Simple ways to increase your business finance

[Augusta]

There are little and simple steps to take, which will help in increasing your business finance. There include the following:

Learn to improve your cash flow

Reduce your expenses while you follow up outstanding customer payments

Keep a good track of your funds

Make sure to know your income and how it has expended (outgoing cash) to create a balance

Invest your profit

It is either you plough back your business profit or you invest it elsewhere. Don’t go on a shopping spree with it

Get some government grants

This will be of a great help for your business expansion, innovation, exportation and development

 

[Alexandoy]

The cash flow is very important in the business because it is the blood that flows in the operation. When there is no cash then it will be a problem to pay the obligations of the business like the rental, utilities or worse you have no money to buy supplies. In a retailing business there is a standard level of liquidity – that means the cash in the business purse (or in the bank) should be sufficient to pay for the expected expenses and also some of the unexpected expenses.

 

[Mataracy]

What's to increase your business finance is that : You need to know how to manage your business very well like monitoring the way money is coming in and going out I.e your income and expenditure.
You must know how to minimize your cost and how to maximise your profit by reducing your expenses.
You must not eat up all your profit by re-investing so as to expand your business.
Also learn how to avoid selling on credit to customers if not possible reduce it to the bearest minimum.

 

[Augusta]

What's to increase your business finance is that : You need to know how to manage your business very well like monitoring the way money is coming in and going out I.e your income and expenditure.
You must know how to minimize your cost and how to maximise your profit by reducing your expenses.
You must not eat up all your profit by re-investing so as to expand your business.
Also learn how to avoid selling on credit to customers if not possible reduce it to the bearest minimum.

Definitely, I think the watchword here is management. Being able to manage your cashflow both inward and outward. The simple rule is that never allow your expenses exceed your income. This is simply how profit is made. As a business owner avoid being a spendthrift, buying unnecessarily things. Buying by impulse and spending money on fancy things. The best bet is looking for ways to increase your income while reducing to the barest minimum your expenses. Investing the profit will be better

 

[Peppul]

1. Change operating procedures. You need to generate more sales while reducing expenses. To increase your sales, try cross selling offering new services or goods that complement your current offerings.
2. Stay visible and connected. Accreditations, licenses and certifications for your business or individual employees can set you apart from your competition.
3. Maximize your cash flow. One of the best way to achieve a stable cash flow is to offer pre paid retainers or ongoing payment plans for your clients.
4. Streamline management costs. How efficient are your employees? How many customer leads do you get? How much are you owed in accounts receivable? Create a system for employees to access and add data, keep all information updated and synchronized and be sure to build in back office administrative times into your project fees, hourly rates or ongoing charges.
5. Raise the marketing bar.
6. Make everyone a salesperson.

 

[Nite]

If we could lower the expenses and find a bit cheaper alternatives for our equipment and supplies, the business financial situation may improve. I know it's not simple enough to track down our income and expenses, but if we pay close attention and analyze our finances, also look for areas where there is a need for improving, it can be pretty helpful in managing finance. A qualified bookkeeper can be hired to help save time and ensure that our finances are managed properly. As the business grows, accounting will get more difficult, therefore a professional accountant can be of good help to manage all areas of finances, including, taxes, payroll, etc.

 

[Ralphjoe]

Keeping a good record of your funds is very crucial to the success of your business in every financial ways possible. All Businesses depends on capital to succeed as the capital is the lifeblood of any business. Investing your profits back into your business is one the best methods to keep your business to increase it's possibility of succeeding financially.
Reducing your business expenses is another effective method through which a business can keep on making giant leaps in it's finances.

 

[Makah]

1. Acknowledge current customer behavior.​

Conduct research on how your customers use your products and services. Your products might have a lot of features, but your customers might only use one or two of those features. They might also have difficulty using or implementing other parts of your products or services. This will enable you to upgrade your products or services, or tailor them to your customers' needs for a higher price.

When customers use a particular product, you can cross-sell related products that complement or add to the products they are already using. You have to show them how they will benefit from purchasing the other product. You can also upsell a premium product or service to help customers achieve better results, boost efficiency, reduce expenses or grow their own businesses.

Another approach is to provide customers with personalized training or customer service. Rather than upselling the service, this is an opportunity to strengthen the customer relationship and demonstrate where you can add value. The key is to show the opportunities available to the customer, rather than trying to hard-sell services they might not want.

2. Request customer feedback.​

Whether or not you conduct research on your current customers, it's always a good idea to ask them for feedback on your products and services, as well as how they feel about your customer service. Find out where you might be lacking or where they are having problems. Also, determine what makes them happy about your customer service.

 

[Sammyesx]

For a business to continue to grow, a business owner has to look for ways to improve the finance of the business, these can be done by :
1. Get advice from a professional
If you haven't already, talk to an accountant or business adviser about your finances. They may be able to help you find other ways to improve your cash flow. Or they may suggest options for getting funding internally.

2. Recover outstanding debt
Chase up as many outstanding payments as you can. If you don't have the time, consider using a reputable debt collection agency.

Always have a condition of sale agreement before you make a sale. This gives the buyer your terms and conditions, including:

how long they have to pay the debt
any percentages you’ll apply to overdue3. Reduce or rearrange expenses
Work out which of your expenses you could reduce or rearrange. You might be able to:

arrange a deferred or periodic payment plan for larger expenses
switch insurance companies, banks or suppliers to get a better deal
change how much stock you buy and buy when you have higher cash flow
switch to cheaper options for consumables like energy
4. Sell assets
Selling unwanted assets can be a good way to get some cash and reduce your storage costs. Consider leasing your main assets. This helps to spread the cost over a longer period. payments

 

[Hina]

general rule in your financial success in business is that you cannot increase profits directly, only indirectly. You cannot just say that you are going to increase profits of your business without some specific strategy.

The only thing that you can do to increase profits is to improve the variables that ultimately determine your level of profitability. When you improve these 10 variables about your business you will increase profits and affect your bottom line,
Lead generation
Lead conversation
No of transactions
Size of transactions
Profit margin par sale
Cost of customer acquisition
Increasing customer referrals
Eliminate costly services and activities
Reduce your break even points
Raise your prices

 

[Tinaconcept]

Fund is the most important aspect of business because when you don't have fund its like no business in the first place. Fund is the capital to be used to start the business, it is also the money to be used in the day to day running of the business and finally for the promotion of the goods and services which involves advertisements, marketing and packaging all needs fund.

 

[BuchiBankz]

To grow your business finance
1Old and new debt must be paid
Keep records of those owning and try by all means to get your business money back
2 Collect loan you can pay later with a good interest rates.
3 Employ capable hands also attend seminals too to build your finance

 

[btaliat]

Good management is also the key. We need to really use good management style if we want to make our business grows. I love the poster number two point. There are some business owners that buy unnecessary things after they have made fortune in the first year of their business. And lastly, you need to employ good hands. When we have good business skill, to really make this actualize, we need to make sure that we employ people that are competent and qualified to handle the business in the right channel thay we want.

 

[Kingsley]

For us to succeed in improving our finances we must acquire financial skills that are suitable for the job. We need a good understanding of financial management to be able to improve our finances. And More so we can aswel contract the service of a professional financial analyst. Then probably on our own we can practise a good habit of savings.

 

[Victor001]

As far as I am concerned nobody is comfortable with being in the same position for a long time,it's either you try something else or improvise your product or business, as a business man if you worry over alot you will loose track and focus,pick few areas that can make you business worth while and give it maximum attention.