Have you ever considered what’s behind your business profitability and cash flow – good or bad? Is it a matter of outside circumstances, the competition, or something more elusive?
I believe that it really comes down to a matter of choice…and action.
Most people (unintentionally) choose to act like victims when money gets tight, and blame outside forces that they feel are beyond their control. Unfortunately, when we choose the role of a victim, we get a victim’s results.
The biggest influence over your business success is you and what goes on in those 8 inches between your ears!
Budgeting is just as important to the small business owner as it is to major corporations. It helps control those ebbs and flows that most small businesses experience throughout the year.
By having a budget, the business owner can use the extra money gained to purchase needed products or supplies, to market and promote the business, hire needed employees, and when there is a decline in sales, the monthly budget will prevent the business from failing because the owner knew when to cut back on certain expenditures.
Pricing your products or services in a way that keeps you competitive while turning a profit can be an ongoing challenge for the small business owner. While your underlying costs always have to be taken into account, strategic pricing practices go well beyond the numbers to include proven buying behaviors.
The psychology behind successful pricing is full of weird and wonderful surprises. As you continue to hone your pricing skills, and measure your profitability through trial and error, consider these six fascinating insights to gain inspiration for setting the most appealing price points for your product or service.
Are you working really long hours in your small business? Do you have a long to-do list that just keeps getting longer? Does 5pm come you find yourself thinking, “Where did the day go? What did I even accomplish today?”
If you answered yes to any of those questions, you are not alone as a small business owner. It can be tough juggling everything that needs to get done in your business.
If you analyze what you are actually working on in your small business, you may find that you are working on all of the wrong things.
So instead of focusing on working as many hours as possible, try focusing on working more efficiently and effectively. Here are some tips below: