Category Archives: Get Frugal

Tips to Saving For a Rainy Day

With the constant stories in the news that the economy is heading for a serious slow down, the pressures on businesses all over the world are acute, and being able to handle any future economic problems is vital to the survival of your business. Despite what you might have heard in the news, it is never too late to prepare for the worst, and by taking a few steps now, you will maximize the chances of your business being able to weather the storm and come out stronger at the other side.

The most effective way of preparing for any slowdown is to increase your reserves of cash, and ensure that it is working as hard as possible for you. By putting a specific amount aside each month into a special business deposit account, your company will soon be able to build up a nest egg of funds that can be called upon in an emergency.

By saving money in various operations throughout your business, you will be able to set aside more cash for tougher times. Review all your regular outgoings and see which you can change. Many business current accounts charges for day to day activities such as depositing cheques and handling payments, so look around for one that offers you these services free. With a business that handles a lot of cash and cheques, the costs of a current account can build up relatively quickly.

When you have sorted out your various business banking arrangements to make sure that you aren’t paying over the odds for services, and are getting the best return on surplus funds in your account, you should look at other areas that can be rationalised. Look at the cost of any borrowing, and also review the payment and credit terms that you offer to customers. Of course the earlier your customers pay will ensure that you have funds in your account rather than theirs, and allow you to earn, rather than paying interest.

If you have the capacity within your business to create a financial safety net by saving money each month on the cost of different aspects of the commercial side of your operations and through carefully reviewing the prices that you charge, you will be able to increase your overall margins, and ensure that your company gets into a very strong financial position.

One thing that is essential to remember when putting together any form of internal investment plan for your company is that you should always bear in mind the current market reality and ensure that you do not over save – that is to say, you keep one eye on your essential outgoings to cover them in the event that you concentrate on how much you can put aside rather than how much you are earning on a day to day basis.

Whatever you do to weather the storm, remember that prudent planning and a considered approach to your finances will have better long term benefits for your business than making hasty decisions that could act against the interests of your company in the long run.

Managing Cashflow in Your SME

Having money coming in and out of your business is essential in allowing day to day operations to run smoothly. Without a good cashflow, businesses can often find themselves struggling financially, since their growth and maintenance is halted by a lack of investment means. Here is a short guide on managing cashflow in your business.

Measure

You may have an idea of what your cashflow is like from running the business, but do you know it inside out? Measurement is an important tool for any aspect of business, but in terms of cashflow it helps you determine exactly where you could improve.

The best way to measure this is to create cashflow projections, in which you collect details of every area of your business which will be dealing with money coming in, as well as expenditure. This will help you calculate your level of cashflow, and give a good indication of how well your business is running.

Liquidate

One way of improving cashflow would be to liquidate assets which are redundant or outdated. The effectiveness of this will depend on how many assets you own, but it can generate money quickly without costing you anything. Stocks and shares and are one example of assets which are fairly easy to liquidate, as they can usually be sold fairly quickly.

You can use the lump sum received from this to invest in your business, potentially increasing your operational capabilities and thus chances of gaining customers. Just make sure that you do not liquidate assets which are still useful to your business.

Invoice Finance

Arguably the most effective way of managing cashflow is to use invoice finance, which involves selling customer invoices to a lender in return for a large proportion of the value. You then receive the amount in full once the customer has paid (with the lender’s fee deducted).

The main benefit of this method is that it provides a constant injection of cash into the business, and waiting times for invoice payments are practically eradicated. Therefore, you can continue to accept new clients and keep your business running smoothly without worrying about lack of funds.

Managing cashflow is certainly not difficult provided you have the necessary systems in place to ensure it is constant and measured. You can begin to make improvements once you have a good idea of the cash coming in, and how it can be best spent. Once cashflow becomes more constant, your business should naturally grow and prosper.

