Balancing customer experience against your budget is a difficult task. You need the right amount of staff working to keep customers happy, but not so many people that workers are standing around looking for things to do.
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4 Ideas to Manage Customer Wait Times Without Hiring More People
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3 Tips for Working Smarter and Gaining Personal Time
You’ve probably heard the maxim that it’s better to work smarter than harder. Working smarter means allocating your time, energy, and money so vital tasks get done more efficiently, freeing up your personal time.
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4 Things to Consider Before Expanding Your Service Offerings
If you’re looking to grow your business, you might consider expanding your service offerings. Adding additional services is a good way to increase your profitability, diversify your income and expand your market. But there are important things to consider before adding to your income streams.
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How to Scale Your Business with Minimal Effort
If you want your business to grow, at some point you’ll have to think about scaling it. Scaling it isn’t exactly the same as growing it, though they are often used interchangeably. Growth refers to adding resources and increasing your revenue in a linear fashion. You...
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Succession Planning: A will for your business
The unfortunate reality is most business owners don't take proper holidays. Usually this is because their business relies on them and they don't have the support to keep the business running without them. As a business owner, have you ever considered what would happen...
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5 Funding Options for Start-ups
Starting your own business requires enough capital so you can pay your bills until your company turns a profit Depending on the type and size of your business, you may need thousands of dollars monthly to cover overhead. If you’re wondering where to find business...
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4 Ways Small Start-ups Can Take On Established Competitors
Starting a business means you’ll be in competition with other companies that already exist. It’s actually a good thing if you have competition to go up against. Competition pushes you to be innovative. It also means there’s an established market for your goods or...
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How to Build an Effective Financial Plan for Your Business
Every business needs a financial plan. Your financial plan gives you a way to monitor and review your cash flow, make adjustments to your spending, and anticipate any upcoming financial issues. It can also make you more prepared to request funding or find investors so...
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Cash Flow Advice for Small Businesses
Solid cash flow management is vital to ensuring your business survives, but not everyone understands what cash flow is or how to manage it. That’s likely what makes it a leading cause of stress for small business owners. In fact, a Capital One study found that 42% of...
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3 Reasons Why Business Partners Break Up and How to Prevent Them
For many business owners, partnerships are an ideal way to run a business. Operating a business with a partner means you don’t have to make all the decisions on your own. It means you have someone there with you, to help you carry the burden and share ideas with. That...
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3 Consequences of Avoiding Your Bookkeeping
If you ask 100 business owners what they like least about running a business, chances are good that bookkeeping will rank high on the list. It's an annoying and frustrating chore that takes up a lot of time and is easy to put off until tomorrow. Avoiding your...
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6 Vital Money Management Tips for First-Time Entrepreneurs
Financial management is a vital part of running a successful business, but often entrepreneurs start their business with little understanding of how to make solid financial decisions. Managing your finances is about more than bookkeeping and paying taxes—although...
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Ways to Make a Difference While Making Money
Gone are the days when an entrepreneur was expected to be entirely focused on making a profit. Obviously, earning money is important to being sustainable and therefore staying in business, but it's possible to both earn a profit and make a positive difference in the...
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How to build a business you can sell
Many entrepreneurs start their business with the goal of earning an income for themselves, but they often think of the business only in terms of them running it. In truth, there is a huge benefit to starting a business either with the goal of selling it or at least...
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What to do when a business partnership breaks up
The start of a business partnership is an amazing time. Generally speaking, both people are invested financially, emotionally and professionally in the business. It may be stressful to start a business but doing so with a partner gives you someone to share the...
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Do you know your break-even point?
All business owners need to be aware of their break-even point — that is, the number of units they need to sell in order to cover their operating costs. Once you’ve reached your break-even point, it’s time to celebrate: your business is no longer in the red, and you...
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If my business is making a profit, where is the cash?
Some small business owners find themselves in the difficult position of running a business that appears to be profitable, but still having no money in the bank. It's an important situation to address. After all, a lack of adequate cash flow is one of the main causes...
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Signs you’re undercharging for your work
When it comes to the overall success of your business, one of the most important decisions you'll face is how to price for the work you do. Charge too much and you could scare away potential customers. Charge too little and you could run yourself out of business....
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Three reasons why you need small business insurance
If your small business operates on a tight budget you might be tempted to eliminate costs that you think aren't necessary. Often small business owners choose to go without business insurance as a way of saving money, but doing so can be incredibly costly in the long...
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How To Add Value Without Increasing Your Costs
A s long as you provide excellent value – people will flock to your business and pay handsomely for the privilege.
Business owners often make the mistake of thinking that price is the main issue in the mind of their prospects or customers. But what they’re missing is this: if everyone is viewed by the prospect as ‘the same’ – i.e. companies don’t take the time or effort to differentiate themselves from others and add considerable value – the only way the prospect can choose is based on price.
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