With rapid growth of the small business financing industry, owners and entrepreneurs have a larger variety of financing options from which to choose. Whether your business requires working capital or wants to replace equipment, there’s an option available to fit your needs. Before you begin the application process, thoroughly review your company and prepare with the following presentation — A Guide to Small Business Financing:
Business success depends on different things and every situation that helps to market the position in which it operates. Keep it vibrant, healthy and profitable depending on its business size. A growing business asset may open the doors to finances generating more cash flow in the long run.
1 BUSINESS PLAN
Invest time in exploring the right options, take a note of each consequence, discuss new products, finances, locations, staffing etc. Good planning helps to identify and address the potential risk factors that develop. The planning should be controlled for the successful business growth. The effective growth plan includes business description, industry analysis, effective team, marketing plan, operations, key risks and more.
2) PREPARE EFFECTIVE CASH FLOW MANAGEMENT:
Identify various core aspects that define the clear interpretation on the finances. The growing business increases the need of the build-in inventory, buy equipment, pay additional employees or suppliers and more. Also plan for an additional well-documented expansion plans. Consider the cash flow strategies to keep the cash flowing freely as the business grows. Know about the gap when expenses must be paid and when money from clients and customers is received. The inventory based business requires you to have products on hand for an increased demand.
Know more about: [Infographic] The Importance Of Cash Flow Management
3) DELEGATE RESPONSIBILITIES TO THE RIGHT PEOPLE:
Be clear on the roles that you place. It’s your responsibility to make clear role to your employees and what expectations are. Your business can’t grow on its own, setting and placing a priority on hiring and retaining good people is good business. It is difficult to delegate the tasks that you handle – effective delegation is required for the business growth. Focus on the expansion plans; invest in the day-to-day activities of the business. The functions you’re currently involved and delegate to others either to existing staff, new staff or choose to outsource specific tasks such as IT, marketing, administration or bookkeeping results the effective business growth.
4) GROW STRONG CUSTOMER SUPPORT:
Rewarding your local customers is the best way to increase sales i.e. assign free bonus product or service, create a program where the referrer receives the gift certificate, first session free or more. The customers are the most important asset, therefore it is necessary to listen to them, ask them to rate their experience and make them feel heard. Also you can provide discounts, free merchandise to increase the livelihood of your business.
Owning a good business involves a number of challenges but when it comes to managing complex billing processes, Invoicera understands your business. Invoicera is a cloud based invoicing software empowering account receivable and payable management for over 3 million businesses worldwide.
About the Author
Veronika Tondon is business enthusiast. She writes about emerging technologies and opportunities for business. She is working as a Marketing Manager with Invoicera, a leading cloud invoicing solution.
None of us can function alone in this life. Whether you are an artist or a doctor, you always need other people to work with. That’s why one of the most important factors of your work is marketing. The main question is: how to tell people about your business and how to advertise it?
Building an audience is essential for your business to run properly. The greater part of this work needs to be done before you begin with your business. That’s the simplest and most certain way to get yourself an audience. Let’s take a look at some guidelines that can help you with this important task.
Social network profiles
Nowadays everybody has a Twitter, Facebook, or Instagram profile. This also stands for companies. So, it’s pretty clear – you should create a profile for your business. You will need to arrange your profile in the best possible way. This means to add an e-mail, phone number, maybe address, etc.
A good strategy here is to share a couple of updates before you launch your profile. This way, people will have a reason to follow you. Also, don’t be lazy and try updating your profile daily or in every couple of days.
Another way to promote your business is to run a blog regarded to the services you are offering. For example, if you are selling guitars, maybe a blog about famous guitar players, guitar maintenance, or music in general, would be a good idea. However, you can write about anything you want but your content needs to be perfect.
High-quality content is a must. This is the way to gain respect and trust of your audience, so invest some effort to do this properly. If you are too busy or too lazy, you can always hire a content writer that will polish your posts.
We are living in a completely visual culture today. Remember that one “A picture is worth a thousand words“? Well, a video is worth ten thousand words. That’s right, video advertising is a sure thing for creating an audience, so spare a few bucks to make an interesting video.
