Posted by – June 15, 2011
Sooner or later, your business is bound to run into a client or customer that won’t pay you the money they owe your business. Don’t fret! This is a normal occurence in small business. Even if you have done credit checks and called references, sometimes a client will just leave you high and dry. Luckily, in this age of legal action, there are a number of things you can do to collect on your debts.
- Talk to your client. Find out why they haven’t been paying you the money they owe you. If it is for legitimate financial difficulties, perhaps you can work out a payment plan with the client. If you do, be sure it is legally binding.
- Don’t make it personal. Yes it’s frustrating not get your money on time but there is no sense in overreacting. Be professional and never leave multiple messages in a day or harass the debtor.
- Pursue your options in small claims court. This is a good option if there is no hope of you getting your money without a court order. Filing fees are modest and you can represent yourself.
- Consider mediation or arbitration if you are looking for quicker results. Going through the justice system can take some time so consider hiring a third-party to sit down with you and the debtor and come up with a settlement.
- As a last resort, call a collection agency. The collection agency will get a portion of the money owed to you so if you’re looking for the full amount this may not be your best option.
For your business needs, contact the Winflow Financial Group at 1.800.956.6897.
Posted by – June 13, 2011
Creating a steady cash flow is important to any small business, especially a business that finds themselves working with a negative cash flow. Cash flow is the money you have leftover after your expenses are paid. Cash flow is useful for growing and expanding your small business. To increase your cash flow, consider the following:
- Pay attention to financial statements and track where your cash goes each month. This will help you analyze if there are any ways to cut back on expenses and determine the health of your business.
- Research potential customers ahead of time. Do credit checks on prospective clients to ensure they will pay you on time. The longer you let another business owe you money, the longer you are actually funding their business.
- If you have several loans, consolidate them. This involves combining your small loans into one big loan. You are likely to save money on interest payments.
- Optimize your stock. If you have a surplus of inventory lying around, get rid of it. It will just cost you more money to store it. Be careful not to overstock when ordering inventory.
If you would like more advice on improving your company’s cash flow, contact the Winflow Financial Group. Our trained consultants can be reached at 1.800.956.6897.
Posted by – June 10, 2011
A common complaint among small business owners is that they don’t have enough clients to grow their company. To ensure satisfying results, make a plan to get new accounts. Some techniques you can try to attract new business include:
- Follow-up on leads that have expressed an interest in your business. Rather than starting from square one and trying to sell to anyone, go back to clients that seemed on-the-fence. It will be easier to get a sale from them than convincing a new lead to partner with your business.
- Determine the type of client you want. This will also make it easier to find leads. Narrowing down your potentials will save you time.
- Try to get bigger accounts as opposed to several smaller ones. You will need to find fewer clients but still make the money you want to.
- Be just as good to returning customers as you are to new ones. You may end up needing fewer clients this way.
- Develop a pitch. Tell prospective clients why partnering with your small business is almost risk-free. A thoughtful pitch is more likely to turn leads into clients.
For more tips on getting new clients, read this Canada Business article.
If you need assistance increasing profits for your small business, contact the Winflow Financial Group. Our trained consultants will help you realize your company’s potential.
Posted by – June 10, 2011
If you are interested in increasing your sales, advertising your business is the best way to make money. Choosing how much to spend on advertising is the tricky part. Spending too little on advertising can mean poor results and less sales and spending too much can just end up costing your business. Some different methods of developing an advertising budget ideal for your small business include:
To learn more about developing an advertising budget and allocating funds, read this Canada Business Page.
If you need help developing an advertising budget for your small business, contact the Winflow Financial Group. We can be reached at 1.800.956.6897.
Posted by – June 10, 2011
Deciding to open a retail business can be a big endeavour. According to Canada’s Business Service Centre, 80 percent of all retail stores fail within the first five years. To ensure your business is successful, consider the following:
- Skills a retail business owner should possess include a knowledge of a current trends, sales and market demand.
