Category Archives for "Small Business"

Drive Your Business to Success with Smart Outsourcing

By Randall Orser | Small Business

You’re going to go through many challenges while running your successful business all the while wearing multiple hats during your work week. There comes a point where you’re spread out so thin that it starts to harm the business, and you need to outsource some work to allow you to focus on the main reasons why you originally got into business. In your business where can you start outsourcing?

Credit Control

As a small business, you have the dilemma of being subservient to your cash flow, but probably don’t have the funds to have a department devoted to making customers pay on time. You could look at a factoring service (where you sell your invoices to a company), which solves the issue of outsourcing your credit control operations and the administration that goes with that. Invoice factoring also greatly strengthens your cash flow. With invoice factoring you get a part of the invoice right away, with the remainder paid upon collection less a fee. By combining the improvement in cash flow and lower administration costs makes credit control your first choice when outsourcing.

Staff Recruitment

Finding the right employees is the essence of a successful business, nevertheless finding and hiring able staff is tedious, and it’s usually not a skill most entrepreneurs have. A recruitment agency can help you find, interview, and select the best candidate for your business that’ll boost your human assets hugely, and for comparative little cost in both your time and money. Remember to hire slow and fire fast, don’t rush to hire someone just to fill a vacant position.

Digital Marketing

Your online presence via a website and social media as given rise to a new term, digital marketing. You could never be expected to keep on top of this whirlwind that is digital marketing, however, it’s a crucial part of success in today’s commerce. Finding the right agency will take time, and you probably will devote much time to finding that professional that is a fit; however, this can totally pay off by driving profitable business for years into the future.

Public Relations

While public relations is related to marketing it is a separate practice than can have a huge impact on your business success. A good public relations agency is continually on the lookout for ways to develop favourable publicity for your business, incorporating your reputation into the fibre of your niche. A PR agency has the expertise, experience, and carefully refined contacts list to promote your business in ways you probably wouldn’t have thought, thereby, allowing you to concentrate on getting your business ready to convert this exposure to profit.

Office Cleaning

You may not think it, but cleaning is a crucial approach to running your business, which is often underestimated as to its value. First impressions count whenever customers or others visit your establishment, and a messy office can suggest a carelessly managed enterprise. Now you’re probably thinking you don’t have the funds to hire a professional cleaner on your tight budget; however, when you do it yourself it’ll always drop down on your priority list. We all want our work place to be pleasant, and outsourcing the unglamourous activity of office cleaning to a professional cleaner can be cost-effective, and repay itself by improving your company’s image.

You started your business to carry out your passion and satisfy a drive and then these day-to-day nuts and bolts get in the way constraining your company when it should be flying. Smart outsourcing releases you, letting you concentrate your energies to drive your business forward toward success.

Cutting Payroll May End Up Hurting Sales

By Randall Orser | Small Business

According to recent studies by both the Harvard School of Business and the Wharton School of Business, striking the balance between too few and too many retail payroll hours is the key to increased retail sales. These studies run counter to the usual practice of cutting payroll when sales are down. 

The Harvard study, which focuses only on operations, suggests that increasing payroll yields up to seven percent in profit. The Wharton study, which includes customer satisfaction, suggests that increasing payroll, even moderately, yields up to 28 dollars in sales per one allocated payroll dollar.

The studies’ common denominator is that products do not sell themselves. Here are seven ways that automatically cutting retail payroll expenses often backfires and hurts retail sales.

In-stock reality. The Harvard study identified the weakest link in the supply chain as the front-line store. Even if shipments arrive on time, often they don’t make it to the floor due to reduced payroll hours. Similarly, items that are already on the floor cannot be replenished properly if retail shops don’t have the personnel to make it happen. A customer can’t buy a product that is not available.

In-stock perception

The Wharton study defines the term “in-stock” as more than availability. In-stock items are both available and sold by a knowledgeable associate, who can explain their benefits. This definition is based on study customers from over 500 unnamed stores. The question, “Did you find everything you were looking for?” is ultimately answered based on satisfaction rather than on actual availability. Hence, the customer may not know exactly what he or she is looking for until an associate explains the choices, benefits, and drawbacks. Fewer associates mean fewer one-on-one interactions with customers. According to Wharton, in-stock perception is the same as customer satisfaction.

