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Is Your Small Business on Shaky Financial Ground?

June 21, 2017 by Thomas

As you sit back for a moment and assess where your small business is, are you happy with what you see?

For countless small business owners, there is much to be happy about. Hard work and smart financial decisions have left them with healthy businesses.

On the flip side of the coin, you have some small business owners who are far from running healthy brands.

For whatever the reason may be, they are struggling to make ends meet. As a result, times are tough to say the least.

That said how can you position your small business to be as healthy as possible when it comes to finances?

Lower Your Debts and Boost Your Income

So that you are in the best possible financial position you can be now, keep in mind these pointers:

Income

You want to be making as much income as possible as you run your company.

With that in mind, how do you get by when times are tough?

You have to figure on there being some down times throughout your business run. As a result, having the all-important rainy day fund to get you by is crucial.

Your income is also of course affected by how much outreach you do. This is especially the case in trying to get new customers to come aboard. If you are doing very little in marketing and advertising, how can you expect consumers to know about you? Even if you have to trim your promotional budget from time to time, do not drop it altogether.

Also make it a point to encourage your current customer base to help you recruit new customers.

By providing the former with loyalty rewards, they are more likely to spread the word.

Debts

Although you would love to be clear of all debts, you more than likely can’t say that is the case. As such, it is important that you manage your debts.

One of the ways to go about this is by making sure all your business and personal taxes are up to date. There’s nothing worse than owing a lot of money to the Internal Revenue Service (IRS).

One means in discovering such unpleasant news is to do a free federal tax lien search online.

Such a search allows you to discover if you do in fact owe the government money. If that is the case, paying it off as soon as possible is your best move. Otherwise, you could end up in a worst-case scenario of losing everything.

Once that online search does in fact show you owe money, do your best to set up a payment plan. By doing so, you show the IRS that you are not walking away from your financial responsibilities.

Growth

Knowing when the right time may be to grow your small business can of course prove a challenge.

With that in mind, always have a focus on what your industry trends are. This includes if there is current growth, decline, and some mergers and acquisitions. By being adept to what is going on, you are better suited to make decisions about your own company.

If you do decide now in fact is the time to grow your brand, be sure to have the financial assets necessary.

In the event you are tight on money, you may consider asking a family member or friend to invest in your business. If so, be sure to do it in a professional manner as you would with a stranger. By keeping everything professional, there’s less chance of a breakdown in the relationship.

For you to do as much as possible to keep your business from being on shaky financial ground, be smart.

The better you are in making financial decisions, the better odds your business has in sticking around.

Photo credit: Pixabay

About the Author: Dave Thomas covers business topics on the web.

Is Your Small Business on Solid Financial Ground?

April 28, 2017 by Thomas

Does anything scare you when it comes to managing your small business?

If you are like many other small business owners, you know all too well how things can change in a heartbeat.

At one point and time, things are humming along. Take a look a couple of months down the road and you’re nearing or in the red.

So, how do you go about doing all you can to keep your small business on solid financial ground?

While there are many ways to approach this, some work better than others.

Are You on Top of Your Business Needs?

To do your best to keep your small business running along, file away these tips:

Expenditures

One area of major importance is of course your office expenditures.

Are you spending too much money, money that can be saved with some ingenuity on your part?

Always look to see where you can cut costs without cutting performance.

Areas to scale back on include supplies, transportation, and how many hours the office is open.

With that last one, letting employees work from home one day a week can lessen your need to be open five days a week. How much could you save with an extra day a week having the office closed?

Also, go back and review what you spend for office supplies.

In many instances, you are not doing needed things like recycling or buying supplies in bulk.

And when it comes to transportation needs, think how you use any office vehicles.

For instance, if you have to make deliveries to and/or meet with customers, think about how you schedule them.

Try and get with several customers all in a period of time the same day, avoiding running in and out of the office.

Growth

Understanding when to grow your small business is important.

While you might be timid, know that increasing your company’s capacity can be what the doctor ordered.

In doing this, you might need some fast cash for your small business.

If you do need some cash infusion, be sure to research the options available to you.

Knowing where that money will be coming from, what to expect in return etc. are both quite important.

Take the time to think about any growth plans.

