventures don’t make it to their fifth birthday, after all. If you’re a business owner, then it’s important to look at not just the rate of failure, but why businesses typically have to close their doors for good. And invariably, that’s because of cash-flow problems. Even businesses that appear to have a good amount of customers can end up closing due to cash-flow issues.
As such, you can greatly help your business by taking proactive steps to ensure that your cash flow is always in tip-top condition. In this post, we’ll run through some tried and tested methods for doing just that.

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Offer an Incentive

It can be tiresome waiting for clients to pay their bills. Not only does it leave your bank balance looking not quite as good as it could do, but it also just requires more work — and there’s no task more frustrating than chasing up a customer with an outstanding balance. One way to get your customers to pay their bills sooner is to offer an incentive for early payment. Could you offer a 5% discount if it’s paid within 24 hours, for instance?

Avoid Buying Expensive Equipment

Your cash flow will look better if you have plenty of money in the bank. Alas, as a business, you will of course need to spend money in order to keep your operations running smoothly. However, how much you spend is often within your control. For example, let’s say you need expensive equipment to work efficiently. Buying that equipment could deplete your bank balance. Instead, it’ll be better to look at leasing the equipment; it’d be much cheaper to lease bulk equipment from Transport Resources rather than buying it outright, for instance. This method ensures you have access to the equipment you need without destroying your finances.

Streamline Your Payment Process

You’ll want to have the money from your customers in your bank account as soon as possible. To do this, take a look at your payment process. If you have an outdated process, then you could be waiting several days or more until the money is in your account. These days, there are plenty of modern solutions that make payments as quick as possible.

Negotiate with Suppliers
Anything that allows you to spend less money should be welcome. For example, take a look at the money that you pay your suppliers. Is there a way to make it cheaper? There are two ways to do this. One is to see if they’ll give a small discount in exchange for early payment — they want to look after their own cash flow, after all. Another option is to negotiate new terms with your supplier. You might be happy with their products/services, but if you’re still paying a rate you agreed to several years ago, then you may be paying more than necessary. So speak to them — they’ll likely be happy to offer better terms rather than losing you as a client.

Six Reasons Why Training Is Crucial In Any Business

July 12, 2023 by Contributed Post Leave a Comment

Why train people in business? Is there any point in doing so? Of course, there is! Training your employees benefits your business in an abundance of ways.

Not only does it directly impact the employee’s experience with the company and the personal progress they make in the workplace, but it also directly impacts the organization and the knowledge gained with such training in place.

From onboarding new staff to offering new opportunities to existing employees looking to expand their knowledge, training goes a lot further than the surface level of business. Here are six reasons why training is crucial within any business and within any industry for that matter.

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Your employees will perform better

With additional training under the belt of your employees, they’re more likely to perform better. Having a more in-depth knowledge of what they were perhaps lacking prior to the training sessions is going to ensure they get the most out of their working day.

As well as their performance, you’ll likely see an increase in engagement levels. When your staff knows exactly what they’re doing, you’ll find they spend less time twiddling their thumbs in confusion.

Employee performance is important for the growth of the business and for the success of the organization in the future. Training offers more awareness and clarity whether that’s on a subject they’re already familiar with or educating them on something brand new.

With training, your employees are likely to feel more supported within the workplace, which is always a positive experience to offer to your workforce.

More knowledge across the workforce

As a workforce, shared knowledge is something that can be extremely beneficial. It can be handy to share the knowledge learned in training, with peers. Whether that be those directly in their department or perhaps other departments that might benefit from the training that has been given.

That’s where it’s handy to have mentor schemes in place, as it can help share the knowledge learned to other members of staff, rather than just the one who did the training. All of that knowledge can also benefit your customers who might be searching for answers to questions that only a few staff members can answer.

With a shared knowledge base, it makes the workforce a lot stronger as a result.

Brings new employees up to speed

New employees are starting from scratch and so it’s important to make sure you bring them up to speed on the processes of the workplace and the job they’ll be doing. The quicker you do this, the less friction it creates in the business.

After all, when it comes to training and onboarding new staff, it does require the efforts of existing staff who may already be busy enough.

Training can be useful to help bring new employees up to speed with the relevant practices and duties required of them so that they can get to work as quickly as possible.

Reduces employee turnover

Employee satisfaction is important and it’s something that many need to consider as a priority when improving their workplace environment. If you’re not looking after your staff, they’ll likely find somewhere else to better their talents.

With regular training, it shows that you care and also puts across a sense of loyalty to your staff that you’re willing to spend and invest that money in them. By doing so, you can help in reducing that all-important turnover rate for your employees.

Attracts top talent

When you’re seen to offer your current workforce training opportunities, that can cause some of the top talent to take notice of your business. For those who might be looking to leave their job or equally looking for a new job, they may be looking to see these traits in the company they work for next.

To see an eagerness to train and grow the workforce internally is something that you want to showcase to those outside of the organization too. Not only for the top talent but also for your competitors. There may be workers in those businesses who are looking to jump ship and onto yours!