Loss of seasoned associates

When hours are reduced, seasoned associates — those who have the most sales experience as well as the most product knowledge — move to greener pastures. This means that customers are assisted by those who neither know the product well nor know how to best maximize a sale. The result is a customer who is less satisfied by his or her shopping experience. Less satisfaction equals less in-stock perception. Customers are more likely to answer “no” to the “did you find everything” question when they do not interact with a knowledgeable associate.

Hiring and training

When seasoned employees leave, companies must hire new associates. The notoriously short lifespan for newly hired retail associates, especially those under 30, means that each new hire is a gamble. Companies must gamble with training dollars as well as with putting an inexperienced sales person on the floor. And if the new hire doesn’t work out, they must repeat this process again and again until they find a talented associate. Naturally, without sufficient hours, talented associates tend to look for more profitable work, exacerbating the vicious cycle.

Customer focus

Customers who bond with a particular associate will look for that person again and again to help them find the right product. If a customer finds that the trusted associate has moved on, the customer may be disappointed enough abandon the planned purchase altogether. In the same way, seasoned associates can inform regular customers of new merchandise and special deals, bringing customers into the store without expensive marketing. Without long-term associate/customer relationships, potential sales are lost.

Task management

Shelves and racks need to be restocked. Bathrooms need to be cleaned. Floors need vacuuming. Check-out lines need to be expedited. The sales floor needs to be tidy. And the stock room needs a full-time manager. When associates perform task management, they are not helping customers. On the other hand, if they neglect task management, the shop begins to look run-down and cheap. Both on task or off, too few employees drive customers to other stores.

Online competition

If associates cannot help customers in the store, then customers soon find no reason to leave home. Online operations are almost always fully stocked, never have a line at the cashier, and do not require a drive to the mall. Associates are the primary difference between brick-and-mortar stores and online merchants. If associates are unavailable, then customers will stay home.

The ways that retail sales are affected by reduced payroll can be summed up in five key areas:

  • The product is unavailable.
  • Associates are unavailable.
  • Associates are not knowledgeable.
  • Associates are distracted by task work and are too busy to be helpful.
  • Check out is difficult.
  • In order to maximize profits, retail businesses should reconsider automatically reducing payroll to save money. While it may be illogical to those at head office, reducing payroll too much actually hurts the bottom line while increasing it only slightly can make a significant difference to retail the bottom line — as much as 28 dollars in sales per one allocated payroll dollar.

    Grow Your Business Profits – Five Simple Tips

    By Randall Orser | Small Business

    A well-managed business has the capability of growing its revenue and profits, however, not all business types are profitable. There are countless elements that will determine your business success, including the nature of your business, target market, management, customer care and marketing. The following tips should give you some clarity in your business setup and allow you to prosper.

    Management

    Management can greatly contribute positively or negatively to your company’s growth, so take responsibility for the daily running of your business. Are you looking at hiring? Look for experienced professionals who have worked in your industry and are acquainted with the nature of your business. Can you motivate your employees? Probably not as well as you think you can. Good leaders lead by example, and get their employees on board quickly.

    What’s your company culture? Have you developed one? Find people that’ll fit into that culture. Don’t be afraid to ask your employees, or your customers, for suggestions on product or services development. You should be doing lots of research to enable you to make savvy business choices.

    Build Up Your Numbers

    You could increase your sales by spreading out your territory, whether geographic or demographic. The internet, especially social media, is a powerful tool which you need to embrace and expand your audience into other countries. Today it’s ensuring your online presence is set for mobile, this will allow you to tap into many more customers, especially the younger generations, as they’re mostly on mobile now. You need to boost your website ranking and visibility using Search Engine Optimization (SEO).