10 ways to save money on monthly expenditure

Everyone wants to make their money spread that little further each month, so whatever your savings goal is, here are the top 10 ways to shave pennies off your monthly expenses…
Switch suppliers
This is how you can make the biggest savings on monthly bills, as switching suppliers at the right time can save you hundreds. If you’re nearing the end of your contract, search online for the best deals around are, and then see if your current supplier is willing to match it. It’s more than likely they won’t want to lose your custom…
Use public transport
Save on petrol and reduce the fumes for the environment by walking, cycling or taking a bus route to your workplace instead. You won’t have to fork out extortionate parking fees every month either.
Pack your lunch
The lunch and regular snacks you buy throughout the day can easily mount up over the course of the month, and it can be hundreds over a year! Instead, buy the ingredients for your daily dinners and always go prepared to work with a packed lunch.
Make meal plans
Speaking of preparation, why not extend that idea to the rest of your meals? Most families complain about the amount of waste they throw away each week, so make a meal plan of what you’re going to cook, only buy those ingredients and by the end of the week there shouldn’t be any waste.
Buy in bulk
For regular household items you purchase every week, start buying them every month in larger quantities for lower prices. This works for things like toilet roll, cleaning items and non-perishable foods.
Buy non-brand
Another tip is to stay away from branded goods that charge a premium for fancy packaging. By opting for the supermarket own-brands instead, you’ll get food that tastes just as good whilst saving a pretty penny.
Don’t break the bank with days out
Just because you and the family want to have some fun of a weekend doesn’t mean you have to spend money. Go to national parks with a homemade picnic, visit some local markets or learn some arts and crafts at home for a pittance.
Cancel costly subscriptions
Whether it’s the gym membership you never use or the magazine subscription for the publication you rarely sit and read, just bite the bullet and cancel them, so your wallet is better off.
Use a courier
For birthday presents, food parcels or even moving house, switch to using an affordable courier for parcel delivery and you’ll always get high standards of service for far less money.
Cut down on costly habits
Smoking, drinking, or a take-away every Friday night – these are all habits that you can’t afford to indulge in when saving. Cut down on these costly customs and you’ll see a drastic increase in your savings pot.
If you’d like some more tips on cutting monthly expenditure leave your own advice for readers in the comments below.

4 Best Ways to Save Money Online

The key towards building a secure financial future for you and your family is by saving money. There are many reasons why we need to save for the future, such as for the purpose of securing a retirement fund or for your family’s future financial needs such as education for your children. Saving money is one of the best ways for you to ensure your financial security. Saving is also a very simple task.

Bargain shopping is one of the best ways you can save money while buying the things you want and although it may sound contradictory, it actually isn’t. The philosophy behind bargain shopping is to avoid spending too much money on the item you want. This is the lost passport to the world of saving money and you will find below 4 great best ways to save money online

1) Do Not Be Afraid to Haggle

While haggling may not be so common, it wouldn’t hurt to try and ask for special discounts or promotions when making your purchase. It is not illegal to try asking for price adjustments on your item and if a sale happened within 10 days after your purchase, some retailers may give you a full credit for the difference in price when you first bought the item prior to the sale. This is a fantastic way to get back some of the money you originally spent, provided that you still have the original receipt for the purchase.

2) Like a Facebook Page

Many outlets and retailers now have their own Facebook page. And here’s the secret; some offers are announced only through the company’s social media platofroms. The evolution of mobile technology has given rise to a new generation of users who want to be connected and able to do the things they like at all times. Companies realize this and reward its subscribers by making exclusive announcements such as sales and discounts that is not available anywhere else.

3) Save on Shipping

We all love the convenience of being able to shop and buy our favorite outfits from the comfort of our own homes but many of us don’t like the fact that we need to fork out the extra cash for shipping and handling charges. And you don’t have to put up with it. You can save some money on your bargain shopping by choosing to shop at outlets that offer free shipping when you make a purchase on their website. That way, all you need to do is sit back and wait as your package gets delivered to you, free of charge.

4) Find a Website That Compares Websites

Any real bargain hunter can tell that the secret to finding a good bargain is to compare prices of items sold between stores. Unfortunately this can take a lot of time so it would be a better alternative for you to visit certain websites that can do the comparisons for you. This ensures that you get the best price for any item that you buy.

