Business Finance – 3 Blunders to Avoid
When you have your own business, it is important to follow some basic financial rules. Keeping track of the money flow and expenses helps you decide if your business is making enough money or spending too much on supplies. Your business should always have a strategy to follow as well as projected cash flow. Money is important in every aspect of business.
Below are some of the following business mistakes that you should try to avoid:
(1) Not keeping accurate records in your business finances can affect a business negatively.
It can hurt cash flow and the decisions and plans that you make for your business. If you find that you do not have time to keep track of accounting, it is a good investment to hire somebody to keep track of finances. If you conduct business from home, you also need to make sure that you keep two separate accounts: one for business and one for home or personal items.
(2) Not staying informed about business laws.
You need to educate yourself about Occupational Safety and Health regulations, worker’s compensation laws, unemployment insurance and employment laws. By not keeping yourself educated about business laws, you could possibly make careless mistakes that could affect your business.
(3) Not filing or estimating quarterly taxes.
Taxes are also very important when it comes to business. You should familiarize yourself regularly with the latest tax info for business and learn about filing estimated taxes early. If you don’t estimate what the cost of taxes will be each quarter, you could end up paying a large sum of money at the end of each year. Not estimating the cost of taxes or paying more taxes than you bargained for could hurt your business financially.
It is important that you avoid these business blunders so that you can be sure that your business is run professionally. Always stay educated and up to date on current business laws and practices. Not staying familiarized with business laws or your financial status could cost you more down the road.
Popular Ways to Seek Referrals Today
Referrals are important in any business. Referrals help us build a reputation and bring in new customers/clients. Without referrals, a business can’t grow.
Below is a list of ways that you can attract more referrals to your business.
• Attend meetings, luncheons or other business events and meet others who are in similar business markets as you.
Find out how other business owners create strategies to meet new clients. Attend events held by the city or other organizations where you might have a chance at meeting new clients.
• Familiarize yourself with online social networking.
By learning about other people’s interests, you can educate them about your business and services. There are millions of potential clients who are on social networks such as Facebook and Twitter each day. Visit online blogs that pertain to your market and leave comments. Be sure to leave your name website link somewhere in the visitor field in case readers or the blog owner wants more information.
• Speak with your current clients and customers.
Your current clients may have family and friends who need your services and products too. Create “coupon specials” for those who refer friends or family, and then offer introductory specials to those who were referred. Family members will often refer places of business or products to each other that they had a successful experience with.
• Post fliers, signs or business cards to attract more business.
At business events, be sure to leave your business cards, free magnets or pens that have the name of your business or website on them. People always love gifts that they can take home with them. If someone needs your services, they may call the number or visit the website that is listed on the pen or magnet.
There are several ways to attract referrals to your business. A business just can’t expect customers to show up unexpected. By going out to meet and learn about your potential clients, you can ensure the future of your business’s success.