The worst thing you could do is rush into an expansion. This would be one in which you were not prepared on many fronts.

Security

Even if wanting to grow moving forward, don’t fall asleep on your company’s security.

As an example, has your company ever faced a security breach? If not, consider yourself lucky.

Too many companies over the last decade have in fact suffered security breaches. They can be even more impactful when it is the small business owner taking the hit.

To keep on solid financial ground, be sure to invest in whatever security needs are necessary.

From your online efforts to what you do as a small business owner offline, never think it can’t happen to you.

So, as you move forward this year, do you consider your small business to be on solid financial ground?

Photo credit: Pixabay

About the Author: Dave Thomas covers business topics on the web.

4 Tips to Attract the Best Employees

December 16, 2016 by Thomas

In running your business, are you doing everything conceivable in order to attract the best employees?

As the New Year draws ever closer, now would be a good time to assess how you are going about bringing in new talent.

Keep in mind that hiring such talent is not simply the result of placing a help wanted advertisement online and/or in the newspaper.

Not only do you have to get qualified candidates through the door for the interview process, but you then have to determine which one or ones are best positioned to help your business moving forward. As you might imagine, there are no 100 percent guarantees when you hire someone. They could be one of the best workers ever to come through your doors or one of the biggest mistakes you will end up making.

That said do you know how best to go about attracting the top employees?

Incentives Can Go a Long Way

So that you are able to have the best odds of bringing in and keeping to-flight employees, remember these four tips:

Workplace – First and foremost, do you have a workplace environment that is second-to-none? For many workers in today’s workplace, having a place to call home for many years is not the norm. In many cases, employees will use one job to eventually get to another one. In doing so, they may turn out to be great workers in their time at a place, though they could also turn out to be real duds. By offering a workplace environment that is inclusive and makes people feel welcome, you stand a better chance of getting solid employees, employees willing to go the extra mile for you and ultimately stick around;
Incentives – Offering your employees incentives will be a great means to keep them around, not to mention make sure they are happy during their time with you. For example, solid group benefits for employees are a great place to start. Given how expensive medical insurance is becoming for many individuals these days, paying for a sizable portion of their medical needs oftentimes proves a big help for both you and the employee. If you’re worried about the costs becoming too astronomical for you, shop around for the best medical plans out there. In doing so, you can oftentimes find a plan that is financially cost-effective for you when all is said and done. Other incentives include not only increases in salary over time, but also the ability to grow within the company (see more below).

Don’t Overlook Growth Importance

Growth – When it comes to growth, many workers will state that having a chance to climb up the corporate ladder is important to them. Without those opportunities for growth, some employees will feel like they are simply going through the motions each day, something that is a problem for you and your customers. Be sure to make growth opportunities one of your key offerings when sitting down and interviewing candidates;
Honesty – Lastly, don’t you like it when employees are honest with you? Assuming the answer is yes, you need to return that ounce of respect. If you don’t, you can lose people (both figuratively and literally) before you know it. Be honest with workers when there are problems, be they with the individuals themselves or the company in general. If you see cutbacks coming down the road, don’t wait until the last minute to inform those impacted by them. Also speak honestly in grading one’s performance level. If you’re not honest with them, you hurt both them and your business overall.

As a business owner, how do you go about attracting the best employees to keep your company churning along?

Photo credit: Pixabay

About the Author: Dave Thomas covers business topics on the web.

Securing the Needed Education to Finance the Right Career

November 11, 2016 by Thomas

If you take a moment to look at where your career is currently headed, are you happy with what you see?

For many individuals, today’s job challenges are not always so much tied to employers not offering them. In fact, it is oftentimes a case of not having the necessary qualifications to meet the needs of companies.

Although some individuals will have each and every qualification needed, they will still be turned down. In the end, the majority do find work when properly qualified.

With that in mind, what are you doing to be as sure as possible that you will get the career you want and deserve?

Are You Properly Qualified?