    Quality over Quantity

    If you want customers to return, you need to create quality products and package them professionally. Enhance your customers’ experience by offering your staff training in good customer etiquette. You could start a loyalty program for repeat customers, or offer gifts or discounts. Be very careful with discounts, as once you start offering them it can be very hard to stop. Of course, the most powerful form of marketing is ‘word of mouth’; give your customers a great experience and they’ll refer friends, family, etc.

    Expand to Other Market Segments

    Look around and see what products and/or services compliment what you’re doing. For example, an automobile dealership could grow sales by selling spare parts, a restaurant could offer catering services for special occasions, and a web designer could offer site hosting or server maintenance.

    Diversify

    You shouldn’t just offer one product or service, you need to look at creating new products and services to expand your market. Also, look at bundling existing products and/or services, and you’ll probably find you can charge more. What product and/or service can you find that’s ready for market, and allow you to grow your market share. Your best investment in those new products and/or services that will extend your reach.

    Reduce Expenses

    You need to look at your costs and audit them so you can maximize profits. This may require hiring someone, or perhaps your bookkeeper or accountant, however, that could be well worth the investment over time.

    Hire slow and fire fast. Do you have any unproductive employees? Get rid of the deadwood. If your energy bills are out of hand, look at alternative sources such as solar-powered water heating. Look for wherever there’s waste and seal those leakages. Do you have space you’re not using? Consider subletting it for extra revenue.

    Social Media

    Social media is pretty much a must in this day and age. It’s a great place to engage (that’s the operative word here) with your existing and potential customers. You need to figure out where your customers frequent and go there. If very few are on Facebook, that may not be the best place for your business. It all boils down to having a social media strategy, and hiring the right person who gets your business ethos, mission and vision.

    Social media is a great place to get feedback on your products and/or services, plus you find out where you can improve your offering. Be warned, people can be brutally honest on social media, and there are those that’ll diss you for no real reason. You can use social media to market to your new customers and respond appropriately when required. Social media is a great way to build trust and develop positive relationships by providing useful information to your audience.

    The point of all these strategies to is add value to your offering. You need to stop focusing on pricing and focus on value, which is what your customer is really looking at. Always be adding value, even when the price is high. Your customers are happy to spend more for what they feel as extra value, which leads to great profits despite the higher investment in cost.

    Your Passion as a Business? Some Things to Contemplate First

    By Randall Orser | Small Business

    Working from home on something you love while making enough money to thrive is many peoples’ dream. A freelance career is how many go for this ideal, and though the rewards can be grand, they can’t deny how much effort is really required building that thriving business.

    Making a business or career out of your passion, can create a whole set of problems. You need to do a meaningful mind shift; however, you probably won’t recognize that when first starting out. Below are some things to contemplate before taking that leap.

    It’s a Serious Business

    You must treat your freelance career as a serious business because in the end how talented you are doesn’t matter. You may be very talented and that will earn you lots of money, however, the everyday concerns of running your business are the building blocks to your success. Paperwork, government filings, invoicing, customer relations, time management, and more are just some of the less exciting aspects of the freelance life, but it’s necessary to get those right if you want to build a solid business, and not just follow a hobby.

    Self-discipline

    Are you working in a creative field? Your passion may involve following pipe dreams and having the ability to make mistakes. However, as a business you need to keep a tight focus on what acutally makes your business run. Of course, you should nourish your creativity when you can, but don’t overlook the fact that you need to please your clients, produce work that sells, and do so as cost effectively as you can, instead of letting your creativity run too wild.

    Prioritize Productivity

    Maintaining a firm hold on your productivity is a major part of self-discipline. You’re going to have days where you’re just not at peak performance, and when creating something useful is just too hard. You’ve seen and heard the clichés; however, few freelancers can simply afford to pack up and head to the beach when the creative juices just aren’t flowing. It’s not just about meeting deadlines, if you don’t put in the hours, then the money is coming either. At those times that your just not brimming with creativity, what will you do to be more productive?

