The business world has changed immensely, thanks to cutting-edge innovation and inventions in software development and solutions which a company like BahaQuote provides. Today, it is painstakingly challenging for new or existing small businesses to reach their breakeven without seeking better ways of handling transactions. A good number of small and medium enterprises hardly go beyond three months before they are grounded financially and a question which usually comes to the fore is whether there are reliable hacks which can set them on a profiteering path. Many times, it is the big enterprises that stabilize soon enough to be able to cope with competition in any business environment and this is partly attributed to profit hacks they employ.
With technology becoming pivotal in the business world, enterprises that have the financial prowess are able to survive stiff competition because in one way or another, they have had to adopt cutting deployment of newer and better ways of doing things. However, it’s certainly not business as usual for most small and medium enterprises in the twenty first century which are still stuck with conventional ways of doing things such as manually processing invoices and payments.
Well, let’s have a look at how small businesses can double their profits and achieve sustainability pretty fast.
Change to better: Better payment, invoicing and inventory software
Making headways into profiteering zone should come with rapid infrastructural changes at your business premises. Information Technology is undoubtedly the new way of doings things faster and conveniently, and if saving immensely on costs is anything to go by, finding a software vendor like BahaQuote that will install at your premises, better software versions to help you handle and file invoices and inventory will certainly not disappoint both in the short and long run.
Up your marketing prowess: Sales leads that seal deals
There are many ways through which small businesses can increase their profit margin and while adopting effective IT infrastructure has always produced results, combining the same with intuitive sales leads will create a remarkable milestone. Email marketing work best with sale leads. With this, all you have to do is capture the attention and imagination of your prospective customers using special offers via sales leads that they will find hard to trash away. You will need cutting-edge sales lead generating software to help you create something catchy.
Give your clients convenience with paperless and cashless transacting
Today, lots of businesses have switched to the internet as a better sales and marketing platform where they can reach to new markets with ease. Most people shop on the web today and this is something small businesses should tap into if they want to experience fair competition. On the web, it is your marketing strategies that open new markets but when it comes to convenience, time is always money and clients find online shopping way faster. Also, payment processing through varied payment channels such as Debit cards, PayPal and other electronic means such as cheques will save you tons of time and increase sales many folds.
When buying software, big businesses always have the edge. They can afford almost everything under the sun.
Money is always the name of the game in business. Money can make or break a business. If you use your capital efficiently then no reason for your business not to be profitable.
But most often than not, small businesses are very stiff when it comes to their cash outflow. They tend to ignore or reject newly arrived software that could help or further their profitability. Simply put, small business industry ignores business-related software because it is expensive.
But there are various software products for business industry that need to be acquired that could bring more profits to your business. These software products tend to bring you advantage rather than disadvantage, which usually is the price.
Here goes the list of tips when buying software products that help bring in more profits.
Make sure the software is genuine
This applies to everyone; businessmen, students, professionals even gamers. The rationale behind is because genuine are licensed products. These products do not contain viruses and won’t compromise your system. There are many key points to know if the software you are buying is licensed or not. You can ask your IT or the store’s. I’m sure, what they will sell you is genuine.
Software products must be useful to your business
There are software products and there are software products. The choices can vary. The deciding point would be what software is most useful for your business. The second most useful software would come next if your budget still allows for you to acquire it.
Buy updated anti-virus and anti-hack software solutions
Anti-virus and anti-hack software products come in various forms. There are those that are purely anti-virus only, and there are also for anti-hack solutions only. However, as technologies update every blink of an eye, there are software solutions that can offer both securities nowadays. And this kind of software solutions is the updated versions of the former. Although this kind of software solution is more expensive but in the long run, buying it is much cheaper and more convenient than buying separately at all.
Choose business-friendly software products
A wide array of apps and software floods the market today. Some are almost the same with the others; from its advantages and usefulness down to its downside features. But if you happen to have chosen two very similar software products, with same value and benefits, the deciding factor would be: Which is more user-friendly software? Take note that understanding a system sometimes takes long period of time and time is precious in business. So it pays to have simple instructions and easily comprehensible software. There is no better feeling than knowing that you can sleep better at night because you know you have properly done your job right. Thanks to your user-friendly software.
These are but some of the tips in buying software products that are beneficial to small businesses. But the question that could guide small businesses would be: Are you prepared and open-minded to the changes that the technologies bring? If so, loosen your coffers and buy the software that could bring in more profits to your business.