However, words are the basis of every video on the internet. You can ask any good seo company and they will tell you the same. So, some extra understanding of keywords or maybe a professional assistance can put you in front of your competitors.
Sending direct emails to your subscribers is a good way to expand your business. However, this is a double-edged sword. If you don’t do it correctly, you will not only lose the potential customers but you will also lose the old ones. You need to be wise with e-mails.
If you want your e-mail marketing to bring you some benefits, you need to offer something interesting to the readers. Quality content is a must. You don’t want to bore them, but to give them something good. Maybe a discount is a nice idea.
If you are running a business, you need a website, simple as that. But you need to arrange it in the proper way so people will be attracted. The first thing to do here is to make it easy to use. So, don’t overcrowd it with links, information, pictures, and other elements. Everything needs to be simple.
Don’t forget to add your social media links. This will make sharing a lot easier, so your visitors can tell their friends about your company or services.
The bottom line
Marketing is a very important aspect of any business. This process begins even before the business has started. You need to use every possible way to create your audience, starting from the direct conversation with people, all the way to social media and videos. And don’t get discouraged if the results don’t turn out so great first time around. Audience creation is a process that takes time, so just be patient and diligent with your work and in time you will develop the much needed trust.
About the Author
John J. Stone is a business consultant at Algorithm Seo Sydney. Through years of experience, he became a devout believer in the notion that form should always follow function and that developing the ability to think outside of the box is a prerequisite of being a successful entrepreneur.
Being stuck in a job that offers little in terms of training and career development is hardly conducive with a happy, motivated workforce. By contrast, providing employees with training and the opportunity to progress is beneficial in generating a satisfied and loyal set of staff. CMS VOC, specialists in providing a variety of government funded and commercial training programmes for young people and adults throughout Yorkshire, explores the reasons why offering training and career development makes sound business sense and can lead to business growth.
Addressing weaknesses and improving performance
Providing members of staff with ongoing training is an invaluable way to address weaknesses within departments. Development and support programs are designed to strengthen skills and iron out weaknesses, thus reducing any weak links within an organisation. When individual performance is improved via training and support, a company will ultimately operate more productivity, the key to generating and maintaining business growth.
Training is important in expanding the knowledge and skills related to a specific job. By increasing such knowledge and skills, employees are better equipped to carry out their job in a more proficient and capable manner and consequently confidence is improved. With heightened confidence, members of staff are more likely to bring new ideas and innovations to the table, which can also prove invaluable for nurturing growth within a business.
As the Small Business Chronicle notes in a feature about the importance of training development in the workplace:
“Training may also build the employee’s confidence because she has a stronger understanding of the industry and the responsibilities of her job. This confidence may push her to perform even better and think of new ideas that help her excel.”
When an employer invests in an employee’s skills, knowledge, career and prospects, it typically leads to greater employee satisfaction. Ongoing training and development creates a more supportive workplace, in which individual members of a team feel valued and looked after, resulting in a more satisfied workplace.
These feelings of satisfaction help craft a more loyal workforce, which is less likely to look for work elsewhere, meaning a business can reap the benefits of lower staff turnover rates. Strong staff retention is a desired asset of every business, as it means money, time and effort isn’t lost on recruiting and training new staff.
Attracts talent to a business
An organisation with a reputation for providing staff with ongoing training, development and support, is more likely to be attractive to potential employees and attract greater talent through its doors than a company that offers nothing or very little in terms of training and development.
A survey conducted by Combined Insurance found that out of 400 newly trained sales agents, 96.7% said that ongoing training programs was a primary factor when looking work, with 87.2% citing the importance of career advancement.
Different types of training available
There is a whole host of training and development courses available to businesses and employees and in order to help nurture business growth, it is important that an organisation focuses on its own objectives to ensure the training it provides staff, adheres to its own business model.
For example, if you run a financial firm and are looking to enhance management skills within a team, encouraging certain members of staff to complete an AAT Diploma in Accountancy might be a sound investment.
In short, development planning in a crucial aspect of ensuring a business and everyone involved in it, innovates, moves on and is not held back struggling to compete with more forward-thinking competitors. As Forbes writes, neglect development planning and it could cost you your talent.
