In running your business, what do you do that sets your company apart from the competition?
If you’re on top of your game when it comes to making smart financial decisions, then there is a very good chance that your company is doing just fine. On the other hand, sloppy financial decision making can be a major red flag over time when it comes to your company’s health.
With that being the case, your financial decisions oftentimes will involve things such as how much to spend on advertising and marketing needs, whether or not to bring on more staff, and how best to guarantee payments from customers.
Yes, you will make some bad calls over time, but the key is to learn from any such mistakes and not make them again moving forward.
With that in mind, are you charging ahead with a winning business plan or do you find yourself stuck in neutral?
Bringing in More Business as You Deal with Some Headaches
In order to do your best to steer clear of financial headaches, remember the following tips:
- Customer transactions – For starters, make sure your customer transactions run as smoothly as possible. Yes, you will have some customers who will try and pull a fast one on you, but the majority of your transactions should be legit. In the event you do run into some customers not playing by the rules, have a Plan B in place. Those customers would be individuals who make a purchase, and then decide to dispute the charges for one reason or another. If you end up with countless chargebacks, your business can suffer the financial consequences, something that can really harm a company that is teetering on financial health to begin with. At the end of the day, what do chargebacks really cost your business? Much to your surprise, you may discover that they end up costing the business world countless dollars, not to mention time wasted having to deal with each and every customer dispute over a purchase made. Your best bet is to find and utilize a post billing chargeback notification platform, one that will allow you to sort through an endless amount of charge disputes. Lastly, be aware of the potential for customer fraud especially through Ecommerce transactions and during the busy holiday times of the year. Those busy periods, the Christmas rush and summer sales, are times when you may be so caught up in your work that you have less time to catch such financial issues;
- Getting Your Money’s Worth – When it comes to marketing and advertising your business, you are going to spend money. That said there are numerous free options on the table for you, options that you should certainly not be overlooking. Along with relying on customer word-of-mouth to help push sales, make sure you are taking advantage of social media. Using social networking platforms is a great way for you to spread the word about your business, yet avoid forking over thousands of dollars each month. Finally, if you have a team of employees under you, encourage them to use social media while on the job (also off the job if they so choose to) to help promote your brand. The more you make customers aware on social media of what you have to offer, the better chances you have of increasing sales numbers.
Is It Time to Bring on More Help?
- The Right Time to Hire Help – Lastly, when is the best time for your business (or any business for that matter) to bring on more help? The answer to that question of course depends on several factors, notably financial budgets and if one’s current team seems to be overworked. Keep in mind that overworked employees can present several issues, most notably in terms of morale. One way to work around this problem is hiring new help at the part-time level, therefore not having to worry about health benefits. You could also increase salaries for your current staff, letting them know that the extra money comes with more responsibility. Finally, there is always the option of standing pat for now, waiting to see which way the business winds blow over the coming months. No matter what you decide, do it with what is in the best interests financially of your business.
As you look to charge ahead with a winning business plan, a plan that allows you to do even more business, make sure you’re watching your financial heartbeat each and every step of the way.
About the Author: Dave Thomas covers business topics on the web.