9 Тірs tо Ѕаvе Моnеу – Реrsоnаl Fіnаnсе Ваsісs

Тhеrе аrе рlеntу оf sіmрlе tірs tо sаvе mоnеу whеn dеаlіng wіth реrsоnаl fіnаnсе bаsісs. Ѕоmе аrе slіghtlу mоrе tіmе соnsumіng thаn оthеrs but dеsріtе thаt fасt іt іs соmрlеtеlу wоrth whаt tіmе іt mіght tаkе. Іf уоu оnlу fоllоw оnе оr twо оf thе fоllоwіng tірs уоu соuld sаvе hundrеds оf dоllаrs еасh уеаr.

Request Free Samples:

Тhеrе аrе рlеntу оf wеbsіtеs thаt оffеr frее sаmрlеs fоr еvеrу dау рrоduсts. Еvеn thе hugе stоrеs suсh аs Κ-Маrt оr Реtsmаrt hаvе grеаt орроrtunіtіеs fоr еvеrуdау реорlе tо gеt frее іtеms. Тhеsе іtеms rаngе frоm skіn mоіsturіzеrs аnd shаmрооs tо frоzеn fооd оr bаthrооm рrоduсts. Аnоthеr орtіоn іs tо vіsіt а mаnufасturеr’s wеbsіtе tо fіnd thоsе frее sаmрlеs оn brаnd nеw іtеms. Іf уоu nееd sоmеthіng, tуре ‘frее sаmрlе’ іntо Gооglе bеfоrе уоu gо tо thе stоrе tо рurсhаsе іt. Тhіs іs thе bеgіnnіng оf mаstеrіng реrsоnаl fіnаnсе bаsісs.

Change Credit Card Spending and Habits:

Сrеdіt саrds саn bе wоndеrful but саn bе dаngеrоus. Wіth hіgh іntеrеst rаtеs аnd mоnthlу fееs, сrеdіt саrds mау wіnd uр соstіng уоu а lоt mоrе іn thе futurе thаn уоu ехресtеd.

Му Rulеs оf Thumb:

  • аlwауs usе саsh unlеss іts fоr а mајоr рurсhаsе
  • bе сеrtаіn уоu аrе аblе tо рау fоr thе іtеm bеfоrе уоu usе а сrеdіt саrd
  • bе surе уоu саn рау thе bаlаnсе оf уоur сrеdіt саrd

Avoid Impulse Buys:

Еvеrуоnе hаs hаd tо рush а shорріng саrt thrоugh thе аіslеs оf thе grосеrу stоrе аnd thе mоmеnt wе gеt tо thе сhесk оut wе hаvе dоublе thе аmоunt wе рlаnnеd tо gеt. Аlwауs, аlwауs, аlwауs сrеаtе а shорріng lіst, fоllоw іt аnd nеvеr рurсhаsе аnуthіng thаt’s nоt оn thаt lіst. Тhіs shоuld іnсludе аnу tуре оf shорріng lіkе wаrdrоbе, fооd оr еntеrtаіnmеnt. Rеtаіl оutlеts аrе mарреd оut sресіfісаllу fоr іmрulsе buуs wіth саndу rасks аnd gum wіthіn еаsу rеасh. Маkе уоur lіst, сhесk іt twісе, аnd fоllоw іt.

Shop The Sale Rack:

Тhіs іs аnоthеr реrsоnаl fіnаnсе bаsісs rulе but dоn’t соnfusе thіs wіth аn іmрulsе buу. Yоu hаvе уоur lіst аnd knоw whаt уоu nееd, sо сhесk thе sаlе dіsрlау bеfоrе уоu shор. Сhаnсеs аrе уоu wіll lосаtе thаt sаіd іtеm оn sаlе аnd рау hаlf thе usuаl рrісе. Fооd stоrеs ореrаtе thе sаmе wау. Тhеу usuаllу оvеr оrdеr рrоduсts аnd аrе fоrсеd tо run unаdvеrtіsеd sресіаls оn оvеrstосk іtеms. Јust mаkе surе thе іtеm іs оn уоur lіst.