Upskilling existing employees is cost-effective

When you offer training and other courses like a TABC certification, you provide your staff with more skills for both the job and the expansion of the company. You don’t need to worry about hiring new staff and forking out the expense of doing so. Upskilling existing companies is a lot more cost-effective to do.

7 Marketing Pitfalls That Will Stop You From Unlocking Your Potentia

July 11, 2023 by Contributed Post Leave a Comment

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Building a robust marketing strategy is one of the most important breakthroughs that any business can make. But modern marketing is a complex subject and seemingly small mistakes can have catastrophic impacts.

With this in mind, it’s imperative that you avoid any pitfalls that could undo the good work you’ve completed elsewhere. Focus on the seven below, and you won’t go far wrong.

#1. Not Tapping into Your Greatest USP… You

It’s the oldest cliche in the book, but people buy people.

Consumers want to feel connected to the people behind the brand. Likewise, allowing your passion for the firm to shine through will translate to increased positivity. Utilising human design to gain a better understanding of yourself and strengths can transform your venture. When marketing campaigns align with you, the authenticity levels will be greater.

Furthermore, tapping into your uniqueness is what will stand your business out from the crowd. Conversely, if your character is not allowed to shine through, it’ll be hard to generate any genuine love for the brand.

#2. Not Focusing On Your Audience

Understanding yourself is one thing, but you must also know your place in the market.

When your brand is too generic, it doesn’t reach out to a bigger audience. Instead, it simply fails to resonate with the people that would have been interested. With this in mind, building a target consumer profile is vital. In turn, this will allow you to research their consumer habits. So, you can ensure that your business is promoted in the right places using the right tone of voice.

By opting for targeted marketing, you’ll also save money. This is because you won’t waste money advertising the brand to people that don’t care. Similarly, any data analysis subsequently used will be more accurate.

#3. Ignoring The Importance Of Your Employees

The harsh reality is that only a small percentage of client interactions will be handled by you.

With this in mind, employee engagement is another key concept to master. They are the greatest asset at your disposal for productivity and customer interactions. If they provide a friendly service with knowledgeable advice, people will have a better view of the company. Therefore, conversion rates are likely to improve alongside client loyalty.

Perhaps the most important ingredient revolves around active listening. When employees listen to prospective leads, they will find it far easier to tailor their sales techniques. So, they can prove that your business is the right fit for them.

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#4. Overlooking Social Proof

Consumers are smarter than ever. They will receive your ads with a pinch of salt.

While the importance of your ads for building brand awareness is clear, social proof is equally vital. The vast majority of consumers will now research products and brands before making a purchase. When you are supported by a host of positive reviews, the levels of trust in your brand will be far higher. If your products have pleased others, they’ll help them too.

Social proof should also extend to affiliate marketing and social influencer marketing. Many people want to emulate their favourite stars or have FOMO relating to purchases made by friends. Use this to your advantage.

#5. Not Promoting Products In Multiple Places

The harsh reality is that you probably won’t gain a sale at the first interaction.

In fact, it takes eight touchpoints on average. Therefore, you need to focus on ensuring your brand is seen in multiple places. Your website, SEO, social media, and third-party websites are great starting points. Other retailers, local radio, and publications are great for your local efforts. Gaining press coverage and hosting promo events will also aid your cause.

You can also use promotional freebies. The key is to ensure that your company’s name is fresh in their minds. Once you achieve this goal, there will be no holding you back. When people need products like yours, they will think of your company.

#6. Assuming You’ll Get It Right At The First Time

Frankly, there is no worse source of problems than thinking you can rest on your laurels.

Just because you have seen some success with your marketing, that does not mean you have cracked it. There is always room for improvement, which is why ideas like A/B testing are so important. You can then test out ideas on a small scale before making the adjustments needed to gain maximum exposure and engagement.

Without this continued analysis, you will only see limited results. While it might not prevent you from making a profit, it will limit your success. For increased growth opportunities, this is the only answer.

#7. Ending Your Efforts At The Sale

Marketing campaigns give you a solid foundation, but success must be built upon them.

A strong approach to marketing and sales will generate interest in your products. However, many consumers will respond well to client support features like live chat. They need to know that you care about them and will respond quickly to any issues they may have. Self-guided support courtesy of explainer videos, guides, and forums can help.

Finally, you must ensure that you do not end your commitment at the point of sale. Loyal clients will are the key to long-term success. Remarketing and going the extra mile to keep them happy will translate to increased profits.

How Your New Business Can Achieve Success

July 10, 2023 by Contributed Post Leave a Comment

Success is the end goal of every new business. It is within every new business owner’s dream to create a business that flourishes.

Success doesn’t come overnight, nor does it come without the right measures in place. Hence, here are things to follow for every new business that wants to succeed.

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Extra knowledge and certifications

It does not harm any new business owner to retain extra knowledge and extra certifications in order to make their business more successful. The more skills, knowledge, and certifications you have, the more chance you have of improving your business.