    Workflow

    It is very important to setup a beneficial and constant workflow, which means creating systems for what you do. Your talent and instinct won’t get you through your working day. You need to have a framework to ensure you meet deadlines and produce good work, even when you’re not running at your best.

    Maintaining Passion

    Can you keep the passion no matter what? Many freelancers fail to foresee the passion going away once they turn it into a business, as that may just kill the enjoyment you got from it. Your passion could start to feel like a chore, even if it started out as relaxing and rewarding hobby. When the pressure mounts, or the lean times come, are you still going to be as excited and assured in your skills? When you lose your pastime as your outlet, is there something else that can take its place? A crappy work-life balance is a prevalent issue amongst freelancers, and can be a big problem if you combine your hobby and business.

    Don’t think that this is an argument against taking the freelancer path, quite the contrary. Most freelancers who started their own business would not want to go back to the nine-to-five grind, however, you need to begin with your eyes wide open. You can have a rewarding business if you have the talent, desire, and an enterprising mindset. Nonetheless, you must acknowledge that passion alone is never enough.

    Is it Time to Explore Getting a Partner? 

    By Randall Orser | Small Business

    Partnerships can be complex. Adding an employee can be disruptive enough, however, a partner can create an upheaval. That said, a partner can be indispensable to growing your business. Your partners aren’t just those working with you at the top, it’s your manufacturers, and such.

    Finding the right partner could let your business grow beyond your expectations or levels you might not reach by yourself. A partner also allows you to have someone you can empathize with, and divide the duties. Of course, it’s not all sunshine and unicorns. You need to be careful who you bring aboard as they may go from your greatest ally to your worst nightmare. Before you leap into that partnership, here are some things to consider.

    Trademarks

    You should always protect yourself legally, even if you’re getting along with your partner before joining forces. Too many people shy away from a legal contract with too much detail, believing such contracts exemplify an absence of trust. This just is not a good idea.

    If the partnership collapses, your partners’ responsibilities are to themselves or their investors to ensure they get the most out of the collapse as possible, as well as your responsibility. Your trademarks represent ownership of your company and what you do. By not protecting those trademarks, former partners can claim ownership, and while you might win the legal battle, you may lose the war by crippling your business with legal and other fees.

    If may be a good idea to have any trademarks owned by another company, and have your operating company pay the other company royalties or licensing fees.

    Secrets

    Whether your partner is human or a corporation, trust is mandatory for it to survive. That doesn’t mean you give away the farm (so to speak), so they don’t get to learn the many things about your business. After all, it’s still your small business. You should only give away what you must, however, be overly cold about it. Ask your potential partner what they need to know to ensure things to gently. For anything sensitive that you may need to share, get the new partner to sign a non-disclosure agreement, and anyone else relevant.

    Patents

    Ideas are at the heart of any small business, which makes them incredibly desirable. Be assured if you don’t protect your ideas, someone else will steal them. Potentials partners could take your ideas and start their own business, especially if they believe you can’t handle it, and if you don’t protect your ideas.

    It may not be something you’d think someone would do, but if someone can get an advantage, they’ll probably take a shot. Don’t let partners have the opportunity of using you as a jumping-off point; protect your ideas at all costs. There are ways to work around a patent, most notably if they were there from the beginning, however, the fact that patents exist can avert legal battles from cropping up in the first place.

    Due Diligence

    Having a partner means you’re putting your small businesses future in their hands. The same with a manufacturer, you put the quality of your product in their hands. You don’t want to let just anyone get a piece of your dream, so it just makes sense to do your due diligence. You need to do research on any potential partners. Get references from previous businesses or jobs they’ve worked with, and chat to them so you get a feel for how the will fit you and your small business. You may even want to do social media and background checks to ensure they’re on the up and up.

    Non-competes / Non-solicitations

    At some point in your business employees or partners will exit. That’s all-in course of running your business, and you do get used to it. What is harder to get used to is seeing them using their training and knowledge to join the competition right after the exit, or worse, starting their own business. It’s not just your ideas your former partners have their eyes on, it’s your top talent too. A non-competition or non-solicitation agreements limit the liability a former partner or employee represents, and can keep your company safe. Always get legal advice on any non-compete agreement you’re preparing.

