One of the greatest challenges faced by entrepreneurs is how to finance a small business. In order to bring your dream to life, you need more than an idea and the work ethic to bring it to fruition. Without funding, you’re unlikely to get your enterprise off the ground. Following are 21 options that may help you find the financing you need.
Now, some of these options are better than others. Some may be a perfect fit for your situation, while others may be completely impractical. …
When pondering a career in aviation, it’s only natural to wonder if now is a good time to become a pilot. The fact is, those of us that love aviation will always answer that question in the affirmative.
“Of course! It’s a GREAT time to become a pilot!”
However, if you’re seriously considering flying for a living, you need much more information before you make that decision. You’ll need to do a lot of research. You’ll want to figure out exactly what your career goals are. …
For a thriving organization that achieves one milestone after another, do you know what comes above everything? It’s a culture of continuous improvement.
And it makes complete sense why. Businesses that decide to sit back after designing and executing a great business model limit their chances of reaching their highest potential, missing opportunities.
The key is being consistent in your efforts to keep improving. No matter how great your business is doing right now, ask and never stop asking yourself, ‘what can be done to step up to the next level?’
Because a product or service is never good enough.
Anyone who’s been in the business world for any length of time has heard of continuous improvement. The concept is simple and self-explanatory. What may be less obvious is how many of the benefits of continuous improvement are connected to one another.
While not all of the benefits are a direct result of another, there’s an obvious correlation. One benefit can directly or indirectly impact another. As a result, many benefits of continuous improvement can have a snowball effect.
Let’s start by looking at continuous improvement on a high level.
When you look at a list of benefits, you can…
Customer Relationship Management software (CRM) refers to business systems that have been designed to manage interactions between an organization and its customers or prospects. The benefits of this type of software are far-reaching. Utilizing proven CRM implementation steps can help ensure a successful integration that can do wonders for your business.
CRM systems streamline and centralize your customer data. As a result, they improve the quality of communication between your sales team and customers. This also provides much more visibility of sales activities and helps you achieve sustainable growth.
Following are 5 easy CRM implementation steps:
1. Assign a point…
Financial ratios play an important role in measuring the financial health of your business. They are particularly important to lending institutions looking to extend credit. Most lending institutions use a criterion that helps them determine the financial health of a business. If your business is considered to be financially healthy, it can be much easier to secure funds.
However, not all business owners have a sufficient understanding of financial ratios. That’s what your finance manager is there for, right?
It always helps to understand the variables connected to the financial health of your business. If your financial ratios…
A lot of small businesses struggle with inventory management. Ineffective inventory management techniques result in higher costs and negatively impact the liquidity of your business.
It’s also easy to get confused by the number of different inventory management techniques that are out there. It’s important that you understand how these techniques work so you can decide which is most suitable for your business.
Following, we’ll be discussing some of the most popular inventory management techniques and how they contribute to effective inventory planning.
Inventory management is a process that helps you manage your stock levels. This includes both finished goods…
Whatever the size of your enterprise, you need to leverage social media platforms to build your customer base, increase loyalty and engagement and boost business through organic brand advocacy. If you’ve tried social media marketing before and it hasn’t given you a good return on your investment, it could be because you’ve been doing it wrong.
The following seven keys will unlock the door to marketing success on social media for you.
Take advantage of the huge range of social media management applications. Often, these apps have both free and premium versions. …
According to the U.S. Bureau of Labor Statistics, around 20% of small businesses fail within the first year. By the end of their fifth year, this number increases to 50%. Once you hit the ten-year mark, only 35% of small businesses remain operational. While the lack of an effective strategic planning process isn’t the sole reason for these failures, it is certainly a contributing factor.
A lot of SMEs (Small to Medium Enterprises) are unable to define and execute a proper strategic plan. …
As the name suggests, cash flow forecasting is the process of creating a detailed list of cash inflows and outflows that your business can expect to make in the future. A cash flow forecast can be used for budgeting as well as investment decisions. However, very few businesses actually make the effort to create one. This is usually the result of underestimating its importance and usefulness.
Cash flow problems are the main reason why businesses fail.
If created correctly, a cash flow forecast can offer several benefits. …
A veteran of multiple industries, Kevin A. Nye is a Southern California based consultant that helps small business owners grow their businesses.