Save Your Hard Earned Money:

Тhіs mау bе thе hаrdеst thіng уоu hаvе tо dо whеn mоnеу іs tіght, but іt јust mіght bе thе mоst сrіtісаl stер tо tаkе. Ассоrdіng tо thе bооk ‘Тhе Wеаlthу Ваrbеr’ уоu shоuld sаvе tеn реr сеnt оf уоur раусhесk еvеrу mоnth. Тhаt mау nоt sоund lіkе muсh but іt wіll аdd uр rаthеr quісklу аnd іf wіsеlу іnvеstеd іt wіll аssіst уоur rеtіrеmеnt dоwn thе rоаd.

Save Your Change:

Тhіs mау sоund а lіttlе sіllу but thіs lіttlе tір іs а grеаt оnе. Ноw? Весаusе іn sоmе wау’s іt’s lіkе fоund саsh. Аftеr уоu соmе hоmе frоm thе stоrе рut аnу lооsе сhаngе іntо а јаr. Еасh mоnth оr еvеrу соuрlе оf mоnths соunt uр thе сhаngе, rоll іt uр аnd dероsіt іt іntо уоur bаnk ассоunt оr rеwаrd уоursеlf tо а wеll dеsеrvеd еvеnіng оut. Тhеsе аrе thе реrsоnаl fіnаnсе bаsісs уоu lеаrnеd whеn уоu wеrе vеrу уоung.

Buy In Bulk:

Wе’vе аlrеаdу tоuсhеd оn shорріng but І hаvе аnоthеr shорріng tір thаt mоstlу аррlіеs tо buуіng grосеrу’s. Вuу іn bulk. Іf уоu drіnk а lоt оf fruіt јuісе аnd уоu sее thаt іt іs оn sаlе аt hаlf рrісе, buу fоur rаthеr thаn twо оr рurсhаsе thе 24 расk оf wаtеr іnstеаd оf thе smаllеr 12 расk. Тhіs mау sееm еаsу but рlеntу оf реорlе dо nоt mаkе bulk buуs оn еvеrу dау рrоduсts.

Clip Coupons:

І knоw thіs mіght mаkе уоu fееl lіkе уоur grаnd раrеnt but thіs іs аnоthеr grеаt wау tо sаvе рlеntу оf саsh. Іt оnlу tаkеs а fеw mіnutеs еvеrу wееk аnd уоu саn еnd uр sаvіng hundrеds оf dоllаrs еасh уеаr оn іtеms уоu wеrе аlrеаdу gоіng tо buу. Gо thrоugh уоur lосаl nеwsрареr оr сhесk оnlіnе fоr sоmе аmаzіng соuроns.

Recycle Plastic Bags:

Тhіs іs а wоndеrful wау tо ‘Gо Grееn’ аnd іt wіll sаvе уоu mоnеу tоо! Lоts оf stоrеs аrе nоw mаkіng уоu рау аs muсh аs 10 сеnts fоr рlаstіс bаgs. Сhаnсеs аrе уоu hаvе аbоut 1,000 hіddеn аwау іn уоur сlоsеst аlrеаdу. Соuldn’t уоu јust brіng thеm tо thе stоrе аnd usе thеm аgаіn? Аnоthеr wау tо rесусlе аnd sаvе mоnеу іs tо usе thоsе рlаstіс bаgs frоm thе stоrе іn уоur gаrbаgе undеr уоur kіtсhеn sіnk оr іn thе bаthrооm. Yоu dоn’t hаvе tо sреnd $5 еасh mоnth оn а bох оf kіtсhеn gаrbаgе bаgs whеn уоu аlrеаdу hаvе thеm аt hоmе.

Тhеsе еаsу tірs wіll sаvе уоu lоts оf mоnеу аnd thеу аrе sіmрlе аnd mіght еvеn bе fun. Іt’s аlwауs rеwаrdіng tо knоw thаt уоu hаvе stаrtеd tо tаkе thе fіrst stерs tо bесоmіng frее frоm dеbt. Ву саrеfullу fоllоwіng thеsе tірs tо sаvе mоnеу уоu аrе оnе уоur wау tо undеrstаndіng thе реrsоnаl fіnаnсе bаsісs аll оf us shоuld knоw.

