The last time I sought an ideal financial advice for my use I had ran into so much debts my business was almost crumbling down.
In this hour of desperation, I chose to get down to the best financial advisor to find out what exactly it was, that I could do to save my business.
Turns out I was at the nick of time. With the help of my financial advisor I eventually managed to get my business up and running again and even managed to add on some few stores.
But what did I learn that eventually assisted me to get back to my feet? Here I my most important lessons yet.
Never Spend Everything That You Make
First I learnt that to remain safe from having a piled up dead stock in your store, never spend all the profit that you get on stocking up your business.
Instead keep something in the coffers and if possible go for trade credit than having to necessarily purchase everything.
Settle Your Expenditures In Time
Again I learnt that the one thing that easily kills many businesses is expenditures. When they accrue you will find them turning into unexpected debts.
This means that at the end of the day, they will need to be settled at a time that you would least expect forcing you to borrow money from other sources, that you are never sure of getting.
Minimize On The Expenditure Costs
And while career advice for women states that the above is equal to spending what you don’t have they also advice against spending in impulse.
Instead they advocate for cutting down on any unnecessary expenditure that can be outsourced from independent contractors or agencies. This will cut down on your employees’ salaries too.
Get The Right Ways To Motivate Your Employees
It also occurred to me that to get the most out of your employees you would need to motivate them. An incentive from time to time for a job well done, an award of excellence, promotions, salary increments, and an ideal vacation to cool off is usually a great way to look into.
Employ Great Customer Care Service
In addition to that I realized that ideal customer service is never an option to compromise on. It takes great respect, treatment, and service for a client to come back to your store. So to get the most ideal regular customer base, never compromise on customer service.
But finally you will also need to have in place a plan for any challenges that you might anticipate along the way.
In this hour of desperation, I chose to get down to the best financial advisor to find out what exactly it was, that I could do to save my business.
Turns out I was at the nick of time. With the help of my financial advisor I eventually managed to get my business up and running again and even managed to add on some few stores.
But what did I learn that eventually assisted me to get back to my feet? Here I my most important lessons yet.
Never Spend Everything That You Make
First I learnt that to remain safe from having a piled up dead stock in your store, never spend all the profit that you get on stocking up your business.
Instead keep something in the coffers and if possible go for trade credit than having to necessarily purchase everything.
Settle Your Expenditures In Time
Again I learnt that the one thing that easily kills many businesses is expenditures. When they accrue you will find them turning into unexpected debts.
This means that at the end of the day, they will need to be settled at a time that you would least expect forcing you to borrow money from other sources, that you are never sure of getting.
Minimize On The Expenditure Costs
And while career advice for women states that the above is equal to spending what you don’t have they also advice against spending in impulse.
Instead they advocate for cutting down on any unnecessary expenditure that can be outsourced from independent contractors or agencies. This will cut down on your employees’ salaries too.
Get The Right Ways To Motivate Your Employees
It also occurred to me that to get the most out of your employees you would need to motivate them. An incentive from time to time for a job well done, an award of excellence, promotions, salary increments, and an ideal vacation to cool off is usually a great way to look into.
Employ Great Customer Care Service
In addition to that I realized that ideal customer service is never an option to compromise on. It takes great respect, treatment, and service for a client to come back to your store. So to get the most ideal regular customer base, never compromise on customer service.
But finally you will also need to have in place a plan for any challenges that you might anticipate along the way.