So that you have all the qualifications deemed necessary to get the job and ultimately career you want, make sure the following are checked off:

Attitude – First and foremost, do you have the right attitude when it comes to the job search? Unfortunately, some individuals go into a job hunt feeling like they are all but entitled to a position. In the real world, however, that attitude won’t get one too far. When you have the attitude that exudes positivism, you stand a much better chance of being where you want. Take it from the approach of things work out for a reason, but you’re going to stay positive no matter what;
Education – When it comes to your educational background, are you as educated as is deemed necessary? Whether looking for an accounting degree, acquiring an online master of science in finance degree, perhaps a communications degree, be sure to get what you need. Although hands-on training goes a long way in whether or not you get the position you seek, your educational background certainly can’t be discounted;
Skills – As you look at the skills you currently possess, are they enough to get you in the door for the interview of your choice (see more below)? In an ever-changing world, recent skills can prove outdated in a short period of time, so never assume what you have is enough. Also take the time to look at your overall social skills, notably as to how you act online and offline. When it comes to the former, more and more employers are looking at prospective candidates (along with current employees), checking to see what they say and do on social media. It would definitely behoove you to be as professional and cautious as possible. Never lash out socially about a current or former employer or co-worker.

Positive Personality is Always Worthwhile

Personality – Whether it is in the workplace or outside of it, a positive personality should always be by your side. In the workplace, customer service is always a focal point, something that can determine how successful (or not for that matter) a business can be. If you are in a current job or interviewing for one (perhaps both), make sure your personality comes across as positive. As for outside the workplace, being personable pays dividends too. Always keep in mind that you never truly know who you are talking to at many times in your life. As a result, a general discussion in a coffee shop, restaurant, doctor’s office etc. could in fact be with someone you will refer to as your boss one day;
Goals – Finally, for both your sake and the sake of any employer you work for, having goals is crucial. Yes, some employees just go through the motions in the workplace on a daily basis. For whatever reason or reasons that is, it really doesn’t help anyone, notably the worker. By being ambitious and looking to accomplish more in life in terms of your profession, you will stand out in a positive way for all to see.

If you feel like something is missing in your career i.e. enough education, the right position to grow in etc. will you do something about it today?

Photo credit: Pixabay

About the Author: Dave Thomas covers business and personal growth topics on the web.

Will You Print More Growth Moving Forward?

July 6, 2016 by Thomas

Moving your brand forward can sometimes be a challenging task.

For some companies, growing too quickly can actually lead to an early demise. Then again, when some companies grow too slowly, the same result can be equally devastating.

That said it is important as a business owner to know about how much to grow, when to try and start that growth, and when exactly to slow things down.

So, will your business print more growth moving forward?

Growing at Just the Right Pace is Crucial

So that your brand can grow at just about the right pace, print these tips up:

Planning – You can’t do anything in the business world (or for much of that matter in other parts of life) without having a solid plan in pace. With a solid plan in place, your business has the ability to not only grow, but sustain that growth over time. Part of that plan means keeping a close eye not only on your specific industry, but also the overall economy. Red flags such as major layoffs across the board, a slowdown in consumer buying etc. are telltale warnings of rough times. Don’t be oblivious to such warnings, heed them;
Services – Knowing when to bring on additional staff, when you might need to put in place a few cutbacks etc. can be challenging. Companies such as City Print Design and others in the business of promoting a company’s message through brochures, flyers, pamphlets, business cards etc. are almost always in demand for their services. The same holds true for necessities such as accounting firms, tax preparation services, healthcare services and others. The message being, some industries are almost all but assured of never ceasing to exist. That said make sure your business always works as if today could be the last day. Never take the foot off the gas in providing unparalleled service to customers the world over;
Technology – Another important component in growing at just the right pace is mastering technology. As technology continues to expand and play an even more dominant role in the business world, it is critical that your brand properly use it to the fullest extent. Doing so allows you to stay even with or even surpass the competition. Always look for ways to introduce more technology into your business operation, yet without compromising the core values that have made you a successful brand in the first place. Part of that technology is making sure you have a firm grasp of how the Internet can help not only grow your business now, but down the road;
Staff – The mention of technology a moment ago also plays into the importance of making sure your workers not only understand how to use the latest technology, but they also embrace it. While some businesses still exist and actually do okay with an old-fashioned approach to doing business (little or no Internet usage, shying away from social media, zero or little interest in mobile marketing etc.), your brand can capture even more business by encouraging your team to use the available technology out there to the fullest extent possible. In doing so, your brand will oftentimes be seen as a trendsetter, not one that is just trying to keep up with the competition;
Future – Lastly, while no business owners has a crystal ball to tell him or herself where their company may be 10 or even five years down the road, there should always be a desire to run one’s business as long as it is financially and feasibly possible. While some unforeseen events can certainly alter those plans at different stages, certain brands as mentioned earlier (accounting, printing, taxes, healthcare etc.) are all but guaranteed to be here many decades from now. As a result, always look at the big picture for your business. If it is a family-run company, will it likely be passed down from generation to generation? When it comes to bigger operations such as healthcare, the question oftentimes is how will technology and finances dictate procedures decades from now? No matter what your line of business, have one eye on today’s responsibilities, along with one eye on what the future holds for your growth potential.

