Category Archives: Cashflow Management

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Join a Small Business Association

Business networking

Business networking can be a valuable tool in your business survival and success. One of the most cost effective ways to build strong relationships with your customers, suppliers and other industry stakeholders is to join the right type of association.

Join associations that your customers, or potential customers, belong to; as well as other industry and business stakeholders (such as suppliers, competitors, your community). Also look at associations where the end customers participate if your customers sell to others. Typically the cost of joining an industry association is not that high; and is, in fact, relatively inexpensive when you consider that you will be able to directly reach customers (and often reach them in a way that is more effective and meaningful in building relationships).

Once you’ve joined, you need to attend association meetings and participate in association events. To be even more effective: join the association board or an association committee.

In addition, you will gain valuable contacts and have better access to business resources for your industry. The benefits to members of joining associations include:

Excellent ability to connect with customers and other stakeholders in your industry;
Association membership will also provide you opportunities for contact with potential customers and with suppliers (who may provide you with referrals to prospective customers).

Industry educational programs:

Access to hard-to-find industry research and statistics (these often include invaluable benchmark studies and business performance metrics).

Industry conferences:

Group discounts on business services (such as cell phone programs, merchant discount programs, gas discounts, courier programs, and more).

Supporting the industry association to act officially or unofficially as lobbyists for the industry they represent to all levels of government.

Some industry associations have certification programs for individuals (such as the certified sales professional program) and for companies (such as programs that certify companies that have achieved a certain professional and/or business level).

And, often membership in an association will give you access to the membership list (your new contacts list) once you become a member.

Other business associations to consider are your local Chamber of Commerce, your Board of Trade, the Small Office Home Office (SoHo) organization and whatever else is available in your area. These business associations provide you with a broader business network and business community; you need to assess whether or not you can build a partnership or alliance with other business owners for concentrated effort and success (for example, a local business improvement initiative could be undertaken with a group you meet through one of the business associations you belong to).

Of those business owners that join associations, many owners will attend association meetings or events, listen to the speaker, and depart as soon as humanly possible. While they will hopefully have learned something from the speaker, they will not have benefited in the most important way – building their own personal business network or business community. When you build a strong personal business network; your business will benefit from it.

In addition to industry and trade associations, you need to consider special interest group associations (such as women in leadership; professional groups – such as certified general accountant, sales executives etc.). Those associations might not include your customers, but they certainly will include competitors (who you need to learn about and understand). Consider interest group associations as your own small business advisory; ask for help, for information, for access to resources.

Joining an industry or small business association is a highly effective small business strategy and needs to be on your list of top marketing tactics. Once you’ve joined, you need to attend association meetings and participate in association events. To be even more effective: join the association board or an association committee. In addition to industry and trade associations, you need to consider special interest group associations (such as women in leadership; professional groups – such as certified general accountant, sales executives etc.). Of those business owners that join associations, many owners will attend association meetings or events, listen to the speaker, and depart as soon as humanly possible.

If you don’t join your industry or small business association, you can be sure that one, or many, of your competitors will. Do you really want your competitors to have access to your customers and to be able to build a strong relationship through association participation?


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Increase Your Cashflow

Top Notch Loan Alternatives

We all know the importance of maintaining a positive cashflow from month to month if we want to avoid a liquidity crisis, and all the misery that entails.

There is a lot more to cashflow management than just avoiding a crisis. Actively striving to increase your cashflow can –

  • Make it easier to plan and fund future growth and expansion
  • Reduce the amount of fixed capital you need at any one time
  • Give you the flexibility to move quickly and effectively in response to market changes

The key to successful cashflow management is to optimise the amount of cash available to you at any one time. This means increasing your cashflow as much as you can, without jeopardising other strategies. This means that you have to find a balance to suit you.

Credit

It is also important that you don’t impose too strict a regime, otherwise you could drive away customers, and they won’t want to refer you! You need to find the right balance to suit you and your situation.

