Over 30.7 million small businesses are operating in the US right now, but more than 95% of them will fail within the first five years.
Do you own a small business?
Would you like to avoid being part of that 95%?
Part of having a thriving business includes reducing your overhead. Many people focus solely on income, but expenses make a difference too. Read on to learn how you can lower your small business costs effectively.
1. Use Less Paper
This might seem like a tiny change to make, but the cost of paper and ink can add up quickly.
One wise business decision that you can make is going entirely paperless. If this is possible, the savings will add up quickly, and efficiency should increase since less time will be spent sifting through papers.
2. Encourage Remote Work
There are more remote workers now than ever before. Having employees work from home rather than in the office can dramatically reduce your overhead expenses.
You will save money in various areas, but if this change makes it possible to use smaller office space, this could have a huge impact overall.
Not only will it undoubtedly save you money, but it will also provide your employees with a healthier work-life balance and save them commuting costs as well.
3. Expand Your Knowledge
One of the best ways to save money is by having a lean startup methodology and learning how to lower operational costs while still providing the same products or services.
The Green Belt course can help you learn how to improve processes and optimize the daily operations of every department in your business.
Having this knowledge will allow you to make smarter decisions when it comes to your small business.
4. Practice Smart Marketing
One of the highest costs that you will see as a small business owner is marketing expenses.
Marketing is vital to getting any business off the ground, to begin with, and helps any business to grow over time. Instead of hiring a marketing agency, consider having a marketing person or team on staff instead.
In addition to this, rather than spending thousands of dollars on marketing campaigns and advertisements, work on boosting your social media presence and crafting an effective website instead.
Making these changes can save you a lot of money over time.
Simplify Small Business Costs
It’s vital to lower your small business costs as much as you can to remain in business.
This article highlighted four simple but effective changes that you can make to accomplish this goal. First, work on eliminating paper usage to save money. Also, consider allowing remote work to save on office costs, expand your knowledge by taking a course, and lower marketing costs while remaining practical.
Making these adjustments is sure to help you become one of the 5% of businesses that make it past the five-year mark!
If you enjoyed this article, please check out the rest of our site to find more tips that will help you run a successful business.
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What’s the Difference Between Personal and Business Credit?
Starting a business is a big leap that can be quite rewarding. However, you will need to do some legwork to get the whole process rolling. Once you have a name and your EIN, applying for funding is the next hurdle.
Social Security Vs. EIN
Your personal credit score is tied to your social security number. Your business credit score is tied to your EIN or Employee Identification Number. Both negative and positive credit information will follow these numbers, so checking your credit history on both of these numbers is critical.
If you are a sole proprietor or just starting out, get your EIN as early in the process as possible. This number needs to be tied to your
- business loan application
- business credit card
- business checking account
This is not to say that you won’t need to hand over your social security number early in your loan application process. If your business is very new, the lack of credit history could limit your loan options or increase the interest you have to pay.
A helpful tip on the EIN application: Get up early. The web application slows down a great deal as the sun rises and the system gets busier. Your personal credit is connected to you by your Social Security number.
Your Credit Score
If you use your personal credit to start your business and are in the process of moving that debt over, keep an eye on both your business and your personal credit score. If there’s a discrepancy in your personal credit report, the reporting agency has to review your challenge.
If your business credit score is lower because of a reporting error or fraud, fixing it will be more of a challenge. Should a discrepancy show up, your options for getting it off your business report will be much more difficult. If you have a discrepancy you can’t clear, you may need to apply for SBA bad credit loans until you can get the errors off your report. Reporting agencies have to work with you on your personal credit report. They don’t have to respond to challenges to your business credit.
Additional Options for Sole Proprietors
Early in the process of building your business, carefully review all the factors that will need funding. Do you need funds for inventory, equipment, or a facility? Experts with Lantern by SoFi recommend starting small, such as with an SBA microloan to fund the basics while you get your business rolling.
Carefully review special funding options related to your situation and location. If your business is physically located in an underserved area, your state and city may offer additional funding. If your business is partially owned by a person of color or a woman, the SBA may have additional options to consider. Finally, don’t forget to check out your grant options.
No loan process is especially fast. Once you have a solid business credit rating, you may want to have a business line of credit set up and ready to use when you need to act quickly.
7 Steps To Improve Your E-Commerce Strategy
Conversion levels in e-commerce are continually on the rise.Every day more Internet users become customers of businesses that have used the Internet as the main platform to increase their sales.
Strategies For Your E-Commerce
Conversion rate is defined as the number of visitors to a website who have performed a specific action, be it a purchase, a subscription, or simply entering the system. It is essential for any virtual store to increase it, day by day. Well, the increase in sales and the achievement of the objectives established by each business depend on it.
