Smart Pricing Strategies For Entrepreneurs
Effective pricing can be a difficult thing to ascertain. While you want to offer a great rate to your clients, you also want to make sure you are covering your costs. And then you have competitors to think about. Here are some smart pricing strategies for entrepreneurs and businesses alike. Introductory Offers An introductory offer is a great way to get your clients to try before they buy. It could be an offer of something for free or a heavily discounted product or service. Once you have your customers in your sales funnel, then you can slowly work your way up to achieving larger purchases. Competition-led Pricing When you are less experienced in the business world, it can be difficult to discern how you differ from your competitors. You may need to charge the same as your competition to make sure you are starting out on an even keel. Once you have been in the industry for a while, you can then work out whether your prices need to go higher or lower than your competitors to start seeing a real difference. Loss Leaders Is there one product that you can offer at a low price to bring your...
Read MoreIs Big Business Cramping Your Cash Flow?
Being the small fish in a big pond is hard enough for many businesses as they struggle to find their niche, improve their cash flow, source customers and develop their brand. However as latest statistics show, that is not the only problem small businesses are currently facing in the Australian economy today. Big Businesses Are Taking Advantage of Small Businesses In a worrying trend, large businesses are using their size to dominate the market by delaying their payment of invoices to small businesses by up to 50 days and beyond. Small businesses send out their invoices in good faith that larger businesses that have the funds at the ready will pay promptly. But it doesn’t seem to be the case. And this is having disastrous effects on small business across the whole of Australia. Many small businesses (approximately 2/3) are taking out loans or accessing their private funds to keep their businesses afloat while they wait for the money to come in. Poor Cash Flow Affects More Than Business It’s not just about the money, though. When you are worrying about cash flow, it is often hard to focus on business growth and development, and creativity can seize up. Your...
Read More5 Tips Towards Work-Life Balance For Start Ups
There is a strong temptation for people building startups to throw themselves whole-heartedly into their business. At first thought, it seems important to commit all free time and resources to the good of the business, and surely dividends will follow, right? Not really. By being too single-minded about it, what you are looking at is physical, emotional and creative exhaustion. In order to succeed, it is important that a full commitment is given to your work and growth. But this does not mean every waking moment must be spent directly involved. Let’s look at a few tips that will help you achieve a good work-life balance. Plan e-mail time. Being available and keeping communication lines open does not mean popping into your email immediately every time a notification arrives. Scheduling time (perhaps at the beginning and end of each work day) will help you manage correspondence, and save you from getting distracted while you are trying to get other work done. Delegate effectively. Do not try to do everything. If you have too many good ideas to take care of yourself, start to build a trustworthy team around you. If you don’t feel comfortable delegating tasks to team members,...
Read MoreFinancial Goals
Financial goals and objective setting can be challenging, especially if you don’t consider numbers to be your strong suit. Surprisingly the basis of financial goal setting, particularly in small business, has little to do with numbers and much more to do with your personal goals. The first question is to review why you chose to start your business in the first place. Was it a lifestyle choice to increase your flexibility, or did you want to be your own boss, choose your hours and increase your income in the process? What if the original plan was to turn an idea into a start-up, grow it into a thriving business before selling it and moving on and yet five years later you are still slugging away? This is the perfect example of why financial goals are not always number driven and should be articulated and regularly reviewed, in case you’ve lost your way or changed course. “If what you are doing is not moving you towards your goals, then it’s moving you away from your goals.” – Brian Tracy Besides the why, the most fundamental financial goal starts with profitability, obviously. No one goes into business without an expectation that...
Read MoreHiring A Bookkeeper Can Increase Your Profits By 16%
Everyone in small business knows there are jobs that just have to be done in order for your business to stay afloat. For those of us who aren’t fond of figures, it often feels like a chore and a waste of valuable time. We all know that it’s vital to keep on top of your financials. Not only is it a legal requirement of the tax office, it is important information that lets you know how your business is operating. Knowing your income and expenditure, and where your profits are going, from unnecessary expenses, to tax collected, allows you to plan and operate effectively. If you struggle with managing your accounts, it makes sense to hire a bookkeeper. It takes the pain of dealing with your financial information off your hands, and takes away a load of stress and frustration. Your time can then be used to go and make more money while your bookkeeper takes care of the records. That’s not the only benefit of hiring a bookkeeper, however. Accounting software company, Xero, recently conducted a survey of 300 small business owners and found that those who hired a bookkeeper saw an average increase in profits of 16%....
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