    Partners can be a crucial component of your small business. Your partners, including the ones you do business with, embodies your potential growth and ability to do great things. Sadly, if the times turn bad they can turn on you too. Always work to protect yourself for most contingencies. It is your business after all.

    Renovating the Office? Here are Five Things to Think About

    By Randall Orser | Small Business

    Is your small business office getting tired? It may be a time for a change. Maybe you need to create space for new employees, or maybe it just needs an update look. Perhaps you’re just getting started and want your office to reflect your vision. Here are five things to consider before hitting the sledge.

    The Strength of the New Design

    While blending in and being part of the neighbourhood can be good, but not for your office. Your clients need to be able to find you, so make it as easy as pie. Your design should be readily distinguishable, matching your current branding, so people know it right away. For a lot of businesses, that seems to epitomize a large sign. That can be okay in some circumstances, however, you should be afraid to experiment.

    There is still value into fitting into the neighbourhood and surrounding area. If you stick out like a sore thumb, you seem too out of place and that you don’t really belong. While it can be a headache to not clash with fitting in and standing out, it may be worth thinking about that.

    Energy Efficiency

    Today being energy efficient is a big thing, and can work in your favour business wise. You’re just starting out, so you may not have tons of capital, so if you can save on utilities, then great, and energy consumption is a good place to begin.

    It isn’t just the wiring you need to check. If you’re in a colder clime, then ensuring the insulation is sufficient can save you on the heating costs. Upgrading your windows is a good way to keep the heat in and your costs down. Check into your local utilities energy credits or rebates for upgrading your home/office to become more energy efficient.

    Focus on the Most Important Change

    More than likely, you won’t be able to afford all the changes you wish to make, and that’s okay. You need to focus your resources on the most important areas first. Is there anything your new office just can’t do without?

    Analyze your office space. Do you really need to improve it? Will it do for now. Or does it affect company productivity? Is it bleak and putting off to customers? Check your budget, and see where improvements would give you the biggest bang.

    The People Affected

    You’re not alone in your business, nor is the space just for your workforce. You have to think about your customers and your neighbours. While you may think painting the building yellow is a great idea, that may annoy your neighbours, which could affect deals down the road, and there could be legal considerations (bylaws are the first thing that comes to mind).

    You need to have a chat with those involved. Are there any changes your employees may want? They would know what would work for them productivity wise. Of course, you need to go over the renovation plans with them, and how you’re going to deal with any disruptions. Consult your lawyers and see what laws you need to review. You also want to warn your neighbours about any disruptions that the renovation may cause.

    Costs

    Renovations don’t come cheap, and cutting corners is never a good idea. The old cliché holds true ‘you get what you pay for’, and a well-designed office will pay for itself eventually. Your bookkeeper or accountant should be able to help you develop a budget to get what you want, and keep those costs under control.

    Are you doing the work yourself? If you find you need some piece of equipment, rent it instead of buying it as you probably won’t use it again. Check in your network for a dependable contractor, and maybe you can work out a deal for reduced costs such as promising future work or referring them to others.

    Your office renovations can be a thrilling affair for your small business, however, it should be mildly. Rushing into a renovation and without care, could make the office worse than it was before. Take your time. This is your office you’re creating, so ensure it changes into what fits your vision and needs.


    Before You Rent Out That Mortgage Helper, here are Some Tips

    By Randall Orser | Small Business

    You’ve been able to buy that new home you want, and it came with an income suite, which can be financially fruitful. To be a good property manager, you should manage your rental as you would a business, which means you need to be an able planner and keep good records (especially for the taxman). For a first-time landlord, renting out your house to an outsider can be quite the challenge. The following four items are something you should know before renting out that mortgage helper.

    Keep Your Property Presentable

    You must keep up the property in a tidy manner, no one wants to rent a messy place. You may also get a higher rent if you maintain the property, and keep it looking nice. Your renters will feel more confidence that you are a professional landlord when the residence is maintained. If something is in need of repair, fix it, clean up the floors and walls and keep up the landscaping; this makes your rental much more attractive to potential tenants.

