3 Tips for Growing your Business on a Budget

growing your business on a budget

A major concern for small business owners is their finances. After all, your finances indicate how much money you can allocate to your business. However, most small and medium-size businesses don’t have the funds needed to realize business growth; often leaving owners feeling discouraged. For this reason, we’re going to give you 3 tips for growing your business on a budget:

1. Partnerships: Every small and medium-size business owner should take advantage of partnerships because a solid partnership will help you grow your business. You will have the opportunity to partake in a cross-pollination partnership where the partnering business tells their customers about your products and services in exchange for you doing the same. This partnership should provide you with a cost-effective way to grow your business. With that said, it’s best to seek partnerships with businesses that complement yours.

2. Market with Referrals: Advertising can become costly. However, using your referrals is an inexpensive, but efficient way to grow your business. This is because you can offer discounts or rewards for customers who tell people about your business. Additionally, you can encourage customers to leave reviews about their experience, which will ultimately make your business more attractive to potential customers.

3. Cut Costs: As we said before, small and medium-size businesses generally do not have additional money to spare. If you need money to allocate to your business growth plan, then cutting costs is the way to go and will help you with growing your business on a budget.  Take a look at your expenses and determine what you really need for your business. Any expense that you cut out can be used to help grow your business.

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

For more valuable articles to help you successfully manage the challenges of growing your business profitably, please search our blog at our website www.portalcfo.com.

Business Advice: Putting Your Customers First

putting customers first

While providing quality products and services are essential to having a successful business, ensuring that your business is aligned with your customers’ needs is just as important for business growth. Your customers are the lifeline of your business, and business owners must ensure that they know who their customers are, incorporate customer feedback, and train their team to effectively handle customer needs.

Know Your Customers

There is nothing worse than offering a product or service to customers that are uninterested. Knowing who your customers are, along with what they need, will help you put value in the product or service that you’re offering. Understanding your customers will help to strengthen your brand and promote sales within your business.

Customer Feedback

Incorporating customer feedback is one of the best things you can do for your business. This type of feedback is invaluable as it allows you to see what’s effective and what’s not. Customer feedback will help guide your business to success because this means that you can stay abreast with what your customers want; ultimately giving you a competitive edge.

Train Your Employees

It doesn’t matter if you have 1 or if you have 10 employees. Your employees are an extension of your entire business, and for this reason, should be trained to effectively deal with customers. They are interacting with customers on a daily basis and have the opportunity to make a great first impression with customers. If your employees do not align with your brand, this will prove to be a disservice to your business as this can potentially tarnish your brand.

Effective customer service is vital for a business to thrive. Every business should have a customer service plan in place as it will help you develop a loyal customer base, strengthen your position in the market, and prepare you for long-term success.

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

For more interesting topics to help you successfully manage the challenges of growing your business profitably, please search our blog at our website www.portalcfo.com.

Three Reasons To Hire Someone For Your Financial Review

financial review

A financial review of your own company can be very difficult. Whether you feel like your business is struggling or you want it to grow, it is important to really look at your business and figure out what you are doing right and wrong.  You may want to hire help when it comes to studying your business. Here are three reasons why you should hire a professional for your business analysis.

  1. It is too personal for you. It is your business and it is personal. You are going to be able to justify every move that you have made: from what you are spending money on to where your income is coming from. You are too close to your business to be able to study it objectively.
  2. An outsider will be able to study your business objectively. It is important that your business gets studied objectively to really know what you are doing right and wrong. Most of the time, business owners are unable to do that, so hiring an outside source is often your best bet.
  3. By hiring a professional, they are more skilled at studying businesses. Not all business owners have had further education when it comes to running businesses. Instead, they are sometimes just winging it and trying to be successful. A professional knows what you need to do (and not do) in order to grow your business.

Once you have figured out what you are doing right and wrong in your business, it is time to come up with a plan for the future. Study what you have learned from your financial review, so that your business can get back on the right path (or an even better one) and take you where you want it to go.

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 business profitably, check out our website at www.portalcfo.com.

Starting Up: Three Things You Don’t Need to Spend Money On

It can be very hard to start a business. There are so many things that you may need to buy, yet you need to watch your money or it will take even longer to get a profit.

Here are some things that you don’t need to spend money on.

Office space. This is the most expensive part of running a business which is why home businesses are becoming so popular. Try to work from home or rent the smallest office possible, until your business is up and doing well. Though you may want a little extra space to grow (especially if you want to eventually hire employees), try to keep your office as small as possible to save money.

Employees. Employees are another big expense. Though many like to be one man businesses, others prefer to have some employees so that they can grow quickly. If you are determined to get help, you may want to outsource which can be much cheaper than full-time (or even part-time) employees.

Computer software. Computer programs can be another expense that can quickly add up. Lucky for you, there are many places where you can find cheap and even free software for your business. Though you might not be using Microsoft, you may be using something that is compatible for much cheaper (or even free). Do you really need the name if you can save a hundred dollars?

Starting and running a business can get expensive, quite quickly. Many business owners spend too much money on their office, employees, and even computer software. However, by being careful, you can rent a smaller office or work out of your home. You might find outsourcing works better for you, with less cost. Plus, don’t forget to look for free computer software. They work just as well for a fraction of the cost!

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 business profitably, please check out our website www.portalcfo.com.

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