For instance, let’s say that you want to start personally training people. To become a personal trainer, you do not only need skills and knowledge, but you will need certifications in order to qualify as a personal trainer. Hence, attaining personal training certifications ahead of opening your new business will ensure that you can be on your way to success from the moment you open your new business.

Analyze the competition in your industry

Every new business will have competition. Even if your business is niche, there will be someone else out there that is similar to you. Therefore, you need to understand what competition you have so that you can compete well.

You can start by trawling through social media sites looking for new small businesses that offer similar products or services to you. When you find them, you can then look at their pricing strategy, how they engage with their customers on social media, what customer service measures they use and more.

With a thorough assessment, you can best understand how to stay competitive in your industry.

Keep financial records

Another top tip for growing a successful business is to be on top of your finances. Keeping a detailed financial record will help you understand your budget and how close you are to spending it each month. You will be able to monitor what your business is spending its money on and therefore decide what you can cut down on and what you need to spend more on.

For instance, if you are paying a freelancer to write your blog posts, but those blog posts are not performing well, you will then be able to get rid of them and find someone worth the investment. If you then find out that blog posts simply do not help your business, you can scrap that idea and use your money and time to put it into another business strategy that can help your business gain more success.

Be prepared to provide great customer service

Every new business and existing business needs to offer the best customer service possible. As a new business, it is a wise idea to nail your customer services from the day that you open.

Being friendly and offering fast responses are simple measures to pursue in order to maintain the satisfaction of customers. When you can attain satisfied customers, you’ll be able to attain regular sales, which will help you gain more profit and success.

Hire the right people for your team

As a new business, it is important to hire the best people for your team so that you can get your business off the ground running from the moment you open. If you hire people with little expertise and little passion to help you grow your business, then you might not see as much success as you hoped for.

It is essential to use a thorough interview structure when you are hiring new talent. The more thoroughly you get to know the talent, the more you can understand if they’re going to be a good fit for your team, help you nail your tasks, and help your small business achieve great success.

Don’t overwork yourself

Although you will want to work, work, and work the moment your new business opens, the best thing you can do is to take time to relax so that you can avoid burnout.

If you experience burnout in the early stages, you might not be inspired to continue. Therefore, ensure that every week you make time for yourself to relax so that you can reduce your stress, and ensure that when you are working, you can work to your best potential.

Using this guide, your new business can easily be on its way to achieving more success. Simply attaining new skills and certifications and offering the best customer service can go a long way in helping your business from the get-go.

Streamline Your Workflow For Better Efficiency in Business

July 9, 2023 by Contributed Post Leave a Comment

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Running a successful business means you need to have the perfect balance of time management, resources and processes. Get these things wrong and you can end up costing yourself money and ultimately affecting the bottom line of your profits. Being efficient is so important, even small delays and issues can all add up to cause a big problem, here are some examples and what you can do to be more efficient in your business.

Improve communication

In business, lots of different areas need to be able to work together for overall success. From the conception, design and manufacture of your product to warehousing and picking, shipping, marketing and more- these processes all need to work in harmony. Make sure the lines of communication between your team and between different departments are all running smoothly. This avoids misinterpretation, missed messages, unnecessary back and forth and anything else that can cause delays. When time is money, these daily hassles can all add up in a big way.

Set clear goals and priorities

Ensure your team understands the objectives and priorities of each project. Clearly defined goals provide direction and help employees stay focused on what truly matters. Regularly revisit and communicate these goals to maintain alignment and drive efficiency.

Utilise technology

It’s absolutely crucial that you’re using the technology thats available to you. Without it you simply wont survive in todays digital world and will be quickly overtaken by your competitors. Automate everything you can to save time and money. Invest in softwares that make sense for your business to make everything quicker and more accurate. From financing software to container tracking, there are so many ways tech is improving and speeding up business processes so dont get stuck in the dark ages.

Get rid of redundant tasks

As more and more areas become automated, make sure any redundant processes are being got rid of. Automating areas will free up time for your staff to work on other things and put their time to best use, so make sure that you’ve defined what their new role will be and let go of any staff that are no longer needed in your operations.

Make use of data

Data analytics are so valuable, they allow you to gain insights into your business processes and let you identify areas of improvement. With data you’re able to track key performance indicators and also make good, data driven decisions within your business. If a product or system isn’t doing well, the data can show this and allows you to act quickly to resolve it so that your business isn’t losing money.

Improve employees skills

Regular training sessions will equip your team with the necessary skills and knowledge to succeed, things like workshops and conferences as well as online courses that relevant to their roles can all be so helpful. With an improved skill set, your team will have better productivity and efficiency.

DelegationAs a business owner, you shouldnt be trying to do it all. You shouldnt be micromanaging, this can affect employees performance as well as their morale. If you delegate tasks and responsibilities to capable team members it empowers them and allows them to do better work for you. By first providing your employees with the right training to do their jobs and then delegating work to them, you have peace of mind that everything will be done to the best standard.