    Rental properties will need periodic repairs. If you’re not handy yourself, it is a good idea to find a local handyman you can rely on when needed. Your job as a landlord will be much easier if you can find reliable professionals you can call on when needed. Yes, it’s going to cost you money to maintain the property, however, it could cost you more in lost tenants. Plus, you get to write off minor repairs off the rental income.

    Always Get it in Writing

    That old adage is never truer than when being a landlord. You need to have a tenancy agreement, though there is no standard agreement you must use. You can look at one of those online law documents services and grab one from there, or chat with a lawyer that specializes in rentals. If you decide to just create your own, it is advisable to have a lawyer check it over for its legality.

    You should include the following details in any tenancy agreement:

    · Start and end date of the rental term

    · Security deposit amount

    · Monthly rental amount

    · The date of the month the rent is due

    · Acceptable methods of payment

    o How rent should be paid

    · If you are allowing direct payments into your bank account, you need to note on the form your bank details.

    · The number of keys your giving the tenant

    · Who’s responsible for utilities and maintenance

    · Any additional fees and disclosures

    Depending on your particular circumstances, you may want to incorporate other terms you deem appropriate.

    Some other forms to include:

    · Pre-tenancy application form

    · Security deposit receipt form

    It may be a good idea to contact a property law specialist to help create the tenancy agreement to your particular needs. The lawyer will be over legal disclosure requirements and explain how insurance can curb your liability.

    Acquiring Great Tenants

    The beginning of a successful landlord-tenant relationship is to get the right tenants. To find financially suitable applicants for your property seek the help of a credit check agency. After that, there are tools that can help you locate good tenants. Look for a local property investment association, as this can be a great resource for networking with other landlords. You’ll be able to get tips, and share yours, that you and they have learned over the years.

    The Taxman Cometh

    You need to include rental income on your tax return, using form T776 Statement of Real Estate Rentals. You must keep accurate records of your rental income and expenses each year. These records help you figure out your net profit for the year. The tax you pay will depend on the net income from the rental; any losses will be deducted from your other income and if you have no other income will be carried forward to the next year. Whether a long-term or short-term rental, most rental receipts are considered income for tax purposes.

    If your mortgage helper is for a parent, grandparent, or sibling, they are considered a ‘related person’. You may still have to report the income as rental income, however, if you’re renting below fair market value, you won’t be able to write-off any losses, and will have to report the income differently.

    Airbnb is a big thing now, and you need to realize if you’re doing this regularly, then you need to claim it as rental income. You get the same expenses as if it was a long-term rental, plus you can write off bedding and towels that you use exclusively for this rental, and if you supply soap, etc. too. If you supply meals, then the income may be considered business income and not rental income.

    Your mortgage helper can definitely help pay for the mortgage and make your dream home more affordable. With experience, managing the rental side does get easier. Finding a good property manager, lawyer and tax preparer can help you manage the details.

    Tune-up Your Business with These Growth Hacks

    By Randall Orser | Small Business

    If you’re not growing then you’re dying, whether or not your business is online or on ground. The term ‘adapt or die’ has never been more prevalent than it has now. Doing the same things year over year in the hopes of being profitable won’t happen; you need to take decisive actions to grow your revenue. Your competition grows at an ever-increasing rate, so now is the time to get more aggressive in growing your company. If you want your year to be the best yet, your top focus needs to be on growth. The ten tips below used in your growth strategy will help your revenues soar.

    Networking

    You can start networking more, looking at those groups that could likely send you some business. Look for those groups that have members that match your ideal client, or have access to that ideal client. What other industries are connected to your business? You may find clients there, or really good referral sources. The more people you can expose your business to the better, however, make sure it’s the right ones.

    Marketing Tools

    What marketing tools are working now? Facebook or Twitter may be working now, however, you may want to look at other customer engagement ideas such as live streaming or audio broadcasts. Where is your audience now? That is probably where you should be. There’s many different ways to connect with customers, and you need to be willing to try what resonates with them.

