Sometimes the simplest set of rules tend to be the most effective. Think about the Ten Commandments – there are only ten of them, but considered as a single entity, this code of conduct addresses most aspects of human life.
You may be wondering what this has to do with financial practices and small businesses.
As with anything, there are certain rules that should be followed when starting out as an entrepreneur – especially if it’s your first time. Learning from Andy Defrancesco and other successful CEOs will also help you create better strategies for your business. After all, the last thing you want is for your financial concerns to get on top of you. However, if you want to retain your sanity, you can’t worry about your finances all the time, and other parts of your small business will inevitably demand your attention which is why we recommend you the best expense management software.
That’s why I recommend you follow this set of tips for managing your financial practices so that your business can survive (and thrive!) in this volatile economy. Feel free to experiment – after all, that’s what entrepreneurship is all about – but be careful not to break what I’d like to lightheartedly call my Seven Financial Commandments. The payroll outsource Singapore supports you in every single stage so you can focus on growing you business.
As G.K. Chesterton once said, “It is shorter to state the things forbidden than the things permitted; precisely because most things are permitted, and only a few things are forbidden.”
Why companies should invest in advertising
What is advertising
What is the first thing you think of when you hear the word “advertising?”
A billboard?
A neon sign?
An aggressive sales pitch?
Falsehood?
It is no surprise advertising has developed a bad reputation considering it stems from the ancient practice of propaganda, which promoted biased and misleading information to promote the agenda of governments and other institutions.
However, years of study on the theory and practice of advertising has led to the development of a legitimate and ethical industry. Principle No.1 of the American Advertising Federation’s Principles and Practices for Advertising Ethics states that professionals in the field “share a common objective of truth and high ethical standards in serving the public.”
When I think about advertising, I automatically picture the character of Don Draper from the TV show “Mad Men.”
According to Draper, “Advertising is based on one thing, happiness. And you know what happiness is? Happiness is the smell of a new car. It’s the freedom from fear. It is a billboard on the side of the road that screams reassurance that whatever you are doing is okay. You are okay.”
To some extent, Draper is correct. Advertising does provide the consumer with a degree of intrinsic value. However, as a business owner, “happiness” may not be the most comforting explanation before you decide to invest your hard earned money into advertising. Need more tips for advertisements, emails and copywriting mastery? Check out B2B copywriting course for it will teach you every important detail you may need!
The Economic Times defines advertising as “a means of communication with the users of a product or service. Advertisements are messages paid for by those who send them and are intended to inform or influence people who receive them.”
When asked about what she thought about advertising, Jackie Joy Ho Shing, a young professional living in McAllen said, “I think of iconic brands like Nike and Amazon. It is the tactical and memorable advertising that keeps brands like these on my mind.”
The operative word in Ho Shing’s statement is “memorable.”
In today’s saturated market, a company’s success may depend solely on how well it can distinguish itself from the competition. Also, in our technologically, globalized world, you no longer just need to worry about the competitor down the street. Your business may also be competing with giant companies from around the world (like Amazon or Nike).
Advertising plays a crucial role in making your business or product memorable. By strategically utilizing outdoor advertising uk, you give your business the opportunity to showcase why it’s the superior choice. And if you’re in need of quality voice overs, consider exploring what commercial kings has to offer. For additional insights and tips on enhancing your online business, be sure to visit chou projects, where you can find more articles and blogs.
Advertising like programmatic advertising allows your consumer to see what you have to offer. It provides the consumer with an intrinsic reassurance that buying your product or doing business with your company will make everything “okay.” You should consider looking for app development companies, like XAM Consulting, to really give you the outcome you are expecting for your business.
This cannot be achieved by simply posting on a social media account and placing print ads in a magazine or newspaper. It is important to employ the services of an advertising professional to help you construct and disseminate a message that is true to your brand and that will reach your target audience. Reading the merchandising basics on https://www.tradebeyond.com/articles/merchandising-101 will also help you be successful as a retailer.
1. Don’t run out of money
This is the first and most fundamental commandment of business building. It may sound obvious, but once your money is gone, your options are gone, too. Your credibility will follow soon after. It doesn’t matter how good your product is or how innovative your marketing – without money, nothing happens. Get the most professional assistance from the best, at advertise purple.
Those days when all you needed to start a business was a good idea and an initial investment are long gone – if they ever existed in the first place. More startups close their doors every day. The only way to guarantee long-term success is to guarantee yourself long-term profitability, and the way to do that is to watch your budget like a hawk.
