The goal is for you to achieve financial freedom

 It can be difficult for small businesses to grow their customer base beyond the realms of the local community. Generating new business, however, is fundamental to business success, no matter how challenging it may seem. Here are three ideas small businesses can do to help keep their local customer base strong, while at the same time, spread the word about their business to larger communities: Get on social media To ensure your business is found online, set up a business profile on Facebook, LinkedIn or even Twitter. Social media can be a powerful tool to promote your small business to more customers, gain followers and increase your network by connecting to other businesses online. Nurture existing customers Most experienced business owners know for a fact that it is far more cost-effective to retain old customers than gain new ones. So make sure you continue to keep your current customer base happy. Always go the extra mile so customers will remember your business for its friendly se

  For many entrepreneurs, their business is their most valuable asset. Yet they’ve done little to make sure its value is sustained if they’re out of commission. Even if you’re unavailable for a relatively short period of time, can your business keep going without you? On the most basic level, you want to make certain your business can continue if you’re merely indisposed. You don’t want to lose money just because no one has the authority to pay a bill or has the password to access your email. Ideally, it would be best if you don’t lose customers while you’re out of pocket, and there are ways to find back-ups even if you work alone. Here are some of the things you can address to handle short-term difficulties: Minor expenses To make it easy to handle day-to-day purchases, get a credit card (with a low credit limit) for the person who’s going to handle your administrative matters. Passwords Can anyone else access the information in your email, computer documents, bank accounts, or manage

  If the three most important things in real estate are "location, location, location," the first three rules of business are "cash, cash, cash." It is necessary to be profitable, but "profit" is a number that shows up on your accounts at the end of the year; cash is the money you have in the bank. In a small business, it is cash that determines whether you can pay your bills. Businesses can't get money in unless they get their invoices out. However, many business people delay sending out their bills. This may be because they feel uncomfortable asking someone for money, afraid of being challenged on how much they’ve billed, or just too busy working to bill for it. The longer you wait to send out your invoices, the greater the chance you won't get paid.   No matter what business you're in, you're going to have a lag between outgo and income. If you're a consultant, you have to pay for your phone, stationery, marketing materials, and rent

  Small teams provide many benefits to both employees and employers. In comparison to larger teams, small teams are shown to have higher levels of productivity and effective communication. However, a vital component to the success of these teams relates to the support and coordination provided by management. Ways to maximise your small team’s efforts can include: Cross-functional communication If your employees understand how the other functions of your business work and how their work will directly impact all aspects of the business, it can provide them with more responsibility. It allows for all staff to work towards a common goal. The key is to provide staff with holistic training and education that fosters greater understanding. Delegate with descriptive job roles Delegation can provide employees with guidance on what needs to be achieved to reach the end goal. It can provide clear direction for staff while employers can oversee budget and timing schedules. It also allows the emplo

  The majority of businesses, whether they are only just starting up or have been in the market for a number of years, will need a bank loan at one time or another. However, actually applying for a bank loan requires more than just filling out the paperwork. Here are some questions business owners should ask themselves before beginning their bank loan application: Is it probable that I will qualify for the loan? If you believe that your business won't qualify for a bank loan, then you will only hurt your credit rating if you apply for a loan you won't get. Being rejected for a loan can also make it more difficult for a business to borrow in the future. Will the loan help the business grow? Instead of using the loan for aspects like routine operating expenses that don’t generate much revenue, owners should consider putting the borrowed money into parts of the business that will generate more revenue and help reduce future borrowing needs. Are my personal finances in order? Until