    Inventory Collection

    Is your inventory getting stale? Do you have items that rarely sell? May be time to get rid of that old inventory. What are the trends happening in your market sector? What could you incorporate into your inventory? Look at finding global suppliers to explore new products, or modifying the ones you already sell.

    SEO

    What’s your Search Engine Optimization (SEO) strategy? Do you have one? Could be time to revisit now. SEO is a lot different than just a couple of years ago, however, you should be looking at it. Figure out if there’s any new keywords you should be using, develop a blogging strategy using those keywords. If you’re on YouTube, then you need an SEO plan for that too. Look at your competitors, and see what keywords they’re using. SEO is an ongoing process, so make this the year you focus on ranking higher on Google; maybe look at Bing too.

    Holiday Marketing

    What’s your holiday marketing strategy for this year? Are you planning one? You should be planning well before the actual holiday; don’t think about your Valentine’s marketing at the beginning of February. Your Summer sales push should be created well before the hot weather starts. Believe it or not, but your Christmas marketing strategies should be started in July or August. Commit to becoming a masterful marketer this year by developing your seasonal strategies well ahead.

    Beat Your Sales Each Month

    Pledge to beat your prior month’s sales every month. What contributed to that growth? Whatever that was, do everything you can to beat those sales figures. That could be anything from boosting your presence on social media, to growing your blogging, to commenting on blogs related to your market, or being helpful on forums where your ideal client resides.

    Email Marketing

    What are you doing for email marketing now? It’s probably time to increase those efforts. Shoot to grow your subscriber list by at least ten percent each month. If you have an email newsletter, promote that more, add curated content to boost engagement rates, and enhance your visuals with video and custom brand marketing images. Have your existing subscribers share your email newsletter with their social networks for increased enrollment of new subscribers.

    Client Acquisition Strategy

    Where does your ideal client hang out online? Wherever that is, that’s where you should be building a presence. Where does your client go to network or hang out? Look at offline occasions to connect with your ideal client, and ensure to actively engage at events where those ideal clients are. Sales don’t happen by magic; a client acquisition strategy can make it seem so though.

    Feedback

    Feedback is very important from your customers, and one way is to offer an anonymous survey. What do they like about your business? What do they think you can do better? Are the most common questions to ask. Your customers may just surprise you with their insightful comments, and you could uncover some great business-building ideas too. Of course, you’d better be ready for some brutal honesty.

    Multiple Streams of Income

    How many streams of income do you have now? Some of the most successful entrepreneurs have 5 to 7 of them. Rather than depending on your existing income streams, maybe offer a course on Udemy, sell your products, or new products, on Gumroad or Amazon. You have a good chance of increasing your profits continuously, if you are agreeable to getting creative in your approach to revenue generation.

    Business growth is a constant battle, and takes careful planning. Those sales aren’t going to magically appear no matter how much you wish. If you want a better balance sheet when 2018 rolls around, you need to be proactive. The above ten tips should be incorporated into your growth initiative to ensure your business grows bigger, and the profits increase.

    Speed Up Your Entrepreneurial Adventure 

    By Randall Orser | Small Business

    Your mindset is important when being an entrepreneur, and you should be working on it regularly. Want to enjoy long-term success as an entrepreneur? You’ll need to look at learning as something you want to do not just something you have to do; that goes for your thought processes too. Assimilate the following growth tips into your daily routine, and improve the quality of your entrepreneurship journey.

    Your Thoughts Affect the Journey

    The actions you take on your entrepreneurial journal are definitely affected by your thinking. Negative thoughts, such as you’ll never achieve your dream, will affect your actions and cause you to fail. Welcome the many learning opportunities that come your way, and let your recently discovered positive attitude push you towards your dreams. Though sometimes a problem is just a problem and it just needs to be solved.