Starting your own business begins with having the financial capacity to ensureyour plans come tofruition. This is the first step in any business— raising money to fund your ideas. While some do it through bank loans by putting up a good collateral, others just don’t have what it needs to secure a loan. Instead, they use their own savings, credit card, orborrow moneyfrom family members. But what if all these means are out of one's reach?
By definition, crowdfunding is“the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet.” There are severalkinds—rewards, charity, debt, and equity crowdfunding.
Among the four, reward-based crowdfunding is the most common. Here, "backers" or investors receive rewards based on the amount of fund they guarantee. These rewards are often in the form of service or product they offer. For instance, a jewelry designer may offer her jewelries in return for money exchanged for her business venture. Top platforms for this type ofcrowdfunding include Kickstarter and Indiegogo, to name a few.
Now that we've learned the basics, we can proceed to ask the question that is begging for an answer- how exactly does one grow his small business through crowdfunding?
Consider these foureasy steps:
1. Make sure you have an impressive and compelling pitch that would make your potential investors believe that your product or service is worth their valuable time and money. Include an entertaining, informative, or moving video about your business model. Remember that as early as this stage, your sales pitch can make or break you.
2. Use social media for publicity. Twitter, Facebook, Instagram, and blogs are all available at your disposal for you to maximize your reach. Social media marketing will play a vital role not only in attracting potential investors for your fund campaign but also in enticing potential customers or your target demographic. Keep in mind that even great products and established companies still do marketing because products cannot sell themselves.
3. Know what type of crowdfunding is right for your campaign. In order to do this, you must understand your platform well enough. This is as important as knowing the current stage your business is in. This way, you will be able to utilize crowdfunding to its full potential.
The right type of crowdfunding will address the specific needs of your campaign or product, not to mention help you in your small business profitability and growth. For instance, if you already have an establishedbusiness, you can use equity crowdfunding to increaseyour debt financing. This will enable you to pour in additional stocks if need be.
Small business profitability may seem to such a daunting task, but with the rightapproach coupled with unparalleled dedication, it is easily achievable. Crowdfunding has made a lot of successful entrepreneurs shinethroughout the years, proving that success is within one's reach if only heknows how to make good use ofthe resources around him.
Avoid letting your rivalries turn into negative impact in your business. Provide in taking a full advantage of the favorable circumstances possible when there are other vendors focusing the same buyer and viewer.
Improve your business and make a healthy competition with the other competitors. Here are some tips for you:
Avoid being contented. Your competitors are always there, finding ways to improve their business. Always take a look at anything even a single detail.
Building brand influence
Make yourself a stand-out business owner that leads with authority in your domain of ability and skill. Your viewers will applaud your natural skills and definitely choose you over anything else.
Use your skills and knowledge to create a unique value proposition to your viewers because competitors will let you show your weaknesses and strengths. You should realize your shortcomings and flaws. It helps you overcome your weak point.
When you are making your own way to be on a leading business, competitors too are making their ways to offer better services and product qualities. Buyers will demand best quick fix for their precise uses. Differentiate your offers with target of making exceptional value for the users you serve.
Take advantage industry trends
In the market nowadays, this a great opportunity to advertise an emerging trend that will get your buyers attention and media thrilled about your work. The competition signals a forceful consumer demands and it gives confirmation for what you’ve been doing.
Better if you also create friendly associations that are also interested with business. Make advantage, like trading tools or technologies, expanding market, promoting each other’s products and many other things. Or maybe someday, merge with your biggest rival.
Observe and always take a look with the competition thoroughly. It is great to know their strategies because you can differentiate your resources and knowledge with theirs. Learn something from how they supervise and widen their procedures. You will probably find and determine of ways to put into use those learning for your own business.
Shortening down a niche
In reality, there will always be better and there will be not. That is okay and it is just normal. Customers are worthy of good service and quality so they have the right to choose which they like. Just focus your efforts on making a smaller portion of the overall market. By shortening your niche, you prosper a competitive edge.
Planning long term
Competition is good because you’ll forget to maintain your business without competitors. You will be challenged to achieve more for your business.
Customers’ needs first
Do not also forget to prioritize your customer’s needs. While you focus on your outdoing with the competition, also focus on investing to become a customer-centric organization. It will improve buyer loyalty. You will easily protect your clients by the aggressive vendors on stealing them. At the tail end, users and not competitors who have the ability to break your business.
