Preparing For The Christmas Rush
As we head into the holiday season, you’ve likely already been hiring and training extra staff to help you deal with the influx of shoppers. In addition to these preparations, try some of these tips to help reduce stress and increase your level of success this Christmas season! Resolve to NOT Compete on Price Don’t count on being able to go head to head with larger retailers based on price this season. Due to having far greater sales volumes, these retailers often have greater bargaining power with suppliers, which lower their cost. To compete as a small business owner, focus on finding ways to offer exclusive, value-added services or products that can be customised and tailored to the needs and specifications of individual clients. Before the season gets into full swing, and as part of offering great service, conduct a “walk-through” of your sales space, whether you have a physical location or a virtual website. Take steps to ensure that it’s quick and simple for customers to select their items and check out. During the hectic holidays, no one wants to stand in a long line or otherwise wait, to be able to give you their money and finalise their...
Read MoreFind Your Profit Leaks
As a small business owner, you are probably well aware that your business must operate at a profit if it is to survive for any length of time. Former UK MP and businessman Paul Marsden once famously said that, “business is all about solving people’s problems – at a profit”. But determining how much money you need to make in order for your business to be profitable in the long term is a bit more complicated than simply adding up all of the money that you’ve earned and subtracting it from the total cost of your production. While boosting your revenues, managing your cash flows and controlling costs are all important aspects of running a profitable business; if you aren’t making the amount of money that you should be, it’s very likely that you have a profit leak. Profit leaks come in many forms and can range from something as simple as losing out on revenue because you forget to invoice your clients promptly to having to pay a higher tax bill because your system failed to automatically record all of your transactions. Because profit leaks can come from so many sources, tracking down your profit leaks can be quite...
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