Tag: profits

Small Businesses Can Improve the Economy

Posted by WFG – August 8, 2011

Despite the recent turmoil, small businesses can improve the economy. This news might come as a shock to some, but canalso  lift the spirits of those that have lost their job. If you’re one of these people, now is the time to consider a change in career.

But let’s take this from the starting point. Read the rest of this article

Types of Investment Strategies

Posted by Winflow – July 7, 2011

An investment strategy is the plan of action an investor has for his investments based on personal goals, future financial needs and risk tolerance. Three well-known types of investment strategies include:

  • Income investing. Those who partake in income investing are typically more risk averse than others. This form of investing is the easiest to understand and ideal for those just trying to build an income. Many investors looking to retire will participate in income investing as it offers stable and high dividends. This investment strategy looks for well-established companies that don’t see a lot of fluctuation in their stocks.
  • Value investing. The strategy in value investing is to find stocks that have been under-valued by the market. This is a moderately risky form of investment because you have to wait until the market has corrected the stock value to make your money back. To determine a stock’s value, investors look at the price-to-earnings ratio. If there is a low price-to-earnings ratio the market will likely be unwilling to pay more for the stock. Make sure you don’t confuse an undervalued stock with and under-performing stock.
  • Growth investing. This investment strategy comes with the highest risks. Growth investing is when an investor purchases a stock that has potential for high growth. High growth often translates to high stock prices and high profits. Investors utilizing this strategy must also prepare for the possibility of young companies failing instead of growing.

Do you need assistance determining which investing strategy is best for your stock portfolio? If so, contact the Winflow Financial Group.

Small Business Accounting Tips

Posted by Winflow – July 4, 2011

Most small business owners dread their accounting duties. It can take quite awhile to get your receipts in order and calculate your expenses and profits. Most business owners don’t want to spend too much time on accounting duties when there are so many other things to do in a small business.

Are you a small business owner interested in paying less during tax season? If so, contact the Winflow Financial Group. Our consultants will utilize your company’s accounting processes and make them as tax efficient as possible.

Small business accounting tips include:

  • Organize your expenses into categories. For example, put all travel expenses into one folder. This will make it easier to calculate total expenses at the end of the month or quarter.
  • Don’t throw your receipts into a jar and forget about them. The longer you put off recording your expenses, the more work you will have to do.
  • When recording expenses, write what the expense was for and why. It may hard to remember why you had to spend that gas money in a few months time.
  • Keep separate bank accounts. Don’t mix your business finances with your personal ones. Separate accounts makes it easier for your tell how your business is doing.

 

 

Writing a Business Model for your Small Business

Posted by Winflow – June 24, 2011

A business model is the part of your business plan that covers how your company will generate sales and earn a profit. Investors tend to focus on the business model aspect of your business plan more than anything else. You should be able to deliver your business model in a few sentences. The following should be included in your business model:

  • Revenue streams. Determine all of the different ways your company generates revenue.
  • Favourable cost factors. Your company must demonstrate what factors will enable it to produce high profit margins.
  • Description of value. Your business model should include the benefits customers will receive by purchasing your product.

Tips on writing a business model include:

  • Get colleagues to help you write the business model. Fresh insights can be very helpful to a business model.
  • Incorporate customer trends into your business model.
  • Build a few different business model prototypes and choose the best one.
  • Re-evaluate your business model as your small business grows.
  • Learn from other business models.
  • Writing a good business model involves having a good understanding of your customers and target markets. Make sure you are aware of this information before sitting down to write a business model.
  • Your business model should be able to make you money today, not just down the road.

If you need start-up advice for your small business, consider Winflow Financial Group‘s consulting services.

Getting Referrals for your Small Business

Posted by Winflow – June 14, 2011

Referrals are one of the best ways to grow your business and increase your sales. It also happens to be one of the cheapest marketing methods. Referral marketing involves asking other businesses within your industry for referrals. If a company cannot provide a service to a customer, they will refer the customer to you. This is an excellent practice because customers have already established trust with the initial business so they are more likely to accept a referral to a new company. Some tips for receiving referrals include:

  • Connect with businesses that have similar clients to you or operate within the same field of business. They are the most likely to have clients that are interested in your services.
  • Ask current clients if they know anyone who may benefit from your services. Happy customers are the best form of marketing because they are unbiased and the advertising is free!
  • Come up with incentives for referrals. For example, for each referral a company makes to your business, cut them in on a little of the profits.

To learn more about expanding your business through referrals, read this Microsoft small business article.

For your small business needs contact the Winflow Financial Group. Our consultants can provide you with personalized advice for your business.

Getting New Clients for your Small Business

Posted by Winflow – 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.

Avoiding Bad Cheques

Posted by Winflow – June 10, 2011

An important part of any small business is security and loss prevention. There are plenty of people in the world willing to take advantage of an improperly protected business. This is especially true for small business owners that operate retail stores. One of the many ways fraud can occur in a business is through bad cheques. Recovering money that was supposed to come from a  bad cheque is nearly impossible. It is for this reason that prevention is the best protection against bad cheques. Some tips for preventing bad cheques include:

  • Don’t collect cheques that are post-dated or have obvious signs of fraud. It also important to avoid cheques that are made out to someone else .
  • Ask for identification when someone presents a personal cheque. If they refuse to show you ID, don’t accept their cheque.
  • Small businesses often contribute to cheque fraud by being to trusting. It is important to remain skeptical.
  • Screen new clients. If possible, have new clients fill out a credit check. Be sure to verify the credit check and consider contacting previous industry references.
  • Come up with a maximum limit for payments by personal cheques.
  • Train your employees to identify bad cheques, or only allow qualified employees to accept personal cheques.

To learn how to maximize your company’s profits, contact the Winflow Financial Group at 1.800.956.6897.

Starting a Home-Based Business

Posted by Winflow – June 8, 2011

Everyday new technological advancements are being introduced that bring people closer together. The Internet has fostered the perfect conditions to start a home-based business. Though there are many reasons for working from home, being successful can be difficult if you don’t have the resources available. Consider the following before deciding to start a home-based business:

To learn more about starting a home-based business, read this comprehensive guide. To talk to someone about home-based business call the Winflow Financial Group at 1.800.956.6897 or request a free consultation.  

Buying a Business: Choosing the Right Business Type

Posted by Winflow – June 7, 2011

There are a number of different business types available for entrepreneurs looking to purchase an existing company or product. Each type of business offers a different set of challenges and rewards. If you’re considering buying an existing business here are some of the different types of businesses to keep an eye out for:

  • Failing businesses. These are companies that are selling their businesses for a reduced, below market price. You should purchase this type of company if you see an unexplored opportunity in the business you believe could make profits.
  • Supplier channel. Buying your supplier’s business can greatly assist your company’s performance. You will reduce slow deliveries and  may even secure increased buying power.
  • Franchises. This type of business is ideal for those more comfortable with low-risk investments. You’re going into an already successful business but you are giving up some control to do so.
  • Strategic acquisitions. This type of business is ideal for those that already own a company. It involves purchasing another business to expand product lines, markets and services.

For a complete list of business types to invest in, read this article.

If you are interested in buying a business but aren’t sure which type is best suited for you, call the Winflow Financial Group at 1.800.956.6897.