Study after study shows that one group outperforms others in running businesses. What do they have in common?
Ideas, Tips and Insight on “all-things-business” from the financial experts at Capital Solutions Bancorp.
I’ve had clients who came back after a long hiatus. I’ve had clients who brought me on board when they switched companies. I’ve had clients who sent new business my way.
All three have one thing in common.
The nice thing about business resources and templates is that you can you don’t have to reinvent the wheel or start from scratch. The Internet is loaded with business tools, templates, websites, applications, and resources to help your small business.
In fact, there are too many small business resources out there. How do you weed out the good from the bad? To save you time, we searched and culled some of the better resources.
Before meeting with a prospect, you’d do your homework. You can look up the prospect on LinkedIn to study the person’s background. Look for connections and things you have in common. Go to the prospect’s company website and read up. Identify their mission and what problems they solve. Check out their clients to get an idea of what types of companies they serve.
Doing your homework can give you the upper hand in landing the prospect.
It can also help when you’re searching for working capital to scale your services and take on bigger opportunities that will grow your business.
These valuable questions can do more than help you get more working capital for your business. They help you check to see if your company is on track in meeting its goals. You may be thinking about growing your business by taking on bigger opportunities or adding products or services.
Most companies have suppliers. Yes, you’re their customer. And they should go out of their way to treat you well.
How much time do you put into making your clients happy?
How about for finding new clients?
Which takes more of your time?
A small business can make a profit and yet keep running out of money. Profit does not mean a business has positive cash flow. It’s natural to think a profitable business has cash on hand when profit means financial gain. However, financial reports can show profit without money in the bank.
Without cash, a small business can become insolvent, unable to pay its employees and bills. In “What I’m Still Learning About Managing Cash Flow” from the NY Times, Jay Goltz explains how a company can show profit without having cash on hand.
We’re no longer at the start of the year and tax time will soon pass. After that will be a great time to put on your stethoscope to give your business an all-important physical. This exam requires taking time away from your routine to effectively gauge the progress of your company’s health and identify needed changes.