Growing your business does not need to break the bank. Often, accelerating small business growth is a case of fine-tuning practices that are already in place and capitalising on the opportunities that are already in front of you.
When you're starting a business, it's important to have someone in your corner who can offer advice and support.
As an entrepreneur it’s important that you control your stress, rather than allowing you stress to control you.
As John C. Maxwell said “the secret of your success is found in your daily routine,” so start working to implement these habits into your day. Alone, they may not seem like much but over time these good habits will compound and contribute to your success.
Money leaks in your small business eat away at your profits without you even knowing about it. Even if your business seems to be in great financial health, you should regularly check for leaks to ensure that you’re not unwittingly wasting money.
There’s a lot to think about when starting a small business and learning basic accounting terms may not be a top priority. However, it is incredibly important to familiarise yourself with accounting basics in order to get a grip on your finances and build a thriving business.
Whilst cheap accountants may be attractive in the short term, they can end up costing you a lot more money overall. More expensive firms with qualified and chartered accounts actually provide much better value for money and can save you a significant sum on your tax return.
Losses in business are fairly common. But some business owners tend to attribute them solely to inefficient sales and marketing.
However, that's not the only way a small company can lose money.
Here are some of the lesser-known reasons why your bottom line may not be as high as you'd hoped it would be.
Profitability doesn’t only come from sales numbers. And a profitable business isn’t always the one with the most customers and the highest sales.
It’s always a shock to see a seemingly successful company go under, but this doesn’t just happen out of the blue. There are always warning signs, and the survival of your business relies on you being able to recognise them. The sooner you can spot financial trouble, the sooner you can start working on a solution.