    Who You are Matters

    The kind of entrepreneur you’ll become hinges on who you are as a person, it will have a powerful impression. Deal with others in a trustworthy and honest manner, and you’ll find yourself surrounded by the same. Surround yourself with principled people, and you’ll build a better business with a strong moral foundation. Figure out and focus on your core values, and incorporate those into your business, and how they can work with your passion.

    Ten Year Overnight Sensation

    A successful business doesn’t happen overnight, and can take years; hence the expression, ‘the ten-year overnight sensation’. You could struggle for years before even seeing a return on your time investment. Your time investment must be seen as the building blocks for creating a brighter future. Look at your entrepreneurial struggles as an investment in your future, and your mindset changes. Those tough times are now opportunities to grow.

    Don’t Judge

    You shouldn’t judge your competitors for having success you haven’t obtained yet. Instead, look to them for ideas of what works and what doesn’t in the business your building. Approach your competitors like research subjects and do thorough research on everything from their networking skills to their digital marketing strategies. Understanding how your competitors became successful, the better equipped you are to fuel your fire.

    Your business-building adventure will be much more enjoyable if you remember these tips for entrepreneurs. Always be working on increasing your knowledge, and find those motivational tips that work for you. Keep going and pursue your passion even in those tough times. Don’t give up you’ll be happier in the end, and have respect for yourself for following your dreams.

    Thinking of Giving up on Your Entrepreneurial Dreams? 

    By Randall Orser | Small Business

    You had a lightbulb moment, came up with a great idea, figured out your target market and thought entrepreneurship was the right path. You’ve been following your passion; however, you’ve started questioning that choice and even question being an entrepreneur. Staying motivated as an entrepreneur is difficult as success is usually not immediate, and acclaim empty. Are you ready to call it quits as an entrepreneur? Well, here are five reasons not to give up on that dream. You may even begin to believe your dream is worth following, and it’s much too early to give up now.

    Opportunity Hunter

    You can definitely improve your entrepreneur progress by becoming an opportunity hunter. Don’t get overwhelmed by your business problems, instead look at them for the opportunities that could be there. Prepare your brain to centre on looking for the opportunities others miss; your business will grow by leaps and bounds.

    “Look at Me Now” Attitude

    You may be on an emotional low right now, and thinking of shuttering your entrepreneurial dream, however, wouldn’t you rather show your doubters just how wrong they were. Make the naysayers in your life feel bad as you’re the owner of a successful business. Embrace a “look at me now” attitude and push aside your troublesome doubts.

    Change is Good

    Your chances of success as an entrepreneur when you’re feeling down can suffer. Changes in your daily behavior that keep moving you forward. Apathy is the most destructive belief to your entrepreneurial prosperity. Modify your marketing strategy. Switch to a new social media platform you’ve not used before to make connections. Grow your personal brand as an entrepreneur by upping your visual marketing efforts. Mixing up the status quo can refresh your motivation and push to achieve your entrepreneurial dreams.

    Leap of Faith

    Remember that for you to achieve your business goals frequently requires a leap of faith towards your future. Picture yourself standing at the front of a zip-line that goes across a deep mountainous gorge, and your entrepreneurial goals await you at the other end of that zip-line. Trust yourself and your capacity to work hard towards your passion. Take a deep breath, trust your safety-net, and take that leap towards fulfilling your dreams.

    Work Smarter, Not Harder

    Entrepreneurs today believe out-hustling their competition and working harder than anyone on their team is needed. That is not always true. Working smarter than the competition is the answer, not harder. How do you work smarter and not harder as an entrepreneur? You can start by taking care of yourself and refresh your energy stores. Take that day off and indulge yourself with some peace and quiet. Go to a deserted beach, or a long walk or hike on an isolated trail. Do whatever it takes to loosen up and replenish your spirit. You’ll become a getter entrepreneur when your emotional batteries aren’t running on empty.

    When you feel your enthusiasm waning, think about these five reasons to carry on. Think about why you became an entrepreneur in the first place, focus on that and salvage your passion. Entrepreneurship takes work; however, the benefits are worth pushing past that declining motivation. Your dreams are worth pursuing!

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