Photo credit: BigStockphoto.com

About the Author: Dave Thomas covers business topics on the web.

The Business of Earning More Money

March 16, 2016 by Thomas

What are you doing to earn more money?

Some business owners (and regular consumers for that matter) will try and come up with myriad of ways to bring in some extra income, especially in a day and age when media incomes are stagnant for many people.

With that in mind, have you been toying with ideas in 2016 as to how to make your wallet or purse a little fatter in terms of the green stuff?

Be Innovative

So that you can increase your income this year and moving forward, have you thought about some of these ideas?

Selling products on the side – From Avon to jewelry and much more, selling a product or products on the side from your full-time job is a good means to earn extra money. In fact, some individuals sell such products as their regular jobs. This allows them in essence to be their own bosses, work from home, set the hours best suited to them and more. If this might sound of interest to you, going online is a good place to start. Doing a Google search of such items will get you going in the right direction. You may also have a friend or friends that sell such items on the side or full-time, so they would be great reference points;
Overtime hours – While some companies have strict rules on working overtime, many others will allow employees some overtime opportunities from time to time. Get with your boss to see if you in fact are eligible for some bonus hours at work. This is great because you do not have to (unless you so choose) find a part-time job or two on the side. Working extra hours at your full-time job also allows you to build up more experience in your current position, something which could help you with a possible promotion and raise down the road. One thing to avoid, however, is working too many hours to the point where you essentially suffer burnout at some point;
Consulting – It is not uncommon to see older workers turn to consulting, something which can lead to less stress and still provide a decent stream of revenue. This is especially a good option if you have years and/or decades in a chosen field. Go online and do some Google searches for consulting in your field of expertise;
Leasing your land – Not everything revolves around your resume when it comes to making some extra money. If you own a sizable amount of land, you could lease it out on occasion for a variety of purposes. Hunting on leased land has become more popular in recent years, especially given the fact that more and more land is being consumed by developers, those same developers that are looking to build office spaces, shopping facilities and more. If you are willing to rent out some of your property for hunting, fishing or other such outdoor activities, be sure to draw up a contract each time, making it clear what the rules and regulations are for anyone spending time on your property. You might also consider renting out space on your property if it is large enough for someone to run a small business from there. With rents oftentimes sky-high in cities and towns, small business owners on a shoestring budget wouldn’t mind saving some money. Having them renting a portion of your property to get or keep their businesses up-and-running until they have more resources to expand one day makes sense. Still another idea is renting out extra parking spaces if you have them on your premises. Neighbors may be willing to pay you on a monthly or yearly basis to use such spots, especially if they are limited where they can currently park and/or have multiple vehicles. While your land is your pride and joy, there could be cash-flow opportunities sitting right under your nose;
Helping those in your community – From family and friends to neighbors, there are probably a number of extra income opportunities you have not thought of before. Some of these involve helping those closest to you. From babysitting to working on people’s properties, get creative and see how you can pad your wallet or purse. Sometimes knowing you are helping others, all the while adding a little extra to your income reservoirs, is a great feeling.

No matter what you do full-time for a living, are you interested in earning more money?

If the answer is yes (you might be hard-pressed to find those who would say no), then put your thinking cap on and get to work at it.

Being savvy when it comes to earning more money and just improving your overall life is something you should always be thinking about.

What are you doing in today’s challenging economy (business or personal) to make more money?

Photo credit: BigStockPhoto.com

About the Author: Dave Thomas covers business and marketing topics on the web.