Finance

Why should a customer do business with you instead of a competitor? Do you provide the highest level of service, or are you the low-cost leader? Knowing what makes you unique in the market — your Unique Selling Proposition (U.S.P.) — is the first step to attracting customers. read more

Consistent growth is the best way to smooth out bumps in cash flow. When opportunities for growth present themselves, plan carefully. Make a conscious decision about how much you have to spend to meet the opportunity and how long it will be before you will be able to pay it back.

Every investment, whether in inventory, people or equipment, should have a clear return. Make sure each earns a profit, but also look at how long it will take to collect them. Likewise, if you look at each customer as an investment with a scheduled return, you’ll not only improve cash flow, but profitability, too.

Allocate costs to each customer by isolating and assigning each cost in the business to a job. Don’t use one job to fund another; make sure each stands on its own merits. When each job is profitable, and profits are collected on time, cash flow problems will begin to diminish. read more

True to its origins in the marking of property, most people associate a brand with the visual sign or symbol a business uses to identify itself. Developing a brand identity can often seem like the preserve of big companies with large marketing budgets — and the consultants and agencies on whom they spend them.

In fact, an organization of any size can and should enjoy the benefits that a good brand identity brings to business. At its simplest, a well-expressed brand can give you the same kind of advantage a well-cut suit might present at a sales meeting. read more

While you can’t add more hours to your day, there are a few changes you can make to your daily routine that can help you reduce stress while getting more done.

1. Stay ahead of the curve — There’s nothing quite like arriving prepared. By getting up just a little earlier, you can spend half an hour or so in the calm of the early morning thinking through what’s coming up and how you’re going to react. Doing so will pay dividends later. read more

Current customers can tell you what you’re doing right and ex-customers can speak about what you’re doing wrong. If you listen carefully you’ll learn what each group needs and how they make purchase decisions; information you can use to your advantage.

To get this valuable information on a budget, consider building low-cost “listening posts” on the Internet. Ask customers to take a Web-based survey or visit a chat room where they can discuss their needs. Use these forums to start an open and honest dialogue with, and between, customers. read more

As with any other aspect of your business, choose your tools carefully for the long-term management of your finances. Of course, credit and deposit accounts in the name of your business will help build the company’s credit rating — and likewise prevent a problem at the company from affecting your personal credit.

If monthly expenses tend to be up one month and down the next, a credit card with a revolving balance feature can help you manage cash flow and deal with the fluctuations. read more