Dealing with a sudden cash flow crisis, even if you’re working hard to avoid shortfalls, is hugely distracting. A formerly reliable customer might take much longer to pay than anticipated or a large consignment might fail to show up, leaving you out of pocket. If you’re starting a business, it could simply be taking longer than expected to turn a profit. Identify the causes and act Below are some common… Read more
Improving sales and revenue can resolve many business challenges. When more money comes in than goes out, your business stays solvent, giving you time to implement further improvements. Here are some actionable strategies to increase your revenue and drive growth. Sell to existing customers One of the most cost-effective ways to increase revenue is to sell more to your existing customer base. Research shows that 20% of customers typically generate… Read more
Rising costs, tighter budgets, and more price-sensitive customers are challenging every business. When material, people and supply chain expenses keep climbing, and customers hesitate to pay more, the solution isn’t to slash prices. It’s to compete on value, not cost. The goal is to protect profit while strengthening customer trust. Start by understanding your true costs You can’t defend or set prices confidently without knowing what it really costs to… Read more
Pricing can make or break a business. Yet for many small business owners, setting the right price is more guesswork than strategy. Whether you’re undercharging, reacting to competitors, or failing to review prices regularly, common pricing mistakes can quietly erode your profits and stall your growth. Underpricing to win customers It’s tempting to keep prices low to attract new customers, but this approach often backfires. Underpricing not only squeezes your… Read more
Be wary of discounting on a regular basis to gain sales. It can be a sound strategy if you are aiming to find new customers and sell loss leaders, or you have a cost or price advantage. Discounting can also work in certain circumstances, for example, selling off old stock or to release working capital if funds are required more urgently elsewhere. But if you’re fighting a price war with… Read more
Raising prices can feel risky. You may worry about losing loyal customers or damaging your reputation. But if your costs are rising, your services are expanding, or your margins are too tight, a price increase isn’t just a good idea, it’s essential for long-term sustainability. Recognise the right time to raise prices There are clear signs that it might be time to review and increase your pricing, such as rising… Read more
Social media can feel overwhelming. With so much noise and so many platforms, where do you start? The truth is, a great social media strategy can transform how you connect with customers and help to grow your business. The reach and accessibility of social media platforms are unprecedented. They connect businesses with a vast audience, in real-time. Besides their broad reach, social media platforms also serve as a valuable tool… Read more
When your email list is small or you’d just like to add more people and get higher open rates, it’s smart to grow your list through personal contacts. Begin with the obvious: ask friends, family and business contacts to sign up. Everyone has a pool of people who might be happy to hear about your business via email. All you have to do is remember to ask. Put a note… Read more
A solid sales strategy will help you consistently grow your business. It will give you a framework for generating more leads, closing more deals, and ultimately increasing your revenue. From nurturing existing accounts to thought leadership and effective pricing discussions, here are some actionable steps for a winning sales strategy. Nurture existing accounts: Schedule regular check-ins with current customers to maintain relationships. Use social media to engage with customers through… Read more
When you go into business as a tradie, your focus is often on performing your trade to the best of your ability – as it should be. With time, the quality of your work will speak for itself, which is the most valuable testimonial of all. However, any tradie accountant or bookkeeper will tell you there’s more to it these days. While your good reputation preceding you is undoubtedly essential,… Read more