8 Money Mistakes Every Millennial Makes

Times are changing, and the internet has made finding sound financial advice both easier and more difficult than ever before. While there is an abundance of information online, it can be difficult finding the truth in a sea of misinformation. When it comes to finances, millennials are in the unique position of having everything at their fingertips, while also having too much to make use of it all. With this guide, millennials will learn about the most common mistakes their generation makes and what they can do about it!

1. Waiting Too Long to Invest

At the highest level, investing is a skill that comes with some risk. For the average person, investing is a smart way to plan for the future and ensure that money grows against inflation. Too many millennials are waiting to invest for a variety of reasons. Some wish to learn more about it in hopes of beating the system, and others are cautious about making any money at all. However, the key to successful investing is simply having time in the market. The more time money has to grow and ride the ups and downs, the more money will be made in the long term. Millennials should try and begin investing as early as possible, no matter what the current market trends are, if they want to see their money grow in the future.

2. Not Saving

Investments are worthwhile long-term savings, but everyone should have a short-term emergency fund as well. Millennials would be wise to save roughly six months’ worth of expenses no matter how long it takes to do so. This will come in handy if the job market takes a dive, a car breaks, or other necessary expenses arise. By having a savings account, one can avoid going into debt.

3. Too Much Debt

Many millennials are burdened with student loan debts, but some are also choosing to go into debt by overspending their credit cards and living beyond their means. While credit is an important part of life, a high debt to income ratio will harm credit and decrease purchasing power. Avoiding interest and the dreaded penalty fees will free up more money for savings, and it will help to grow credit for future mortgages and other accounts as well.

4. Not Asking for Advice

Young adults have always been wary of advice. They want to make their own path and with the incredible amount of information online these days, it’s no wonder that millennials are stubborn about asking for help. However, most millennials would be better off by asking for advice from trusted professionals. Many investment firms, such as the UK company Fisher Investments, have a very strong social presence, meaning millennials can seek information on a platform that they’re comfortable with, rather than having to search through Google to find the answers.

5. Being Wary of the System

Counter-cultures have always existed, and there have always been groups going against the grain. However, after the 2008 financial fiasco and with the widespread use of the internet, millennials are growing up to be much warier of the financial system in place. While everyone should have some reservations and skepticism, many millennials are being fed false information from untrustworthy sources. However, this can easily be combated by taking the time to learn and understand the true nature of finances.

6. Not Budgeting

With a more vast and open marketplace than ever before, millennials must slow down and create a budget to avoid living beyond their means. Simple purchases like Netflix, Amazon Prime, and other online items can add up, and it can quickly lead to living paycheck to paycheck. Without a strong budget, it can be all too easy to fall into debt, or worse. Every millennial should take the time to plan their monthly expenses, tighten their purse strings, and they will likely have a little left over for savings.

7. Being too Picky

Millennials want it all, and that is admirable in a sense. They graduate from university with big dreams and grand ambitions, but then are shocked when they have to start in an entry-level position. However, millennials must understand that their dream job likely won’t be their first job, and it’s ok to work your way up the ladder over time.

8. Becoming Complacent

With new technology arriving at lightning speeds, globalisation, plus murky political waters, it’s always worthwhile to have money saved in case a career becomes obsolete or the market drastically changes. Millennials aren’t the only ones at risk of becoming complacent at their jobs or with their spending habits, but careers are changing much faster due to the internet and global market.

By practicing good financial habits, talking with professionals, and utilising all of these tips, millennials should be able to have a strong financial portfolio no matter what the future brings.

The Best Ways To Buy Gold Bullion

Wanting to add some gold to your financial portfolio? Investing in physical gold is often the wiser option because, with an unreliable economy, you don’t know if stocks will pay out, but you can re-sell physical gold, such as gold coins or gold bullion bards. If you’re planning to invest in them, you’ll need to consider certain factors, including what kind of bullion to purchase and where you should purchase it from.

⦁ Decide what kind of gold bullion you want to invest in as it may change where you want to purchase it from. Do you want a traditional gold bullion bar, which often brings the image of many gold bars being stored in a vault? These bullion bars come in different sizes, such as the popular kilobar, which is 32 troy ounces or a small one-ounce gold bar. Technically, it costs less to create a larger bar, meaning they are more cost effective for you, but they may harder to sell later as they cost more than a 10 once bar. Alternatively, look in to gold bullion coins, but stick to well-known coins like the South African Krugerrand or the Chinese Panda which typically trade at an affordable premium rate.