The first, and most important, step is to establish a system for tracking and controlling credit. The faster you receive a payment from your customers, the more cash you will have at your disposal; therefore, it is important to bill early, and chase up customers who have failed to pay.

Payments

At the same time, you should also take advantage of any incentives your creditor offers you. If your cashflow will allow it, this is a useful option to have.

Prices

While it is important to keep your prices competitive, you also need to make sure you are increasing your prices to cover any increase in costs; or else your cashflow will suffer. Remember, most customers tend to expect an annual rise in prices, provided it is within an acceptable range.

Call the experts

The key to successful cashflow management is to optimise the amount of cash available to you at any one time. This means increasing your cashflow as much as you can, without jeopardising other strategies. At the same time, you should also take advantage of any incentives your creditor offers you. If your cashflow will allow it, this is a useful option to have.

This is an area in which we have a great wealth of experience. If you are struggling, or would just like a helping hand, please feel free to contact us to discover and arrange a meeting how much we can help improve your cashflow.


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Using A Business Process Outsourcing Firm

The business process involves a lot of things – Use a BPO

It will involve every aspect of your company in order to let your company operate smoothly and efficiently. It will involve business tasks, such as marketing, payrolls, help desks, management, human resources and more.

Because of the growing demands in businesses today, you have to consider that it will be difficult for your company to cope up with today’s competitiveness in the business world. In order to save money, you have to outsource this particular business process to companies that accepts outsourcing.

In the past, handling all these can be easy. Because of the growing demands in businesses today, you have to consider that it will be difficult for your company to cope up with today’s competitiveness in the business world. Your company should maximize its resources in order to remain competitive with other companies.

Business process outsourcing is one of the most popular and the most cost-efficient business solution that you can ever make. By contracting other companies to do a specific business task, you will be taking off extra work involved in your company and focus more on important aspects in running your business.

Through business process outsourcing you will be able to cut some operational costs and at the same time, let your company focus more on important factors in running your own business.

The business process involves a lot of things. It will involve business tasks, such as marketing, payrolls, help desks, management, human resources and more.

Today, there are available call center companies that will be able to provide a help desk for you. They will be the one who will answer your calls and generate reports regarding each caller and providing the reports for your company.

These are the reasons why you should consider outsourcing your business process to offshore companies.

By outsourcing your company’s business process or some of your company’s business process, your company will be able to utilize its facilities to its maximum potential.

Always keep in mind that you should first check the quality of an offshore outsourcing company first before you sign the contract in order to be sure that you will be getting your money’s worth. Remember this and it will pave the way to make your company the best in the industry.

Companies regularly outsource their business process offshore, particularly to developing countries filled with qualified and talented individuals, such as China, Philippines, Mexico and India. These countries offer good quality services for your business process and they charge a very cheap rate for these services.

This will only add to the expenses that your company is making. Your target would be to decrease overall expense in your company. In order to save money, you have to outsource this particular business process to companies that accepts outsourcing.

This particular business process is a way to communicate with your clients and know about their feedback in your products and it is also a way to assist your clients in case they encounter difficulty with your product.

If you handle every business process involved, this would be very expensive or impossible. This is why many companies are now considering outsourcing their business process.

Every company that manufactures products needs one. This particular business process is a way to communicate with your clients and know about their feedback in your products and it is also a way to assist your clients in case they encounter difficulty with your product.


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Should You Use A CPA

Should You Use A CPA

The following 5 items may be indications that it may be to your advantage to have an accountant.

If your income is under $200,000 then your likelihood of being audited is about.9%. If your income is over $200,000 your odds are 3.7% and if your income over $1 million it increases to 12.5%. Wouldn’t you prefer to have an accountant already on your side if the IRS contacts you?

Many taxpayers do their own tax returns (DIY) by using an off- the-shelf or online tax software. If you expended more than a few hours on your taxes this year, it’s time to ask yourself whether it makes sense to outsource this task to an accountant. Am I preparing the tax returns correctly or am I overpaying my taxes?

