Nov 07 2016

Three of the Best Ways to Save Money as a Business Owner

Posted by admin in Uncategorized

When you open a business, you go in knowing that the more your clients and customers spend, the more money you make. This is what causes some business owners to raise their prices or start out with high prices. Those higher prices may change your customer base and price off some of your loyal customers or those who want to try your products. Instead of charging more, try saving more. The more money you save, the more you can make without gouging your customers.

Change Suppliers

Buying in bulk is the key to the success of some companies. When you buy items from wholesale suppliers, you can get those items at a fraction of the manufacturers’ suggested retail prices. Before changing suppliers, always compare prices to make sure you get the best price. You can find lower prices on everything from the products that you sell in stores to the equipment that your workers need. Save money on things like paper, pens, computers, printer ink, cleaning products and even snacks and drinks for your workers.

Maintain Your Equipment

The equipment used in most manufacturing facilities can cost thousands of dollars or even hundreds of thousands of dollars. All it takes is one employee without proper training to leave one of those machines in dire need of repair. While repairing that equipment can be quite costly, it’s much less than the cost of replacing that equipment. Creating a PDM maintenance plan with a qualified company is one of the best ways to save money on your operating costs. That company will send licensed workers to your manufacturing facility, and those workers will identify the machines and equipment that need repairs. They can also help you create a maintenance plan for all your machines.

Use Tax Deductions

When you file your taxes at the end of the year, make sure that you take advantage of all the deductions available for business owners. The IRS will usually let you deduct any losses that you had for several years in a row, which can significantly reduce the total amount that you owe. You can also take deductions for the money you spent on your company and for many of your overhead or operating costs, including your rent and utility bills. Knowing how to save money can help you increase your profits without charging your customers more.

Nov 07 2016

Three Business-Building Strategies That Will Keep Your Company Growing

Posted by admin in Uncategorized

No matter how successful your business has become, there are always techniques and systems you could implement to make it even more profitable and powerful. With that idea in mind, be sure to try some or all of the following three business-building strategies so you can keep your company growing:

1. Hire A Team Of Business Consultants.

One strategy you can employ to keep your business growing is hiring a team of professional consultants. These individuals attain extensive industry experience so that they can understand how the business world works. They then use this information to provide business owners with a wide range of customized, cutting edge strategies that can be used to help their companies function more efficiently. Companies like KeyGroup Consulting employ professionals who can offer you numerous business-building services, including the disc employee assessment.

2. Develop SMART Goals.

Another key strategy you can deploy to keep your business growing is developing SMART goals. This technique is incredibly empowering because it helps you articulate a company objective in a clear, concise way. Also note that writing something down and placing it in a visible place increases the likelihood that you will think about it. This is part of the reason that people who write down their goals are more effective in realizing them.

As you start the goal development process, make sure that the objectives you establish are SMART:

• Specific
• Measurable
• Attainable
• Realistic
• Time-specific

An example of a good SMART goal would be “We will hire a sales manager who works 40 hours per week to increase our monthly conversion rates by 11%.”

3. Utilize Digital Marketing Services.

One final technique that can prove very powerful in putting your company on the path to perpetual growth is utilizing digital marketing services. These services help ensure that you can interface with prospective customers across the globe. In addition to empowering your company to go global, using online advertising techniques can help you provide your client base with ongoing, immediate updates regarding revenue-generating realities like sales, discounts, referral programs, etc. Some of the brand-building online advertising techniques digital experts will use to grow your company in the Internet sphere include:

• keyword analysis
• online reputation management
• link building
• web design and development
• responsive web design
• target market research
• social media optimization
• content marketing

Conclusion

If you want your company to flourish, now is the time to make it happen. Three strategies that can help you see the results you want include hiring business consultants, developing SMART goals, and employing a team of digital experts to build your brand in the online domain.