Improving Your Cash Flow
The aim of all small business owners should be to have more money coming in than going out. From shortening your cash cycles to managing debt, there are several methods for getting on top of your cash flow.
Building Credibility and Authenticity to Compete
At the very start of a new business, the first customers are often the hardest to get. Potential customers may be using a competitor and must be convinced to switch, or they are aware you’re a new business and don’t want to be the ‘first’ customer.
Calculating Your Break-Even Point
If you’re confident there’s a genuine demand for your potential product or service (and at the price you want), the next step is to work out how much you need to sell each month to make a profit (your ‘break-even’).
Building Business Resilience
If you are struggling to find customers due to an unexpected crisis, the need to avoid running out of money is critical to keep the business trading to buy time to recover. Here are some ways to create a stronger business.
Collaboration and Partnering
Joining with other businesses to pursue common goals is growing in popularity as a smart way to increase capability, share resources, costs and risks. The internet, sub-contracting and being able to access talent from around the world has made this even easier.
Cost Optimization
Reducing direct costs can dramatically increase your profit on each sale while eliminating unnecessary business overhead. Here are some things to consider for optimizing operational costs.