⦁ Beware of gold scams. While it’s certainly easier to go to the local pawn shop, a dealer’s table at a coin show, or mall kiosk offering to sell or buy your gold, think twice about trusting them. These are easy money places and often not legit.

⦁ Choose a gold dealer that’s been around for years and has the reputation to prove it. You want a gold dealer that is knowledgeable about the principles of owning gold, the current spot prices of gold, and any other questions you may have.

⦁ Make sure that you buy genuine gold bullion online from trusted dealers. Often, online dealers work better because investors can’t afford to fly across the world to invest in gold, and there are some more affordable established firms to buy gold in Britain, Europe, and Australia. Instead of flying over there, reputable companies will actually deliver gold to your residence through heavily insurance packages. They make it easy to purchase with a variety of payment options, including money order, credit card, check, and even PayPal.

⦁ Choose a gold dealer or firm that deals only with gold bullion bars and coins as these two types of gold are the only types that will appreciate well over time and trade up and bring you good cash flow.
⦁ Check to see if the dealer has a buyback policy. Find out what the place charges in case you need to sell them at a later date for emergency cash. It’s beneficial to know how they work on both ends of the spectrum.

As you contemplate where to purchase gold bullion from, use caution so you don’t get scammed. Watch for any hidden fees relating to shipping or payment methods, and make sure you know what the current spot price is.

5 Simple Ways for Cutting Business Costs and Remain Competitive

All companies need to keep adjusting to the market trends and get as much competitive as possible, not only to boost their profitability as to be able to survive in the toughest market conditions.

There are multiple ways for cutting business costs and take your business competitiveness to the next level:

1 – Splitting Advertising Costs

If you have a local shop, you can split advertising costs with your neighboring businesses. This is an old way for small companies to be able to get some exposure and more visitors together. If you’re just advertising your own services you’re spending much more than you could spend in this type of marketing campaigns.

2 – Partnerships Might Reduce Your Marketing Needs

A partnership might be the perfect replacement to some of your marketing campaigns. If you close a deal with a related website or company that’s not your competitor, he can send you customers, and you can send him customers, and you both get more business for free.

3 – Save Money on Printing

If you need to print flyers, documents, or anything regularly, working with the right printing business can save you money and reduce your printing costs budget. The best thing is that you can leverage those savings to order more printing ads for example, and that way you can get much more exposure and reach a bigger audience, just by working with the right printing business.

4 – Spread the Customer Feedback

If you have happy customers you can use that to your advantage in multiple ways. First, a happy customer will buy from you again in the future, and it’s cheaper to sell something to a repeating customer than to find a new customer. New customers are more expensive and reduce your advertising budget, so you can try to keep in touch with your current customers and turn them in repeating customers.

But another useful aspect of having happy customers is that you can use their feedback not only to improve your products and services as to show others how good your products or services are. Testimonials and customers feedback improve your conversion rates, so they save you money in finding new customers. And nowadays, you can easily get customer feedback on your own website or on social media, and share it with other prospect customers.

5 – Always Compare the Real Costs

Make sure you always compare the real costs of doing something in-house or by outsourcing it to a professional vendor. This one is closely related to the “save money on printing” tip. Just like in that example, if you do the math you might conclude that working with the right printing business can get your printing costs down, and probably below how much you would spend to print in your own office. The same can be applied to other tasks you’re doing yourself.

Always include your time costs too! If you’re spending the exact same money to have something done outside your company, you’re already saving hours and hours of work that you can use to work on other tasks.

How to Grow Your Business and Maximize Your Marketing Budget

Any business needs more customers to grow. One of the biggest challenges for a company is in growing the business in a sustainable way and maximize the marketing budget to make sure they get the best return on investment and maximize their growth opportunities.

Here are some strategies you can implement to make sure you’re investing your marketing budget wisely:

#1: Get some feedback from your customers

If you’re running a website or an e-commerce store, you can easily have a small form after your customers make you a purchase and ask them how they found you. You can also do it easily by sending a survey to your newsletter readers.