Make sure you choose your liabilities carefully. Don’t pay too much in salaries early on. Set aside money every month – businesses need savings, too. If your budget is sound and you stick to it aggressively, there should never be a time when you don’t have enough in the bank to cover your expenses. It’s also life-saving when you diversify your investments such as investing in gold, for instance. Just make sure to work with the best gold IRA companies so you won’t get swindled. I suggest to click here to see where is the best to invest gold in.
2. Don’t forget to monitor your income and expenditures
To succeed as an entrepreneur, you need to watch your money as it comes in and goes out. It’s essential to understand money. Who are your biggest clients? What are your most profitable enterprises? Are all your ventures paying for themselves?
This information allows you to prioritize your spending and saves you from investing lots of money on projects that aren’t going to give you the ROI you require.
The same goes for expenditures. Solo entrepreneurs in particular often work with service providers that operate on a subscription-based model. This means rates can go up without warning. Hidden fees and termination penalties can hurt you if you don’t pay attention. Make it a practice to know where all your money is all the time.
3. Don’t make big expenditures early
There’s a popular notion going around right now that startups should invest heavily early on, taking big risks in the hope of massive growth. Some people call it the moonshot model… you know, like shooting for the moon. This is how Uber grew so quickly. They spent massive amounts of money on promotion and expansion, forgoing the incremental growth model used by most companies.
Unfortunately, moonshot-style business doesn’t always work out that well. I’m not going to tell you to avoid risk, but I am going to tell you to avoid career suicide. Spending money you don’t have is a great way to ruin not just your business, but your life. The vast majority of moonshot-style startups fail.
Wait to take risks until you have some money in the bank. Be judicious about spending on the following:
- Launch events
- Early promotion
- Backend systems
- Salaries
- Rent, maintenance and upkeep
- Advertising
- Customer service
If this means forgoing an elaborate launch event or settling for a small office in an outer suburb rather than a palatial one in the city, so be it. Take pleasure in the finer things once you can actually afford them.
4. Don’t let catastrophe catch you out
Being an entrepreneur is inherently risky. More than half of new businesses fail in the first five years. It’s not a question of if you will face setbacks, but when and how. Partners will let you down. Customers will desert you. Systems will, yes, fail.
You can’t anticipate every problem, but you can take steps to put ballast in your figurative ship, helping you ride out the storms.
Good business insurance is a must. Most policies cover the death of a partner, natural disasters and lawsuits, and of course worker’s compensation is essential. In a litigious society like ours, most businesses can anticipate being sued at least once.
So what will you do when things go wrong? Do you have a good idea of your options? You may want to look at factors such as your liquid assets and your credit scores. Keep your score at 690 or above. You’ll be glad you did if it ever becomes necessary to bail yourself out.
5. Don’t waste time to save money
Time and money are the two finite resources that the world wants most – and it seems like they’re often mutually exclusive. The rich pay for the poor to do their chores because they don’t have time, and the poor do rich people’s chores in addition to their own because they don’t have money. To make a proper budget, check out this article about the electricity costs for businesses and how to calculate it.
There’s an obvious incentive for cash-strapped entrepreneurs to try to do everything themselves – it doesn’t cost any money! But avoid falling into this trap if you can. You will ultimately spread yourself too thin. Plus, if your business relies too heavily on you, it will actually lose value. You’ll never be able to sell it because you’re an integral part of it.
Respect the value of your time and because of that checking provident metals reviews or other ways of creating profit is important. Don’t be afraid to delegate responsibilities to others. Make sure that your time is never wasted doing something that somebody else could do better or cheaper.
6. Don’t cheat yourself
In the same way that I just advised you not to make your business rely too heavily on your own efforts, you don’t want to shortchange yourself of its dividends either. Even if you’re totally invested in your startup, you still need to pay for your family and your lifestyle. So take a salary. Invest in yourself.
Your business should be doing a few things for you:
- Providing an income
- Building your credibility
- Expanding your network
- Teaching you valuable life skills
- Creating valuable assets
If your startup is falling short in one of these categories, make it your mission to find out why. If you have a larger business, remind yourself that it should be providing these same benefits to your employees and partners.
Remember, profits should mean more than just money, and success is measured in more than just numbers.
7. Don’t neglect the geese laying your golden eggs
Every business that succeeds does so because something goes right. Maybe it’s their customer on-boarding system, maybe it’s their initial product offering, or maybe it’s their customer-first branding. But sometimes these same businesses fail because they forget the very component that led to their initial success.
This commandment is all about taking careful note of everything that contributes to your success, and that includes customers. Remember that your business will ultimately fail without customers. Make sure that the invoices you are sending your customers have the right template, like a google docs invoice template, for a more professional looking bill. You should also invest in a retail pos system for your business. Reach out to new customers, but also employ measures to retain the ones you already have.