We present, below, 7ecommerce digital marketing strategies to increase the sales of your virtual store:
1. Monitor Customers
Use the interactions of your store visitors to better understand their tastes, needs and interests. You can obtain information by installing a help chat, offering an email to answer questions or enabling the comments option.
2. Create Valuable Content
Design the content (text, images, videos, audios) to be published so that it contributes to your brand and attracts and involves your customers in order to boost virtual sales.
3. Boost Sales
Offer promotions and discounts to create the need to purchase, limited to specific dates to create a sense of urgency.
4. Call To Action
Use various types of buttons, links and navigation methods that facilitate the customer the option to pay, so that he / she conclude with the purchase.
5. Analyze The Payment Flow
Observe the process that the customer goes through to get to the purchase, analyze if the steps to take are easy for them from the moment they enter the site until they purchase the product. The main idea is to make the purchase process accessible and easy to increase sales in the virtual store.
6. The Human Team
To begin with, selling online is “a business.” That means that all the essential skills of operation, finance, customer service, etc., are still in place, plus some new skills that you will need to put into practice.
In short, it is very useful to have someone with extensive experience in the digital field. Who can help you put all the pieces together? It is important that an expert is responsible for driving your business, just do not ask your team to do things that are outside their area of expertise.
As his business grows, he will be able to add specific skills to the team. Initially, you may need to hire some kind of consultancy to help you map out the overall roadmap and plan how you are going to achieve and sustain your business growth.
Analytics and a perfect understanding of your data are essential elements for success. At first you may be able to outsource these activities to someone who knows how to do it; however, you cannot be successful if you do not understand what the data is telling you. So start learning about it or work with someone to help you learn quickly.
7. The Economics Of Your New Business
Analytics is a good transition point to the last piece of your business strategy. You need to understand the new economic dynamics of what you are doing. In the past, people believed that lower prices could be obtained online because companies did not have to bear the traditional costs of a store and vendors, or that intermediary margins were not incurred. Although this is true to some extent, there are a whole series of expenses to consider: Logistics / delivery, returns, payments and collection fees, digital infrastructure costs and, above all, demand generation and marketing costs.
Although it is likely that with your online store you are not paying the rent of a store in a privileged location, you will have to reinvest a significant proportion of your income from internet sales in generating quality traffic that will bring you conversions. So before you start, make sure you have a proper financial plan and income statement that considers these items. Likewise, make sure you understand the margins behind each product and how that will allow you to grow your marketing successfully. There is nothing worse than a nasty financial surprise.
Factors That Affect The Quality Of Content Writing Service
There are a lot of factors that affect the quality of content writing service, including:
i) The choice of keywords. If you have a limited budget, you tend to use popular terms instead of going for less common but related phrases. However, as mentioned above these keywords may not be as effective as carefully researched keywords. This shows that you understand what people need when they search for such topics and that increases your chances of ranking higher when users type in specific queries regarding ‘golf equipment.
For example, you might want to write an article on commercial laundry services in which you mention “chemicals” as one of the important ingredients required by professional laundries. But instead of using general terminology like ‘chemicals’, you should go for ‘chlorine’ or ‘sodium hydroxide’. This is because search engines give priority to specific terms rather than general ones.
ii) Use of anchor texts. Anchor texts are the words that are linked to your website when you quote or use other people’s ideas in your text. Search engines take into consideration the number of links leading to a webpage when ranking it, and therefore the more links there are with specific terms, the better position you will occupy in SERPs (search engine result pages).
iii) The word count of the article. Search engine bots (the automated programs used by search engines to crawl pages and index them in databases) pay attention to the number of words on a page. If your content is long, it will be indexed more frequently than content that has just a few hundred words.
iv) The use of keywords and phrases appropriate for human readers and not just bots. A lot of writers stuff their articles with keywords without considering whether they are appropriate for human readers or not. Remember that search engines do not really rank web pages based on how interesting they are to visitors but rather look at the volume of specific terms, so if you want to increase your chances of ranking high in SERPs, focus on writing for human readers.
v) Length of the article title. The use of long-tail keywords in your article titles will give you an edge over your competition in SERPs. A longer title with relevant terms is given more weightage than a shorter one, even if it ranks higher in search results. For example, if you are writing an article about ‘Golf equipment’, instead of using popular phrases like “golf equipment”, “best golf equipment”, etc; you may try out variations like “Best golf balls for beginners” or “What are the best golf gloves”. This shows that you understand what people need when they search for such topics and that increases your chances of ranking higher when users type in specific queries regarding ‘golf equipment.
If you need high-quality and unlimited content writing service from a reliable company, we are here for your help. You can check our prices, we offer affordable writing services.
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