The prices you charge for your products or services can have a dramatic effect on sales and profits. Your pricing strategy also determines how customers view and respond to your product or service.
Consider the different options when it comes to pricing, to make sure your strategy is effective.
Are you planning on selling to customers in an overseas market? There are export channels galore to choose between – but which ones are right for your business?
An effective export business plan lays the foundations for overseas success. Each piece of the plan should come together to create a blueprint that will see your business prosper in the years ahead.
EXITING & SELLING
Planning for the succession of a business is an important and sometimes overlooked part of a business plan. It’s an inevitable period in the lifetime of all successful businesses – so it’s best to weigh up the options early.
Putting a succession plan in place helps ensure the future stability of your business when you step aside or if unforeseen events happen.
Succession plans should be made well in advance if they are to be executed properly, and legal battles are to be avoided. Further benefits of a succession plan include a smooth transfer of ownership and leadership and job security for your staff members.
Successfully exiting a business is a dream for many owners. Follow these ten steps and you’ll be in great shape to make your dream become a reality.
Many entrepreneurs desire to build and sell a thriving business. A financially successful exit is certainly achievable, but it requires several years of hard work and planning. Many business owners fail to think about how they’ll exit their business until they want to leave.
An asset ratio compares your assets to another part of your business. So, you could be comparing assets to revenue, profit, the number of employees or their salaries – whichever you wanted to measure. For example, if your assets/salaries ratio increases, you may have staff over-ordering on equipment.
Below are some suggestions for unlocking funds without affecting your operational capacity. Keep in mind that you should always seek professional guidance before making changes to your business if you are unsure of the repercussions or potential issues.
So, you have a great business idea and are convinced you can make it work, but you don’t have much capital to get your business off the ground. Juggling existing financial commitments such as a mortgage or bank loans could put a squeeze on your business plans. A growing number of entrepreneurs are using creative thinking and shrewd planning to get businesses off the ground with the smallest budgets.
Is it time for your business to invest in some new equipment? And if so, is it a smarter business decision and more cost-effective to hire or buy?
Why you might need new equipment
The right equipment can enhance your processes, productivity, capacity to innovate, and bottom line, but should you buy now or wait till a later date?
Franchising can be an excellent way of growing your business rapidly and earning a good return. It can also be a pathway for ultimately exiting your business and leaving it in the capable hands of franchisees.
Here, we’ll outline ten steps to successfully franchise your business with a view to leaving it behind at some point in the future.
At some point in its lifetime, every small business suffers from cash flow problems. The trick is to think ahead and figure out when these problems are going to arise, so you don’t have to unexpectedly postpone a purchase or hurriedly seek out additional finance. This is where cash flow forecasts come in.
Being on good terms with suppliers could translate into special deals or preferential treatment. Your suppliers may also give you greater leeway in the face of a cash shortage or when you need extra time to pay.
If you’re buying or selling a small business, it’s critical to know what the business is worth. The challenge is that what you think a business is worth, and what the person on the other side of the fence thinks it is worth, are usually two different figures.
In the end, the motivation for both buyers and sellers is always the belief that they’re getting a good deal.
Once your business is up and running, it’s important not to rest on your laurels. Successful business owners are always looking at ways they can grow their business and maximize their profits. We’ve put together a guide and checklist that can help you identify ways to get the most out of your business.
There are any number of reasons why you, as a small business owner, might need professional advice. From facing a new phase of development or growth, to specific business challenges such as operating at a loss, it’s important to know where to go for advice.
Developing employee skills creates a situation where your company benefits from a more knowledgeable and capable employee, while your employee gains additional skills or qualifications. This can give employees the chance to further their career and possibly increase their earning potential in the long term.
Most small business owners start out with a good business idea but little concept of what it takes to manage and grow a business. But you can learn and improve your management skills as your business grows.
While there isn’t a definitive list of skills, the ones listed below will help you build your initial vision and develop your business to its full potential.
SALES & MARKETING
If you want to grow your business, you’ll need a strategic plan – which should include how you’ll find new customers and get your products or services into new markets.
Here’s what you need to know to identify new customers and markets.
Long-standing customers form the backbone of a strong, well-established business. Make it your mission to ensure that the vast majority of your current customers stay with your business for many years to come.
As a small business owner, you’ll want to get positive returns on a limited marketing budget. It’s important to monitor the quantity and quality of advertising in order to be as effective as possible.
Coming up with a new idea is exciting, and you probably want to jump straight in and make it happen. But before you invest too much time and money, you need ensure your idea is feasible and likely to give you a reasonable return on investment. Obviously, there are never any guarantees that a business will succeed but thorough planning and market research is your best start.
A SWOT analysis is used to help fine-tune your business strategy by examining internal and external factors that may help or hinder your business. Identifying and understanding the strengths, weaknesses, opportunities, and threats – that’s what SWOT stands for – allows you to address them and make smarter decisions moving forward.
A SWOT analysis will help you to identify each of these characteristics for your business so that you can better understand what you’re doing well, what you could improve, and which external factors could affect your business.
Here are some of the questions about starting a business that come up frequently.
Q: I’m thinking about turning my hobby into a business. Do I have to form a corporation?
A: No, you don’t have to form a corporation to start a business. There are three basic business structures: sole proprietorship, partnership, and limited liability company (LLC). Most businesses start as sole proprietors, and then progress to becoming a partnership or LLC later.