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- How keeping detailed records can help you assess the financial health of your business
- A look at the balance sheet, income statement, and cash flow statement
- View sample statements to view how this information is presented
- Important contracts for small or expanding businesses
- For all kinds of entrepreneurs and startups
- Limit your liability, ensure confidentiality, and more
- Perceived value is how a customer evaluates a product or service based on how it meets their needs or expectations
- Price, convenience, credibility, and other factors will influence a customer’s perceived value
- Perceived value should play a role in your pricing and marketing strategies
- Surveys offer useful feedback on how a company is meeting customer needs and how it can change its strategy
- Company owners can choose from several different types of questions when putting together a survey
- Successful approaches make it more likely that a customer will complete the survey
- Small teams offer many benefits when working to complete a project
- However, the limited number of employees can also create certain difficulties
- Shared goals, tech options, and other ways to improve productivity
- Research shows that companies that in their employees and workplace post better profits than those that don’t
- Fair pay and benefits, an open leadership model, and other strategies to improve your company culture
- Ensuring that your employees are engaged with their work is also a crucial factor
- Employers are required by law to pay their employees, but unexpected circumstances may leave you with too little cash to make payroll
- Communicating the situation is essential, after which you can pursue one of several potential solutions
- An inability to meet payroll may be a warning sign that you need to make changes to your business strategy
- Businesses often decide to expand to meet growing demand or tap into new markets
- Research is key for finding the right location, analyzing markets, and more
- Have a sound financial plan to ensure that a second location won’t jeopardize the overall profits of your business
- Common problems caused by rapid business growth
- Financial problems, poorer customer service, overworked employees, and more
- Grow at a sustainable pace to handle the challenges that come with expanding
- Keeping track of your business expenses and income is crucial for assessing your business strategy and profitability
- Several free online tools are available to business owners
- Help forecast future cash flows, track down late payments, and turn the tedious task of getting paid into something much easier