About the Author
This blog post was written by Hadyn Luke, Director at CMSVOC. CMS Vocational Training (CMSVOC) offers a vast range of courses and training programmes across diverse sectors. CMSVOC is committed to helping people of all ages, backgrounds and industries, find the right course and training programme so they can progress in their chosen career or embark on a new career. CMSVOC’s professional and talented staff have specialist knowledge in a wide range of industries and work with learners to help them achieve their career dreams.
Continuing Professional Development (CPD) is a crucial component of modern business strategy. By nurturing the professional development of employees, not only does staff have greater feelings of satisfaction at work, but investing in employee development drives businesses forward and is a key driver in company success. CMS VOC, specialists in offering a variety of government funded and commercial training programmes for young people and adults across Yorkshire, explores some of the ways CPD is important for employee satisfaction and company growth.
Being in a job that offer little in terms of training and personal development will not get the best out of individuals, and will, more than likely, see the brightest of professionals look elsewhere for a job that does offer some kind of professional development.
By contrast, Continuing Professional Development CPD, which is essentially a way of enabling professionals to enhance and maintain their knowledge and skills, brings a multitude if benefits to staff, including developing their skills, improving personal performance at work, creating work satisfaction and enhancing staff morale.
Developing specific skills and achieving career goals
As CIPD, the professional body for HR and people development, informs in its paper about the benefits of CPD, being given training and development opportunities enables employees to develop on existing skills and learn new ones, helping them achieve their career goals. As CIPD writes, CPD helps employees, “Cope positively with change by constantly updating your skills set.”
Improving performance at work
By developing and learning new skills, being exposed to continued development in the workplace will inevitably help individuals improve their performance at work, meaning they are in a better position for promotion, more challenging responsibilities and potentially a pay rise.
Creating work satisfaction
Knowing they are being invested in through training and seeing the personal development gains of such training, including earning a greater skill set and improving performance, will inevitably create greater job satisfaction.
The Institute of Hospitality talks about CPD and how this framework of learning and development activities are vital in contributing to an individual’s continued effectiveness as a professional. According to the Institute of Hospitality, CPD is an effective way of helping individuals increase skills, knowledge and confidence in the workplace and by going so helps them “gain greater job satisfaction.”
Benefits of CPD for the employer
Devoting time and resources in the Continuing Professional Development of its workforce can be viewed as a long-term investment for businesses of many different industries and of all sizes.
Overcome skillset problems
It’s no secret that modern business are facing problems involving the skills and talents within the workforce. In fact new research has revealed, the UK’s modest economic growth during the last four years has been met, according to the Government website, by an “unprecedented shortage of skills, leaving thousands of vacancies unfilled.”
By developing specific qualities and skills and improving an employee’s performance in their job, CPD advances an individual’s full potential at work and subsequently means they become more beneficial to a business and its objectives, giving it greater ammunition to grow.
Providing individuals with Continuing Professional Development inevitably adds value to the business through a more skilled workforce, helping to nurture company growth and ultimately profits.
Boosting staff morale and consequently improve retention rates
High levels of staff turnover can be crippling for a business. It is within every company’s interest to hang on to their most valued members of staff. Offering CPD can be an effective way to boost morale in the workplace and subsequently ensure prized individuals are less likely to look for work elsewhere, thus improving retention rates.
As CMS VOC wrote in a blog about how to be a good manager, involving employees in business training will show an employer values their ideas and contributions, consequently boosting staff morale.
Continuing Professional Development is a two-prong asset, providing professionals with an effective and rewarding way of continuing to develop throughout their career and ensuring employers are sufficiently staffed with the necessary skills so their business adapts, evolves and continues to move forward.
About the Author
This blog post was written by CMS Vocational Training (CMSVOC), which offers a vast range of courses and training programmes across diverse sectors. CMSVOC is committed to helping people of all ages, backgrounds and industries, find the right course and training programme. so they can progress in their chosen career or embark on a new career. CMSVOC’s professional and talented staff have specialist knowledge in a wide range of industries and work with learners to help them achieve their career dreams.