Insights Blog
Focus on Existing Customers to Boost Your Profits
During the holidays it is especially fitting that we focus on our current customers, those who have helped us grow and become successful. Yet, many businesses focus their promotional efforts on acquiring new customers, while ignoring a very obvious and much easier way to increase sales – existing customers. According to Bain & Company, a 5…
Entrepreneurship: 4 Avoidable Business Killers
Mistakes will be made during the course of your entrepreneurial career. Most of them will be relatively harmless—they won’t ruin your company. However, there are a few catastrophes out there for which you should keep an eye out. These issues are avoidable, which is why it’s a shame to see companies go down because of them. If…
7 Money Lessons All Business Owners Should Learn
It’s not enough to earn money, as many failed businesses have learned. Knowing how to manage and keep your cash flowing is just as important. Hoarding isn’t enough, nor is it smart – you need to handle money wisely so you can continue to grow and remain profitable. Here are 7 money lessons we encourage…
Avoid These 4 Cash Flow Mistakes for a Profitable Business
Business owners are often overloaded with head-scratching activities and are left with no time to manage their cash flow, which may lead to business collapse. Although you may have great ideas and your business is doing great from the very start, about 80% of all businesses small and large fail because of improper cash flow…
How to Avoid Cash Flow Problems as a Small Business
Running a business is an exciting endeavor that offers the most flexibility in earning an income. However, many small business owners, whether just getting started or pros in their field, find managing cash flow a challenge. According to a 2017 study conducted by WePay, nearly 41% of small businesses face cash flow issues at some…
4 Ways Business Owners Can Manage Growing Pains
Every business owner starts out with high hopes for their new enterprise. They hope their new business will be profitable. They hope that their customers will value the products and services they have to offer. They hope that they will make smart decisions as their business grows. That last part can be particularly challenging. Managing…
Don’t Just Manage Cash Flow. Control It.
Controlling Cash Flow is Critical to Your Success Small businesses are often strapped for cash. A critical business imperative is to control cash flow and not just manage it. As any business matures various factors affect cash flow, some being growing operating costs, direct product costs (cost of goods), staffing/labor, product and service pricing…
5 Reasons Your Business May Be Failing
Most businesses go through rough periods. Weathering the ups and downs of any business sector can be difficult and affect the business in numerous ways. Sometimes a slump is something that’s out of the company’s immediate control; a new technology might have made yours obsolete, or a change in customer attitude about products (for example,…
5 Life Lessons Entrepreneurs Can Learn from the Late Burt Reynolds
Burt Reynolds passed away on September 6, 2018. Throughout his career, he was the epitome of vitality and vigor. Through his acting roles in movies like ‘Smokey and the Bandit’, Mr. Reynolds inspired millions of global viewers to pursue their dreams and never take no for an answer. As we honor his long career, today’s…