26 Jan

Rules To Renew Your Roaring Business

Posted in Synergy Suggestions on 26.01.12 by John Meloche

Over the past couple of days, we have been blogging about ways to keep your customers satisfied. Naturally, doing so is a super important part of running a successful business. We should know, here at Synergy, as we work at keeping the customers of our customers satisfied! But obviously, there is more to it than just making customers happy.

After all, making decisions for your company that may hurt your bottom line is certainly not beneficial. At the end of the day, it’s all about making a profit. And this can be tough to do if your company is having a cash flow problem. This is one of the reasons that Synergy is so excited about its amazing promotional gifts. They serve as very cost-effective ways to promote businesses.

A few months back, Ryan Starr tackled the issue of small businesses operating on small budgets in a special to The Toronto Star. Obviously, poor money management is bad for business. So with the help of a few business experts, Starr devised a list of rules for entrepreneurs to follow in order to keep their business affairs running smoothly.

We’d like to take a look at this list and add our own two cents worth in our continued effort to help strengthen small businesses all across Canada. These rules, we feel, make sense for businesses of all sizes, but they should certainly come in handy for business owners who may need to carefully work within a tight budget.

1. Plan ahead. Essentially, this is something that should become a regular part of every business owner’s new year. At the beginning of the year, writes Starr, you should forecast what you believe the following twelve months should look like. At the end of each month, you should take a look at your progress and keep your goals updated.

2. Make better deals. This is especially important when dealing with your suppliers. If you’re working within a modest budget, you’ll want to negotiate favourable payment terms with your suppliers that may be based on the times that you get paid by your clients. That way, you’re never strapped for cash.

3. Mind your money. It’s in your best interest to send invoices promptly. Of course, the quicker you send them out, the quicker you will be paid. As well, don’t forget to monitor your receivable accounts every day to ensure that your customers are paying you on time. This is especially important if the payments you make to your suppliers are determined by the income you receive.

4. Ditch deadbeats. Sometimes, in order to run a successful business, you need to cut ties with those who are not helping you to make a profit. If you have clients who continually pay late, it’s time to let them go. This is a problem that you don’t want, right? So why have it? We’ll take a look at the second half of these list of rules in tomorrow’s blog.

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