Should You Put More Money Into Your Business?
Regardless of how well your business may be performing at the moment, one of the most difficult decisions you will ever face as a business owner is choosing whether or not to invest more of your money into your business. Sometimes, an injection of cash is just what is needed to help you weather a temporary downturn in your business or to help you grow your business by making it possible to expand. Other times, there may be fundamental issues with your business strategy and prospects that turn your once popular, growing business into a literal money pit that will never break even. In these situations, it can be for the best to cut your losses and start a new venture where you can try a different idea or business model rather than investing any more of your money. The real challenge is learning how to be unbiased as you examine the performance and structure of your existing business so that you can make an informed, sound decision. Use the following tips to help you figure out whether or not an infusion of cash or other resources will give you the best return on your investment. Can You Improve...
Read MoreIs Crowdfunding The Solution To Your Finance Needs?
Smaller businesses are finding many benefits in the digital age. One of the strongest is the emergence of crowdfunding. Asking a lot of people to contribute a small amount of funds each can have big payoffs. The difference can be huge for small companies, who may then have funds necessary to get a new idea off the ground. There are tricks to running a successful crowdfunding campaign, however. Let’s look at several things you can do to give you the best chance of success. Promote interest While it may seem that campaigns randomly “go viral”, in the case of most successful crowdfunding campaigns a lot of work is done behind the scenes to ensure tactical and sufficient publicity takes place. Be active promoting your campaign to your network, and directly ask interested parties to promote it to theirs. Consider partnerships that could form that could benefit your campaign and approach people who might be interested in working with you. Update your followers Supporters like to follow your progress, both in terms of how successful your campaign is and how your production is coming along. Keep them updated, and let them know if you are still looking for support, or...
Read MoreHow To Obtain Finance And Negotiate A Better Deal From Your Bank
As a small business owner there may be times when you need additional cash flow. This might be to pay some outstanding bills, purchase stock or new equipment or in planning for the growth and expansion of your business. The additional cash injection can come from existing reserves from the business or personal contributions. Often what is overlooked is an approach to your bank in the belief that it may be too hard to arrange finance. Most business owners believe that banks are not likely to lend to a small business likes theirs or there is too much paperwork to fill out. While in some instances this may be the case, there are a few things that you could do that will not only make it easier to arrange the finance but also to get a better deal. For example, before contacting your bank have the following information prepared: A strategic or business plan that provides clear objectives, time lines and action plans for the future. A properly prepared set of financial reports, budgets and a cash flow forecast that accurately reflects your business objectives. Details of any seasonal factors where your business may have a decrease or increase...
Read MoreWhat are our clients saying
"Sophie is so professional – careful, attentive and punctual – she has made managing my accounts not just easier, but a whole lot less stressful" Fast Ed, TV Chef from Better Homes & Gardens.
See More Testimonials
Recent Comments