A good customer retention rate is essential to your small business. The more one-off customers you can convert into long-term patrons, the more profitable your business will be. Research by Invesp found that it costs five times more to acquire a new customer than retain an existing one. Meanwhile, the probability of selling to an
Every business owner starts out brimming with motivation and enthusiasm, and yet according to the US Bureau of Labor Statistics, 20% of small businesses fail within the first year. Jump ahead to five years and that number rises to a terrifying 70%. These numbers are alarming, but that doesn’t mean you should throw in the
About 20% of businesses fail during their first year. So which traits should an entrepreneur have to become successful in a highly competitive environment? Starting a business isn’t easy, especially in the modern environment that favours sound, long-lasting practices and a severe loss-aversion mentality. While not everyone is born to be an entrepreneur, there are skills
It might be tempting to try and do the accounting yourself. But getting a team of experts could save you precious time and resources. Some businesses have internal solutions for financial management. And in smaller companies, even the owners themselves can weigh in and tackle the task. Such an approach could work for the business for
If you want to avoid the stress of the tax period, follow these four simple steps to prepare your business in advance. Tax season is one of the most stressful periods of the year for a business owner. With proper planning, however, you can change that. It’s essential to start preparing for the filing of your
Marketing budgets are on the rise, and for good reason. Research by the CMO Council found that 65% of marketers plan to increase their budgets in 2021, but how do you know which channels or tactics will work best for your business? To help answer that question we’ve created a list of five tips that
It’s the age-old debate: cash flow or profit? Whilst the two are undoubtedly related, they are certainly not the same thing and business owners must often sacrifice one at the expense of the other. In the long term, a business needs both positive cash flow and profits to continue operation, but which one should entrepreneurs
Every business owner must know where the money in their company comes from and where it goes. That’s why financial management is one of the most important things to keep in mind. What is a business budget? Simply put, it’s a financial plan that gives a company relevant information on revenue, expenditure, and capital. Business
Many businesses compete on price simply because they haven’t contemplated taking another route. The problem is that simply slashing your prices and trying to undercut your competitors can set you on the path towards financial failure. Competing on price often leaves small businesses with narrow profit margins and picky customers who are always trying to
Businesses often put off hiring an accountant until they’ve grown bigger, but that’s a mistake that can actually delay growth. The services of an accountant extend beyond simply minimizing your tax bill, although that’s an undeniably valuable advantage. In addition to saving you time and money, a good accountant helps you to manage your cash
During the tough time COVID-19 has brought to us, it must have been extremely difficult for you or people around you to make a living, at least not the same as you used to. There must be a lot of you who have some unanswered questions in your heads, here I am writing to clear
If you read our blogs regularly, by now you would be well aware of the importance of accounting and finance for a business. Staying on top of accounting and finance is the key element for a business to be successful. Every business requires a professional accountant to rank on top, however, each business is unique,
It is quite easy and favourable for most business owners to make the presence of their business firms known to their potential customers. In context to which, having a small retail business an exciting venture in this day and age. Today’s digital technology has made it extremely easy for businesses to reach out to their
The other Challenge People sometimes take it very lightly and believe that with the help of the measures that the government is taking, the trouble of hiring additional staff and buying software will be no big deal. But if we look into it, certain challenges might add up to the problems in the implementation of
Making Tax Digital, sounds like three simple words which can turn the tables when it comes to small businesses owners and self-employed people. Government-level plans to make tax digital means that the accounting records of all authentic firms are required to be stored electronically. According to the government, The ‘Making Tax Digital’ plan is deliberated
“The new normal”, doesn’t it sound like an empty and meaningless phrase? It almost sounds like what it actually means is “whatever comes next”. A number of major changes have occurred in the way business is done. It is yet to decide whether it is a good or a bad idea to initiate a business
I suppose in some ways company and private car tax benefits took a bit of a backstage position for us all in 2020. For most of us there was nowhere to go so the best options for company cars wasn’t exactly right at the top of the agenda. As we come out of lockdown though
I guess by the time you read this you will have seen a lot of the ubiquitous ‘predictions for next year’ bogs and social posts. I must admit, we toyed with the idea of writing one (in fact we may still do it) but rather than just make some wild predictions we decided to be
A website or an online store is a wonderful opportunity for business owners to take advantage of the increase in web users. An online retail store can help you reach a vast audience and you are no more limited by your brick and mortar store. The physical footprint and cost of an online store is
