What You Can Do to Make Your Business Output More Efficient

May 25, 2021


When you’re running a business, you’re likely going to be consistently keeping an eye open for ways in which you can be more productive, both as an individual and as a business. While you don’t have sole control over how your business operates, due to the sheer number of other people involved, you can introduce some methods and technologies that might make the process smoother overall. Additionally, how you decide to foster your work environment and represent yourself can have a large impact on how those working with you operate, for better or for worse.

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Filed Under: Management Tagged With: ,

3 Ways to Increase Revenue in Your Business

November 15, 2019


The ultimate aim of every business owner is to increase profits by boosting sales and revenue potential. Fortunately, there are plenty of strategies that can be implemented to grow your business and improve profitability. With this in mind, here are three effective ways to increase revenue in your business.

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Filed Under: Management, Sales Tagged With:

Why is Statement of Retained Earnings Important for Small Business?

January 10, 2019


One of the most important financial and accounting concepts to be aware of when it comes to your company is retained earnings. Retained earnings can be seen as a business savings account that can grow or decrease, based on financial decisions. Mathematically, retained earnings are determined by:

 

Retained earnings = Net income – dividends + beginning retained earnings balance.

Let’s assume this business scenario. A company currently has $10,000 in beginning retained earnings along with $7,000 in profit. During this set time the company paid $4,000 in dividends. Using the formula, the company’s current retained earnings value would be $13,000. ($7,000 – $4,000 + $10,000).

It’s important to note that retained earnings are not the same as net income, also known as revenue. Instead, retained earnings are based on a company’s total profit along with other factors. Retained earnings are a historical count of net earnings that haven’t been paid out to shareholders.

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Filed Under: Finance Tagged With: ,

What Do You Need to Run a Profitable Business?

January 24, 2018


The primary goal of any company is to be profitable and successful. It’s a lot more fun than spinning your wheels and always being a few steps behind! You have to be innovative and willing to take risks if you want to thrive.

There are a number of key aspects that you should focus on if you want to have a profitable business. Do this, and the rest should fall into place nicely. Keep trying and aim to always do better than you did the quarter or year prior. Network and listen to advice from people who’ve already accomplished what you’re setting out to do.

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Filed Under: Management Tagged With: ,

Boost Business Performance by Using These Brilliant Strategies

January 3, 2017


The performance of your business is very important and plays a big role in developing a successful future. That’s why you have to do whatever you can to think about your business performance. What can you do to improve this? What is business performance, and why is it so vital to the future of the company. You’ll find some ideas and suggestions on here that will help you with that.

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Filed Under: Management, Technology Tagged With: ,

How to Use Data Analytics to Effectively Manage Loan Portfolio

October 19, 2014

Data Analytics
Data is the lifeblood of nearly every business. In the financial world, data is the primary reason companies succeed. This is why so many credit unions are using data analytics tools to help them improve their lending performance. If you are involved in credit union lending, you might benefit from the use of lending software. According to CUDirect.com, lending software can provide you with important data that helps you manage your loan portfolio. Read on to find several ways in which data analytics can help improve the performance of loan portfolio.

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Filed Under: Technology Tagged With: ,

Small Business Owners – Do not Neglect Existing Customers to Attract New Ones

April 19, 2014

Customer Loyalty
Every business loves to attract new customers. After all, these new customers help them get additional sales and improve profit. We are all familiar pre-approved credit card offers we receive in the mail every week, where the goal for these companies is to find new customers. Unfortunately, in the zest to attract new customers these businesses forget to pay attention to the customers they already have. As a result they are in constant churn mode of losing existing customers and finding new ones.

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Filed Under: Customers Tagged With: ,

Improve Small Business Profit with Corporate Social Responsibility

June 2, 2013

Improve profit with corporate social responsibility

Many small business owners once dismissed Corporate Social Responsibility (CSR) as a public relations stunt used by large corporations to look good in front of customers and governments. However, over last few years an increasing number of small businesses have started implementing CSR policies.

Why? The simple reason is because CSR can help to improve profits no matter what size of business you are running.

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Filed Under: Strategy Tagged With: , ,

Do not Undersell – How to Set Prices for Maximum Profit

March 30, 2013

How to Price for Maximum Profit
The goal of pricing a product or service for any small business owner is to charge the maximum amount that customer is willing to pay and maximize profit. If you charge lower than what customer is willing to pay you leave money on the table. If you charge higher customer will walk out the door and you will lose profit.

To some it may seem like Black Magic, but pricing is combination of art and science. Big corporations, such as Wal-Mart, do lot of research and number crunching to figure out to the pennies exactly how much they should charge so that they get the maximum profit. This is the science side of pricing. No matter how much number crunching and data analysis you do human behavior and psychology plays a big role in customers determining whether a given price is a good deal or not. This is where art comes into play. There are number of ways in which business owners can convey the message about good deal (aka pricing) and take advantage of how customers react to that message.
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Filed Under: Customers Tagged With: , ,

How to Improve Sales 5X by Focusing on Customer Needs

March 17, 2012


In the previous post we discussed how you can find the “right” customers for your business. By segmenting your customers based on their needs you can not only identify the customers that best fit the value your business provides, but also it provides you the action plan to target those customers. This is one, and most important, reason why we prefer to segment and target customer based on their needs. Once you have identified the “right” customer base you don’t need to spend extra effort to attract them to your business.
So, how do you go about finding the customer needs? While there are several approaches you can take to find out what customers are looking for, you can start with a set of attributes that are universally valued by various customer segments. These attributes give you a good starting point towards the path of finding right customer base.
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Filed Under: Customers, Strategy Tagged With: , , ,