5 Tips for Women Business Owners
Financial Strategies for Small Business
1. Focus on customers and the services you provide. - There is a reason why people shop at Target over Wal-Mart.
Enhance your products in ways that make them easier to use, faster, less expensive, and purposeful by identifying ways that will add value to your products or services, he advises. “Customers will pay more for products that work and are long-lasting.” says Milam.
2. Implement data software automation. - The best businesses have invested in data automation software that have proven to save time, reduce errors in records and databases, as well as free up man-hours to perform other tasks that they previously did not have time for. Any routine, repetitive tasks that involve manual data entry can be automated by software.
3. Create a strong work culture. - Dr. Martin Luther King Jr. once said, “If a man is called to be a street sweeper, he should sweep streets even as a Michelangelo painted, or Beethoven composed music or Shakespeare wrote poetry. He should sweep streets so well that all the hosts of heaven and earth will pause to say, ‘Here lived a great street sweeper who did his job well,” Milam recites. “A company will not be successful without employees who desire to, and do, perform their job well,” he adds. The top two reasons why people work for a company are one (1), for the money, and two (2), for the job.
4. Give back to the community. - Companies that engage in the community and get involved in various community or charitable events are likely to interact with potential customers, Milam explains. Through volunteerism and participating in community events, employees are able to interact with one another, build relationships with each other and the community.
5. Reduce unnecessary costs. - Review what you purchase and from what stores you purchase it. Buy from vendors that offer the best value and service, and buy in bulk for the products that you utilize abundantly, Milam suggests. Additionally, leverage technologies that allow business to business or business to customer transactions, in real-time, without having to actually meet face-to-face, such as GoToMeeting, WebEx, and Skype, he adds. “A large portion of a company’s revenues can be wasted on unneeded expenses. Ensure you are getting the best bang for the buck.”
Source: blackenterprise
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
Financial Strategies for Small Business.
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