According to recent reports, the economy is booming, and it seems that now would be an excellent time to start a new business. The failure rate of new businesses is sobering, though. Bloomberg research shows that eight out of every ten businesses fail within a year and a half. The keys to success we will outline here seem simple, but keeping your eye on them from the beginning isn’t always easy.
There are many advantages to cross-training employees. The greatest advantage being that in the absence of an employee, someone is available to step in and keep the business going as usual. Any disruptions in operations or other transitions can be handled, allowing the business to continue to run smoothly. No business should depend on one employee for anything.
Why Transparency Matters
You know you have everything in place to run a successful business but you are frustrated that your marketing is not getting the results you want. If you seem to be losing more sales to the competition than you are winning and few customers are turning into repeat customers it is time to ask yourself what does a prospect experience when they see my business for the first time? Read More “The Benefit of Transparency”
How to Create a Customer-Focused Culture
Automation is changing the way we live and work, and in most cases, the change is for the better. But there are some things that still require the human touch and despite all the technological advances in recent years, no one has figured out how to automate great customer service. It’s a very human thing that must be embraced by your entire company to be truly successful. In short, it must be at the center of your corporate culture.
5 Tips to Grow Your Small Business
Over half a million Americans start new businesses each month but about one-quarter of all new businesses fail within the first four years
According to a recent Business 2 Community article by contributor Sarah Daren, one of the biggest challenges for entrepreneurs is inadequate cash flow. “Many small businesses fail to successfully maneuver the steep climb required to successfully scale their efforts,” according to Daren who offers these five tips to help new business owners improve their chances for long-term success.
So, you’ve tightened up your processes, have the right people working for you, secured proper financing and your company is growing nicely. Time to sit back and enjoy, right? Not until you show gratitude for your success. Of course, your success has come by the sweat of your brow and many sleepless nights. But consider the advantages you enjoyed that are so valuable to your success. Your education, the education your employees received, the fact that you live in a country where entrepreneurship is rewarded! It’s time to think about how you can give back.
Do You Need to Know Your Competition?
Why are you better than your competition? Do you know what differentiates you from your competitors? Most business owners believe their company is better than their competitors, but knowing what sets them apart is critical. The problem is that it takes time and effort to learn about your direct and indirect competitors.
The owner needs to learn what his or her competitive advantages are. Is it your location, an additional service that no one else offers? Learning what your advantages are will help you in all aspects of your business. This will help you refine your marketing which should increase your return. Read More “Know Your Competition”
Millennials have a big emphasis on work/life balance. They spend less time at the office and more time working by staying connected on social media. As the upcoming heads of companies, the workplace is already in an altered state.
Hiring a good team is essential to any business. It is important that employees get along in the workplace and are able to work together toward a common goal. There are some ideas to keep in mind when developing a good work team. Read More “Hiring a Great Team”
It’s been a hot summer and the regional factoring companies are being acquired at a record pace. Last month three more factors were purchased by out-of-state banks. This is accelerating the trend of new banking institutions entering the market by purchasing local factoring companies.
As a professional, it’s important you know that when you refer a business to a factoring company, its management is stable and that the factoring company is not simply feeding all their customers to their home bank. A referral is not only a reflection on you but it also creates an opportunity for that business to return to you once the company has grown and become bankable. It’s more important than ever that you know the factoring company who is your referral partner. Read More “Know Your Factor”
Factoring or Asset-Based Lending – Which is Best for Your Small Business?
Factoring and asset-based lending have similarities, but they are distinctly different ways to improve cash flow for your small business.
Factoring, also known as invoice factoring and accounts receivable factoring, is a situation in which a factoring company buys your accounts receivable in exchange for an immediate payment. Factoring can be a very effective way for businesses to improve their cash flow by eliminating the 30 to 90-day waiting period to get paid. Read More “Factoring vs. Asset Based Lending”