- Pick a store location that is away from the competition. For more details on choosing the best store location for your small business, read Picking a Store Location for Your Small Business.
- Spending up to 6 percent of your overall budget on advertising when you first open is a good way to establish your brand.
- Identify your target market and base inventory orders around it.
- Take training courses in human resources, management and designing a retail space if you don’t possess the skills.
- Hiring security staff and putting in shoplifting measures will save your business money.
- There are two types of pricing in retail: mark-ups and margins. A mark-up is based on the cost of the item and retail clothing typically has mark-ups between 43 and 67 percent. Margins are based on the selling price of the item. Retail clothing can see margins between 30 and 40 percent.
If you need advice about opening a small business, the Winflow Financial Group can help. Our trained consultants can be reached at 1.800.956.6897.
For more articles about opening small businesses, see below:
Just two months after a stock sale, Armtec Infrastructure Inc. has suspended its dividend. This has caused shares of the company to plummet 74 percent from its stock sale purchase price. More information on the losses include:
- Contracts with bondholders outlines the Armtec is not pay out cash to shareholders if the company isn’t making enough money.
- Armtec sold 3.6 million shares in its stock sale.
- The wet weather caused delays to Armtec projects that are primarily seasonal.
- Stocks sold off like wildfire days before the delay, dropping in value by 27 percent overnight.
- There is no news on how long the dividend will stay suspended for.
- Shares purchased for CDN$16.20 during the sale are now worth CDN$4.22.
For details on the specifics behind Armtech Infrastructure’s trading history, check out the infastructure of the company released by the Globe and Mail.
For more articles on corporate news, read the following:
If you business is undergoing tough times and is need of a consultant, contact the Winflow Financial Group. We can be reached by phone at 1.800.956.6897 or by email at email@example.com.
Developing a loyal customer base for your small business is the first step toward increasing sales and building your company’s reputation. To develop a customer loyalty strategy consider the following:
- Research that involves the customer will give you the best idea of what your consumers are looking for.
- Build upon your existing brand. The strategy for attracting returning customers shouldn’t conflict with your business vision but should work to develop an existing reputation.
- Instil the value of customer loyalty in all of your employees so everyone is working on the same page.
There are some challenges to developing customer loyalty including:
- What the competition is like. Businesses that have been around longer are likely to attract more returning customers. Try and offer something your competition doesn’t to attract returning customers.
- The state of the economy. During tough economic times shoppers are less willing to part with their money which makes attracting returning customers difficult.
Maintaining a relationship with your customers is the most important aspect of customer loyalty. Be sure your business is practicing good customer service skills and offer rewards to customers who shop frequently.
To learn more about developing customer loyalty read this Q&A by top marketers.
For personalized advice regarding customer loyalty and your small business contact the Winflow Financial Group today.
A supply chain is a series of companies who co-ordinate their activities to deliver goods and services to consumers and gain an advantage over the competition. Being part of a supply chain involves working with:
- Storage Facilities
Managing a supply chain involves overseeing materials and finances as they move from supplier eventually making their way down to the consumer. A supply chain manager has three main duties to oversee:
- Supplying raw materials to manufacturers.
- Converting raw materials into finished products through manufacturers.
- Ensuring the products reach the company through your network of distributors.
Supply chain managers are also responsible for finding the most optimal methods of transporting and distributing their inventory. To ensure an optimal supply chain make sure to:
- Minimize transportation costs as much as possible. This will save you and your consumers more money down the road.
- Ensure quick deliveries. Plan out the fastest routes for your drivers ahead of time.
- Use the right type of transportation. There are many different methods of transportation to utilize when distributing inventory. Choose one that best suits your economical and inventory needs.
- Move merchandise in the proper quantities. Moving too much or too little inventory will just end up costing you money.
For more information on supply chain management read this Canada Business page.
For advice on your small business needs, call the Winflow Financial Group at 1.800.956.6897.