But even if you’re running a local store without much web presence, you can still gather feedback from your customers. A smart way to do it is to have a tablet or an iPad at the counter and let people interact with your app and give you some important feedback. Make it as interactive as you can, and be sure you ask them how they found you. With this information, you’ll easily evaluate which marketing channels are sending you most of the traffic and most of the customers.
#2: Get closer to your customers

The smartest businesses have been trying to get closer to their customers for some time. They invest on customer support and they make sure they keep in touch with the previous customers.

The goal of getting in touch with your previous customers is in getting more business from the same customers, without spending any portion of your marketing budget. If a customer bought something from you in the past and he had a good experience and support, he might be interested in buying from you once again.

You can implement for example loyalty programs to reward your current customers and to make sure they’ll be interested in buying from you once again.

You can also invest some time and some of your marketing budget on social media so that you can interact with your potential customers and your current customers, and keep them updated on your new products, services, and special discounts or sales.
#3: Be consistent and diversify your investments

On average, a customer has to see your image or interact with your brand up to 10 times before he buys something from you. So, you need to try to get exposure on multiple channels and keep interacting with your potential customers as much as you can to make sure they get to know you and your brand. This way, they will more likely to buy from you.
#4: Old school marketing might give you the best bang for your bucks

While most businesses are focusing their marketing strategies online, and spending most of their money on PPC or social media advertising, there are some old school marketing opportunities with much less competition and that deliver a much better return on investment for most businesses.

A great example of one of the best marketing strategies that your competitors might not be using yet is to hire a marketing company to post flyers for you, door to door. That’s a highly targeted marketing strategy for local businesses since you’re spreading your message and brand locally. It can be an effective way for growing your business and is typically less expensive than other marketing methods.

You need a little creativity and try to think outside the box. While all your competitors probably use Google Adwords or Facebook ads, probably not many of them use old school marketing strategies. And that’s where your opportunity lies.

Ways to prevent financial loss in your business

It doesn’t matter how well your business might be performing at any given time – the possibility of suffering from some form of financial loss always lurks around the corner. All aspects of business finances need to be handled with extreme care, and one of the most important is planning for the bad times as well as the good. With so many different issues and factors in play that could cause a turnaround in financial fortunes at very short notice, it is essential to have a good overview of where potential problems might lie.

In-house

The causes of financial loss for a business essentially fall into two categories, those that you can prevent and those that you can’t. Any in-house issue should be under your control, so this is a good place to start looking for possible problems. Financial strain can come about by growth and expansion that is too rapid, such as by taking on too many employees or buying too much stock up front. Having a good overview of wider market trends and conditions, and then adapting your planning in line with these is a key way to take proactive actions that can prevent possibly fatal financial losses for a business.

Outside causes

Any business that is part of a supply chain dealing with outside suppliers will always be at risk of problems occurring down the line. If a client company goes bust, you might find yourself left with expensive stock you can’t shift, whereas if a supplier lets you down, customers will go elsewhere and you lose sales income.

Putting back-up plans that cover eventualities like this into place isn’t too difficult, as simply spreading your purchases across a range of suppliers and trying to have a wider client or customer base are two simple steps that can be very effective.

Paper trail

Of course, making sure that you are paid on time is the single biggest factor in avoiding financial problems for your business. When you have supplied goods or services, you have done your work and completed your part of the bargain, but if there is a delay in payment, it can cause cash flow problems that affect your ability to move forward.

Having a robust financial system in place is an essential part of day-to-day business activity, and using receipt templates can ensure you have a clear paper trail that gives you an overview of exactly where things stand. Professional accounting practises are available to everyone by using these methods, and they can play a key part in avoiding late or non-payment from clients and customers. You can find out exactly how it all works here.

Hands on

The one thing in common with all of these suggestions is that they require a hands-on approach. For anyone running a business, this should be second nature, because in order to prevent financial loss, you need to know how all sides of the operation are running and be able to see where potential problems may lie. In that way, you will be able to take all the necessary actions needed to make sure that you trade profitably.