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Small Change makes a Big Difference when cutting Business Costs

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There are many strategies for cutting business costs from your budget, but be careful you’re not cutting too close, or cutting out something you will need later on. This is where it pays to look at the details.  Business owners should ask themselves the following question.  Where can the smallest changes in time management, materials utilization, and employee productivity make the biggest difference in the bottom line? Then, review these five simple strategies for cutting costs in your business:

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How to Boost Efficiency to Lower Costs in your Business

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How can I cut costs in my business? That’s a question many entrepreneurs ask themselves frequently. Since every business has a certain amount of monthly expenses, it is important to examine how those expenses are being used to benefit the business.  There is an easy way to save money by examining your time management and improving your internal efficiency.  Here are four simple ways to improve your time management and efficiency which can lead to lower costs.

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3 Benefits of Successful Business Coaching

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You would never build a house without counting the cost and having a clear defined blueprint. Likewise, when you are building a business, you want to utilize all of your resources and have the expertise from solid business coaching. Here are three benefits of successful business coaching that will help you to lay a solid foundation for a successful business.

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The Difference between Your Banker and an Investor

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banker and investor

Small business owners face a lot of obstacles on the road to success; but with planning, understanding, and patience, issues with your banker don’t have to be among them. Entrepreneurs with start-up or small businesses need to keep in mind the difference between a banker and an investor.  Owners of emerging businesses often struggle with their bankers because they ask for too much; given the speculative nature of their ventures.

Bankers always want to be certain that they will receive 100% of the money back that they lend to you.  When investors put money into a business, they know they are taking a calculated risk. There are no guarantees that they will get their money back.  Investors are willing to risk that not only will they get their initial investment back, but hopefully a whole lot more.

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Negotiate Your Way to a Bigger Business

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Advertising, social media and expansion plans are all great ways to grow your business, but one piece of business advice that often goes overlooked is that your company cannot reach its full potential if you don’t know how to strike a great deal. Negotiations don’t always take place in huge board rooms. They can take place over the phone, through email, or even in an employee’s cubicle.  Not only does striking a good deal infuse the negotiators with confidence, it can also assist in growing a business by building good faith and productive relationships with suppliers, employees and clients.

One of the most important things to remember is that most of the work to become a great negotiator takes place before you’re even talking to anyone.  By building good faith and performing due diligence, you’ve already won over half the battle. Keep the following tips in mind:

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How to Cut Costs in your Business and Increase Profits

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Business owners are always looking for ways to make more profits.  The first place to look is the level of costs in your business.  Can you justify every cost in your business?  Are you running your business as efficiently as possible?  With that in mind, here are several ways to cut costs in your business.

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Why Business Owners Should Embrace Effective Internal Controls

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Internal controls are the backbone of any small business, whether it’s a doctor’s office or a retail operation. Without them, your business cannot function effectively or profitably.

Here’s what the Association of Certified Fraud Examiners (ACFE) found in their 2014 Report to the Nation on Occupational Fraud & Abuse:

  • The median loss caused by fraud was $145,000
  • 22% of cases lost at least $1 million
  • 85% of cases dealt with asset misappropriations
  • 39% of cases were corruption schemes
  • 9% of cases dealt with financial statement fraud

Additionally, the ACFE noted that smaller businesses (less than 100 employees) tend to suffer disproportionately large losses compared to larger companies. Employees committed 42 percent of frauds. Collusion – more than one perpetrator – resulted in the largest losses.

The good news is that organizations with internal controls fair better than those without. Here are three ways to ensure internal controls are effective in your small business. 

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4 Keys to Working in Harmony with a Business Partner

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Increase Employee Engagement

When you work solo in business, you aren’t required to run things by anyone. However, if you have a business partner, that all changes. Therefore, it is critical for the health of your business that you and your business partner are working in lock-step. Here are four keys to working in harmony with a business partner.

1. Make a mutual decision regarding responsibilities. For example, you may be better suited to handle sales and marketing, while your business partner prefers an operations role. Clearly-defined responsibilities help to avoid conflicts and make the business run more efficiently.

2. Hold an off-site “check-in” meeting at least every two weeks. This meeting could simply consist of having lunch or dinner together to discuss current events in the business. The reason to hold the meeting “off-site” is that an outside venue can provide a more relaxed environment for discussion.

3. Don’t fear the tough conversations. The best business partnerships are based on open and honest communication. There will be tough conversations in business. Some of these conversations will be about performance; others will be about money. If you don’t tell your business partner what’s on your mind, it will lead to animosity down the road.

4. Collaborate with your business partner. Don’t just come in the office and go your separate ways. Instead, find a project you can work on together. Solving challenges together provides a feeling of satisfaction and strengthens your bond. Collaboration fosters trust and makes stronger business partners.

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.

 

Business Analysis – 5 Critical Areas in your Business to Analyze

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analysis

There are many reasons for a company to conduct a business analysis on itself. These reasons should include everything from gathering data to managing it. It’s a project that needs to have its findings put into a readable format. A business analysis will illustrate the successful areas of the company, provide a path to increased success, as well as plan for the future.  Here are five critical areas to focus your business analysis on for maximum benefit.

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How Business Analysis Makes Your Business Better

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No matter what type of business you run, you have to keep up with the changing demands of your customers. Processes that have worked for the last five years may continue to provide some potential for growth, but it is important to understand that stagnation will never provide an increase in profits. Whether you know for certain that change is needed, or you simply want to gain a better understanding of your options as a business owner, a comprehensive Business Analysis is the best place to start.

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