When managing a small business’s financial health, one of the most significant decisions is whether to borrow money for working capital. This choice can be a double-edged sword if not analyzed properly. It can either be a wise strategy or a perilous journey. Prefer to watch on YouTube? Advantages of Borrowing for Working Capital: 1….

Businesses keep changing, and progressive businesses know that the right changes produce additional sales and net profit for the bottom line. In today’s business climate, the traditional one-time purchase model is being increasingly complemented by subscription-based offerings, if not replaced in certain industries and businesses. Selling products and services through subscription models offers numerous business…

Small businesses often face unique challenges when competing with larger, more established companies. One effective strategy to overcome these challenges is forming strategic alliances with other businesses. These partnerships can lead to many advantages that help small businesses thrive and grow.  Prefer to watch? Watch on YouTube. The advantages of developing strategic alliances are: 1….

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In a complex and fast-changing business environment, small businesses must constantly maximize efficiency and flexibility. One method of accomplishing this is by utilizing outsourced contractors. This strategic decision offers numerous advantages that can help small businesses thrive and compete with large and small competitors. Prefer to watch? Key benefits of small businesses using outsourced contractors…

Many ask, “Can a small business be disruptive in the marketplace?” The answer is, “Yes, a small business can disrupt its industry.” Want to watch a video instead? Disruptive innovation refers to a process by which a smaller company with fewer resources can challenge established incumbent businesses. Typically, disruptive businesses do this by targeting overlooked…

Employee development efforts through mentoring drive sustainable success. The structure can be formal or informal and is a relationship normally between an experienced employee (mentor) and a less experienced employee (mentee) to nurture growth and development within a business. This can include, however, group mentoring, where one mentor guides a group of mentees. When done…

Running a small business often requires a careful balance of resources, especially regarding finances. While investing in growth is crucial, some strategies can be implemented to improve profits without breaking the bank.  No-Cost Ways to Enhance the Bottom Line Streamline Operations: Assess business processes and identify areas that can be streamlined or made more efficient. Reducing…

Big businesses do it. Small businesses do it. Every business should do it, but do what…customer follow-up. Customer follow-up after a sale is of paramount importance for several reasons. It is a critical element of customer relationship management and contributes significantly to a business’s long-term success for the following reasons:  1. Customer Satisfaction: Follow-up communicates that…

A dedicated team is crucial for achieving business success regardless of the number of employees (few or many) a small business or SME might have. When a business has a group of employees committed and focused on achieving common goals, it creates a strong foundation for growth and accomplishment. A dedicated team brings diverse skills…

The usual goal and desire of every owner or manager of a small business or SME is to grow as fast as possible, creating a long-term profitable and sustainable business. But can a business grow too fast? Yes, a business can expand too fast, and doing so can be risky and detrimental to its long-term…

Not every business is in the retail sector, but if a business falls into this category or has a showroom or other property, the power of curb appeal cannot be underestimated when it comes to influencing customer perception and decision-making. First impressions matter and matter a lot. When a potential customer walks by a store…