Are you just new in the business world or just about to plan on having a business? If yes, then you might be struggling and worried to get more audience and buyers. Promoting business is important because it is a method by which it needs to be analyzed for better best results. You should have strategies to promote your business.
This is the key element to put across the advantage of your product and service to the costumers. If you want to have a long term success, then you should start by promoting it. And for better details about business, you should start learning about it.
Here are the low cost ways to promote your business.
Promoting Business with Social Media
The common and great social media sites that you can promote your business are Facebook, Twitter and Youtube. Before getting started with it, learn to create social media plan, how to create fan page on Facebook, and promoting business on Twitter. If you are also good with video making and editing, then Youtube could also help you.
People nowadays are into social media sites. Therefore, if you promote your business through social media sites, you can easily get costumers and viewers quickly.
Promoting Business by Blogging and Writing Articles
Articles that are related to business are an excellent promotion technique.The more specific the topic, the better it is. Write something or short biographical note, about you and your business to go with the article. If you are skilled in well written articles then better. But if not, you can hire someone with good written skills.
Because your goal is to advertise your business, it is better if it will be posted in public.
Promoting Business with the use of Press Release
The other excellent way to promote you business is through sending out press releases. Press releases can be publicized online or in print.
Using this way should be actually containing information that is newsworthy. For example, business should be involved with activity such as sponsoring charity event, or did your business recently receive award. It should be enough engaging to get interest of the people.
Promoting Business with the use of Buddy Marketing
This promotion tool involves cross-promotion, uniting your business with another. Buddy marketing is also a great way to promote your business.
For instances, it will give you a chance to extent a whole new pool of potential customers and audience. You might can use shared advertising, or make a contest altogether. This will substantially make you lessen your costs in promotions. It will allow each other’s business to make use of the promotion technique that wouldn’t cost too much.
Promoting Business by Giving out Freebies
In our society today, when we hear a rumor that a store is having freebies, we’ll surely go there to receive one. People love to receive things that are free. You can use this advantage to business promotion. Besides, you can use them regularly as a costumer’s prize or bonus. People appreciate this, thus, you can attract them to go to your store and be a regular costumer. Good services like this could make a person think good thoughts about you.
Combining business promotion and customer rewards is a win-win case.
The era of the internet brings forth the influx of profitability of small businesses in the world. Typically, technologies are linked to success and profitability of a firm or a business. In a corporate world, the more high-tech a firm is, the more successful it is to be perceived by many.
But believe it or not, technology also breeds profitability challenges to small businesses. Small enterprises are the usual casualty in the stiff competition in the corporate world. When new technologies arrive it is the big enterprises who normally can afford to upgrade.
This is but one of the profitability challenges faced by small businesses in a technology-driven business world.
Here are the other challenges to profitability of small businesses.
1. Slow internet connection
If anyone wants fast, he must cough out an amount of money, that’s the fixed deal. Faster internet connection requires greater amount of money from your capital than the usual internet speed. And small businesses are not that keen in improving their internet connection, thinking it will just be a waste of capital. But little did they know that speed is one of the names of the game in the business world. The faster you are connected in the world, the greater chances for your business to be profitable.
2. Accounting and bookkeeping software is expensive
We all know that big firms in the corporate world equip themselves with the highest technology in accounting and bookkeeping. Proper accounting and bookkeeping help corporate monitor its cash outflows and inflows. In this way, a firm can able to budget its capital expenditures properly. And what better aid in accounting and bookkeeping other than software that deals with these two business elements. With accounting and bookkeeping software, businesses are done a lot easier and mistakes are minimized if not eradicated at all. After all, accounting and bookkeeping mistakes can result in losses.
3. Employing unlicensed anti-virus and anti-hack software
Because small businesses usually have a small capital, they always commit this one of the biggest mistakes in their operation. They do not consider the security outcome of using unlicensed anti-virus and anti-hack software. They tend to embrace any software that is being offered for free which is usually unlicensed. And most often than not, unlicensed anti-virus and anti-hack software pose more threats and bad effects rather than good.
4. Online financial management expertise services unaffordable
We always hear that big businesses have it all. Well, that cliché is so true. They can afford almost everything that furthers their profits even more. And one of the ways to shoot their profits higher is employing online financial management expertise services. This kind of online services usually hires professionals and experts in different financial aspects of a business. And normally these professionals and experts never go wrong. But small businesses cannot afford this service online. They tend to make do with whatever they have. And that’s where the losses take place.
It will not matter if you have a discount store, major chain store, small or local business. Any type of business that is in large or small area will still use the same competitive ways for business.
Here are the strategies to fight competitor in business world.
Lead Generation is a process that you may use to make your costumers or prospects attracted in your business. If there is five in ten prospects will come into your business and buys from you, you can definitely increase the total number of people coming in from ten to fifteen.
Thus, you can make more money. You can increase by 50 percent in it.
Lead conversion is a process by which you can transform leads into paying customers. This is the evaluation of the potency of your efforts in your sales. You can double up your sales and increase profits by increasing your conversion rate, largely from one out of ten to two out of ten.
One of the most important things you can accomplish to your business is by enhancing your ability to sell and change interested prospects into paying customers.
There will be no substitute for continuing sales training, both for you and for a single person who speaks to customers, live or through phone.
Just always inspect and observe every key result is in your sales process. Strive for ways to improve a little in each area. Small improvement will still lead to overall improvements in sales results.
Number of transactions
This is the number of sales that you will make to each customer that you obtain. You will increase your sales profits by the same percentage through increasing the amount of bargain by ten percent.
You should remember the things that you could do to get your customers to buy more from you continually.
Largeness of transaction
The largeness of the transaction is the size of your sale and profit that you earned from each area. You should be regularly checking kinds of ways to up-sell each customer so that they buy more each time.
Profit Margin every sale
Profit Margin is the sum by which revenue from sales exceeds costs in a business. Look over methods frequently to elevate the price or to lower the cost of the product without decreasing the quality. You can definitely increase profits every sale.
Every dollar you raise a price, if you carry costs steadily, it’ll flows straight to the bottom line as profit. Every dollar you lessen expenses, if you carry revenues and sales steadily, it’ll goes straight to the bottom line as a net profit.
Worth of customer acquisition
The worth of costumer acquisition is the extent that you have to pay to get each paying costumer. Seek a different creative ways to boost your advertising and promotion that will costs you less to buy every customer.
Developing customer referrals
This is the customers who would come to you as the effect of referrals from your fulfilled customers. Increasing more than one confirmed referral systems for your business can have an irrational impact to your sales and business will make further extra money.
Eradicating costly services and other activities
A lot of the companies today get into a habitual of contributing expensive services to their customers so that they could terminate with no loss contentment.
Always check your services that you offer to your customers. There might be anything you can do to reduce or discontinue.
Lessen your break-even point
Lessen your break-even point means the number of items that you should be selling each month to break-even or begin making a profit. You’ll use this to figure out the potential capability of any advertising and other expense that you earn to increase sales.
Boost your prices
In different instances, you can boost your prices by five or ten percent without enduring any market resistance. Even if you increase your prices, if you have excellent quality products, your costumers will not go away.
If you are thinking of starting your own business, some fields are more likely it succeed than the others. For example, managing accounting and financial, real estate business and online services have higher chances to succeed and become profitable. If you already have a small business, you should pay attention to how to establish profit and cash flow. We must say that the cash flow (the difference between your expenses and income per month) will determine the profitability.
The essence is to have a steady cash flow despite what the papers and invoices suggest. If it is positive, you will make aprofit each month. If it is negative, you won’t be able to pay your bills! Small business profitability depends on several strategies. Making them better and successful, will help you make your profit better as well.
1.No to late payers
Just because some owns you money, it doesn’t mean you have it! In a matter of fact, if your payers are late, just for one day, you should start reacting. The first thing to do is to call them and notify them about the payment. You can use email as well, but prefer phone calls. If this doesn’t solve anything, you should become more persistent and more severe. In addition, you must stay professional at all costs.
This strategy is the main one if you want to establish a profit and stay in the business. Late payers are the most severe problem business owners may encounter.
2.Positive or negative cash flow
As the title suggests, cash flow can be positive (when you make aprofit) or negative, when you lose it. Always be aware of the situation and make sure the cash flow is on the positive side. If you lose it and move to another side, there are a lot of issues that will happen!
Always react as soon as you encounter some problem. Don’t wait for it to resolve all by itself.
3.Line of credit
Because you are new, you are going to need some backup and some reserve. All of this is generated as a credit. Make sure you make a line with it and don’t cross it. It will be useful when you need additional resources, but you don’t want to damage your business. Make sure you have enough reserve for at least one month.