Most business and rental properties and take an expense called depreciation on capital assets. A tax accountant will know how to handle capital assets and depreciation. I good tax accountant will assist you minimizing your taxes.

You anticipate selling of stocks or other capital assets. An accountant can help you plan do that the gain is taxed at a lower rate than your ordinary income and help you find other ways to minimize taxes like tax-loss harvesting.

You want to provide for your children’s or grandchildren’s future. Accountants can be instrumental to help choose which vehicles to use for tax tax-free or deferred savings, whether you are considering a 529 plan for college savings or forming a trust for your grandchildren and children.

Available year-round. Most accountant offices are open all year and they will be able to answer important questions that arise not just during tax season but at other time during the year.

An accountant can help you plan do that the gain is taxed at a lower rate than your ordinary income and help you find other ways to minimize taxes like tax-loss harvesting.

A tax accountant is so familiar with the tax system, he or she can swiftly and effortlessly complete tasks that might take taxpayers hours of research. Even if your tax situation is straightforward, engaging a tax accountant will save your time and stress.

Here are some advantages of hiring a tax accountant:

You are too busy to do your own taxes. Having an accountant prepare your returns will allow you to accomplish your other tasks.

Similar to a respectable family doctor that knows your medical history, you can cultivate a rapport with an accountant so that he or she understands your family financial condition and future goals. The value of this advice can certainly exceed the extra cost of consulting with a tax professional.

The bottom line is this: the decision to doing your taxes yourself with software or hiring a tax accountant is a personal decision. If you only have a few W2s and own a residence then you may save hundreds of dollars by preparing your own tax returns, whereas those with business income, other investments and rental properties will discover the expense of hiring an accountant to be worth their peace of mind and potential tax savings.

The bottom line is this: the decision to doing your taxes yourself with software or hiring a tax accountant is a personal decision. Your comfort and knowledge with the tax code will be part of your decision, but the complexity of your finances should be the key determining element. If you only have a few W2s and own a residence then you may save hundreds of dollars by preparing your own tax returns, whereas those with business income, other investments and rental properties will discover the expense of hiring an accountant to be worth their peace of mind and potential tax savings.

A tax accountant is so familiar with the tax system, he or she can swiftly and effortlessly complete tasks that might take taxpayers hours of research. Even if your tax situation is straightforward, engaging a tax accountant will save your time and stress.


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Economic Inflation Isolation

Economic Inflation Isolation

What is inflation actually … According to Wikipedia, in economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time. When the price level rises, each unit of currency buys fewer services and goods; consequently, annual inflation is also an erosion in the purchasing power of money – a loss of real value in the internal medium of exchange and unit of account in the economy

A chief measure of price inflation is the inflation rate, the annualized percentage change in a general price index (normally the Consumer Price Index) over time.

In my opinion, the only way to deal with inflation is how to divert our funds into the investment world. I only recommend two for your inflation killer weapon investment instruments because of its secure and liquid.

Pure gold is a relatively safe form of investment because its price tends to rise although slowly (within months). Please note the gold price movement over the past five years in goldprice.org The development of the gold price is very promising for investors in this sector.

In my opinion, the only way to deal with inflation is how to divert our funds into the investment world. Something is definitely in the investment, is … he can “kill the inflation” that erode the value of your money:-RRB- so what are you waiting for … before that, it’s better for you to test drive your insurance first, to stay safe with your saving.

Forms are considered more aggressive investments because the stock price changes tend to be more rapidly than gold. Stock market investment is a category of high risk high return, so you have to be more careful for these instruments. The development of the stock price is also very promising.

Investment world is something which is totally unpredictable with certainty, although it can be predicted through various approaches of knowledge. Something is definitely in the investment, is … he can “kill the inflation” that erode the value of your money:-RRB- so what are you waiting for … before that, it’s better for you to test drive your insurance first, to stay safe with your saving. Equip your weapon with third party protection like life insurance.