Business Advice: Five Ways To Stand Out Above Your Competition

As a small business, it can be hard to compete against bigger and well-known stores. These one-stop shops are able to offer almost anything that one could possibly want. However, there is a need for specialty shops – you just have to find a way to compete.

Here are some ways to stand out above your competition.

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Four Tips to Hire the Right Employee

hire the right employee

If you want to continue to grow your business, there is going to come a time when you can’t do it all yourself. You are going to need to hire some help to ensure that you can still offer the best products and services at a faster pace. Hiring the right employee can take time and dedication; though it is worth it. A good employee will make you feel good about the choice and make the transition go much better.

Here are some tips to hire the right employee.

First, determine what job you are hiring for. You need to figure out what the position is going to be. What duties are they going to be responsible for? What kind of person are you looking for? Do you work well with outgoing people or do you need more of a thinker? What qualities and qualifications do you want them to have?

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Business Advice: Do You Have a Good Business Idea?

Even though many people want to leave their jobs and their boss, you need to make sure that you have a good business idea prior to walking away from a steady paycheck. Though there is no guarantee with a business idea, there are some ways to know if you have a good idea.

  • Do you have enough passion for your business? If you go into business for yourself, it is going to take a lot of your time. If you are not passionate enough, you will quickly get tired of your business and give up.
  • Are there enough people who want your products or services? You need to determine if there are enough people who would be interested in your products or services. If not, you might be able to make a number of sales but then your sales will drop. For this reason, you need to make sure that you are always going to be able to find new customers or products and services that people will continue to need.
  • Do you have any marketing ideas? Even if your business is the next best thing, if no one knows about it, you are not going to be successful. So, before you even get started, you need to focus on how you are going to market yourself, your products, and your services. With a good marketing plan, you are more likely to succeed.
  • Are you open to suggestions? When you own a business, you have to give your customers what they want. If they need something similar to your products or services, are you going to listen to their needs and change your business to fit your customers? If you get some negative comments, are you willing to make the changes necessary to keep your customers happy? You are going to need to change your business with your customers in order to stay in business.

It can be hard to leave your comfy job and start a business. However, if you plan ahead, you are more likely to be successful. You need to make sure that you are passionate enough to stick to it. Then, you need to have a solid marketing plan before you even start to make sure that you can find enough customers to keep you in business. It also helps to be open to suggestions. Your business is going to have to change as your customers’ needs change. If not, you are going to be less likely to succeed.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

For more information on business analysis, business planning, and ways to grow your small business profitably, please check out our website www.portalcfo.com.

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Business Advice: An Introduction to Invoice Factoring

Small and medium-size business owners and managers have a number of major goals. Two important ones are to:

  • Reduce overhead costs
  • Increase cash flow

In this article, we will discuss the idea of invoice factoring. It is only one option, and one that may be worth exploring in your particular situation. Factoring sales invoices is the equivalent of accepting credit cards. By taking credit card payments, business owners know they will be paid within a few days in exchange for a small discount. Many small businesses wait a minimum of 30 days to get paid by their customers, and others wait even longer. Invoice factoring guarantees almost immediate payment, and can remove the need to chase slow payers. This enables, you, the business owner or manager to, for example, focus on growth planning, customer care, and keeping working capital at the appropriate level.

How Does Invoice Factoring Work?

A business sells its future sales revenue, at a small discount in exchange for immediate payment. The business should serve commercial or government customers, and those customers should have good credit. The factoring company will take on the responsibility of collecting the invoice payment, so they must minimize their own risk of defaults.  Your invoices must be free of encumbrances, such as the bank as part of the overdraft facility agreement.

Your own profit margins should be above a minimum level, since the factoring company must be confident you will stay in business. They will also run a simple background check on senior personnel.

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Success Culture and Business Growth

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Business growth benefits from having a success culture. Introducing such a culture, as a foundation for efficient and effective successful performance, can be simple and straightforward. Many small and medium-sized businesses start, get established, grow, and, at some point, the business leader recognizes the need to improve the culture in some way. Completely restructuring everything is a daunting task. If what exists is working, then focusing on building a success culture may not be such a hard thing to do.

Business growth and planned success, in many ways, relies on a culture which:

  • Encourages employees to contribute.
  • Trains them, and provides the appropriate resources so they are able to contribute.
  • Keeps them involved so they can contribute, and
  • Rewards them when they do contribute.

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