Issues and negative cash flow are common nowadays, due to the fact the world economy is in the mess. The more reserve you have, business will be safer.
Paying bills is mandatory, but it isn’t precise. For example, if you can get 30 days of theadditional deadline to pay them, use it. By doing this, you will make sure your money is within your reach for a longer period of time and you can use this.
Managing your expenses is another, clever way small business profitability can be improved. In addition, you should look for ways to extend and reduce your payments per month.
It is every business goal to generate profits so as to continue with the daily operation and to earn. The obtained financial advantage or benefit can dictate the life of how long a business can still run or expand. It is essential then to find the means on how to increase profitability for a start-up or small scale business.
To make a small business profitable - good resources should be in place, monthly sales goals exist and are constantly updated, consider levelling up the status quo by looking for efficiency gains, increase revenue and have a strategy for pricing and marketing.
For now, let's focus how having an online invoicing contribute to small business profitability.
With the technological advances, the solution of having an online invoicing system compared to paper based may have a lot of advantage to help any business get more out of their venture. It will be an easier solution in place to help manage the flow of cash, manage the inventories, assets, etc. This may actually be a necessity as it is more efficient and helps people running the business focus on other ways how to earn a profit. Aside from convenience for the business itself, customers nowadays opt to do things online. So with an online invoicing in place, this can attract more buyers to try and buy the products as they know they can easily do the transaction. They are given the freedom to choose from a variety of payment method which can be done over the net. Data will always have a backup and you are sure that it will be secure, giving you one less thing to worry about in case disaster strikes. An online invoicing tool can also be integrated with several other business features that can help boost your current setup and attract more consumers. Some have a mobile quoting application which can allow you to quickly send invoices and check your business wherever you may be.
With an online invoicing in place, you may get more customers to trust you, as they know that both of you can easily track the transactions that have been made. It will be a good investment in itself as the information on hand in the invoicing tool or software can help you develop a stronger cash-flow strategy. Instead of rummaging to tons of papers or files, an online invoicing tool will help you get things done in no time as the data are readily available for your analysis.
So, if you want to seamlessly integrate an online invoicing system that can help gear your business to be more profitable, Bahaquote have the answer for you. They offer online invoicing and billing software that can be integrated with your current business structure. They can customize the system in 24 hours so that it can cater to your needs, can be mobile friendly and user-friendly too.
Check out the great solutions they can offer via this website: http://www.bahaquote.com/
Small business owners cannot afford to lose money, not in the smallest amounts. Small business profitability is the essence and the main thing to consider, no matter what you sell or offer. Now, we have some obvious reasons that will cause severe monetary losses, and we have some less-known that are also catastrophic and should be sorted as soon as possible. Keep in mind that the money you lose is more important that the money you earn, because when you start losing money, this issue will get only increased.
• Old software
Yes, you use and you should use software to help you grow and maintain your business. Old software cannot keep up with the customer demand. It means that you are losing money even if all looks perfect. POS software is the most affected type and it must be the latest. When you use the latest software, it can help you expand and increase the profit accordingly. We must add the fact that using the latest and the best software is the key to making your business stronger and better. It is also the simplest way.
In essence, it is better to use simple, but the newer software that old-time perfections.
• Not backing up
If you don’t back up your software and the entire system in a matter of fact, you may encounter a severe problem at some point. If your software crashes, you will lose almost anything. The internet and the software are reliable, but they are not perfect. That’s why developers invented back up. In general, it is a way to make copies of all your information and additions, so you can restore them in a case of a crisis.
We may have mentioned that making mistakes, when you are a small business owner isn’t something you can afford!
• Customer service that cannot meet expectations
A recent survey discovered that if your customer support is poor, your clients won’t be satisfied, obviously. Even more concerning is the fact that they will tell to another 9 or 15 people about your customer support. In general, 13% of people will inform more than 20 people that you offer support which is poor. This creates a ripple effect and in a matter of days, thousands of people will realize that the support you offer cannot meet their expectations. If you know that people appreciate this type of support and they avoid interacting with business owners with this issue, you may understand how important it is.
A new and updated software can help you. It will have better info about the clients and it will be more accurate. Small business profitability depends on this factor.
Make sure your business is immune to all of these factors. If you have just one, losing your money isn’t as severe as if you are hit by all of them. The only thing you can do is to prevent them from happening, so analyze your business constantly and try to make it immune to losing factors.