Top 5 Tips posts from the SME Blog are always full of hints and tips for small, home & micro business owners.
1. Take a close look at your current relationship with suppliers. Is there anything that can be done to sweeten the deal for both of you? Perhaps entering some kind of agreement with them to pay invoices or bills within thirty days would help improve cashflow. You could offer them the incentive of an early payment discount.
2. Don’t ignore minor regular costs that your business incurs. Perhaps you have subscribed to a website service that you never use anymore, or forgotten to cancel a mobile phone contract? Identify all of these payments and make sure that they are all cancelled heading into the new year.
3. Always keep an eye on what your competitors are doing, but don’t let their actions dictate the strategy of your business. You will never hit it big with your business if you simply copy the business model of others – what works for them has no guarantee of doing the same for you!
4. Make sure your business is living in reality. Don’t let a bit of success go to your head and start making changes on the basis of vanity.
5. Perhaps most importantly, understand your customers and why they purchase from your business. Are you a niche provider who has cornered the market or do they keep coming back for your friendly customer service? Understanding why your business has repeat customers is essential.
