What to Do When Your Business Is Losing Money - Business Money Problems

What to Do When Your Business is Losing Money

  Running a business comes with many challenges, from developing new products or services to attracting and keeping customers. Yet, generating a profit is often the biggest challenge. If your business is experiencing negative cash flow, know that you’re not alone. Growing companies often operate at a loss. Losing money doesn’t signal the end of your business. You just need to slow down & reassess your business operations. Negative cash flow creates stress, which often leads business owners to make impulsive decisions. The best thing that you can do for yourself is to keep a cool head. Remain calm. Avoid making any major changes to your business without taking the time to think through all the details. In the following post, we’ll walk you through several strategies for turning things around and improving your profitability.     Review Your Revenue and Expenses     You should first take a good …

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11 Sure Ways to Keep Your Customers Coming Back - Attract More Customers

11 Sure Ways to Keep Your Customers Coming Back

  Although getting return customers isn’t rocket science, there is definitely more to it than hanging a sign on the door that says, “Please Come Again!”. We all wish it was obviously that easy, but there are plenty of things you can do to make sure customers happily come back to your business. Here are 11 effective ways to earn repeat business and keep your customers coming back.   1. Earn Repeat Business with a Habit Forming Product   Having an “addictive” product doesn’t necessarily mean that it has to be something that people physically crave, or something upon which they are emotionally dependent, like Instagram or Twitter.   It may just be something that is so much fun, that they can’t go a day without it. Maybe you are an online service provider with a user interface that is really simple and fun to use, or maybe your packaging …

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Slack: Behind the Business Communication Giant’s Rise - Slack Business Communication

Slack: Behind the Business Communication Giant’s Rise

  Slack is currently one of the most popular business communication platforms. It launched in 2013 and went public in 2019 with a market value of $19.5 billion. Slack is a lightweight communication tool that helps teams stay organized. Users can easily share documents, images, and messages in the workplace or across remote distances. With Evernote, Trello, Dropbox, and dozens of other business tools as competition, how did Slack manage to succeed? The success of Slack is a unique story that includes the rise and fall of two separate video game companies and the sale of one of the most popular photo-sharing tools. Here’s a closer look at how Stewart Butterfield & Cal Henderson built Slack.     Video Game Project Leads to Surprisingly Useful Tool     Slack was not the first successful platform developed by Stewart Butterfield. It’s also not the first platform that he originally designed as …

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New Trends in Marketing and How to Apply Them to Your Business - New Marketing Trends

New Trends in Marketing & How to Apply Them to Your Business

  Keeping up with the competition requires businesses to pay attention to the latest business trends, including new marketing techniques. Marketing strategies are constantly evolving as businesses and entrepreneurs take advantage of the latest technologies. From the rise of the internet to the massive reach of social media, the way consumers shop continues to change. So, what are the latest trends in marketing and how do you apply them to your business? Customer advocacy, micro-influencers, transparency, and chatbots are just a few examples of new marketing trends. Here’s a closer look at these trends and others to help your business stay relevant.     Why Follow Marketing Trends?     What works today may not work tomorrow. Successful businesses understand that they need to stay one step ahead. Paying attention to the latest marketing trends allows you to: Monitor changes in consumer behavior Stay relevant to your target audience Grow …

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How to Learn from Your Competitors to Grow Your Business - Winning the Competition

How to Learn from Your Competitors to Grow Your Business

  There is an unfortunate trait that most small businesses have, and that is the mentality of being afraid of their competitors or seeing them as their enemy. It’s true that they are competing for the same customers that you are, but even so, they can help you far more than they can hurt you. The first basic principle to understand about competing businesses is that, if there are multiple businesses who are offering the same product or service within the same general area, then that means there is a large enough market to support them all. If the market for that product turns out to be not large enough, then there is a kind of natural selection that comes into play. The market has a way of correcting itself wherein the finite number of customers who are interested in a particular product will gravitate towards the businesses that are …

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blavity tech company

Blavity: The Tech Company Helping Black Millennials Thrive

  Blavity aims to empower Black millennials and the proceeding generations by giving them a platform where they can share authentic stories. Launching a successful tech company is not an easy feat. More than one in five startups fail during their first year. 90% fail within a decade. Millennials lag previous generations in amassing wealth. A lack of funds creates more challenges for entrepreneurs with original ideas. The US tech industry is also disproportionately white, which often leads to additional barriers for people of color. Morgan DeBaun is helping to break down those barriers and give Black millennials an online platform where they can thrive. DeBaun launched Blavity in 2014 to allow underrepresented voices to share stories and news not covered by mainstream media. Four years later, the company secured $6.5 million in its latest round of funding. Blavity is now a massive online ecosystem that reaches over 100 million …

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cut employee turnover rate

How to Cut Your Turnover Rate and Retain Employees

  It can be difficult to find great people to work for your company, and it’s hard to hold on to them. It’s not even the fault of the person hiring an employee. Many times, it just can’t be helped for a variety of reasons that we’ll touch on here.. Though it’s not all that complicated to create a satisfying work environment, it can be tough to know what you can do on your end so that the people working on your team are happy with their jobs. As a business owner, you want to hang on to the team members you’ve got because replacing them is obviously time-consuming, costly, and stressful. Here are a few pointers you can use to make sure your people stay with you, practicing good strategy from the moment you hire them & even before then.   Sometimes People Just Don’t Work Out   No …

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summer vacation from business

Reasons to Take a Vacation from Your Business This Summer

  Attention Business Owners: You have to take a vacation sometime. The unfortunate truth is that business owners work too hard, rarely even having the thought that they will get to take a vacation. Running a business is difficult. It’s truthfully one of the most stressful jobs in existence, automatically requiring you to handle a wide variety of responsibilities. You have to do all those things very well, too, because the consequences of an error on any front can be much greater than those of a typical job. Making a mistake could mean an employee doesn’t get the correct pay, or a marketing decision results in the loss of hundreds of new sales, or the new person you just hired never even shows up for work. While everyone thinks that business owners have the greatest dream job ever, you’re toiling away every day just hoping that the company doesn’t go …

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why customers text

Reasons Why Your Customers Want to Text You

Did you know that over 6 billion texts are sent every day?! Like most new technology, texting did take time to take hold with the public. In 1995, the average American sent just 0.4 text messages per month, according to Mobivity, and by 2000, the number still stood at just 35 a month– or about one text a day. The average American sends about 94 of them per day. Of course, many of these texts come from businesses or bots, not real people. Still, Americans are defaulting to text as their preferred communication medium more & more often. Texting is not a uniquely American habit, either. About five billion people, or 65% of the world’s population, enjoy access to texting. Why do people everywhere love to communicate by text message? And why would a customer want to text your small business instead of calling, emailing, or contacting you through social …

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Prevent Overwhelmed Business Owner

How to Prevent Feeling Overwhelmed as a Business Owner

  Starting your own business is incredibly exciting. When it begins, you’re likely riding the high that comes with quitting the 9-5-grind to go your own way. Then things start picking up. Where before it wasn’t hard to stay on top of your daily routine & separate the professional from the personal, now you’ve got more work than you can deal with, and things are beginning to blend together. Your work days might be bleeding into your personal time, and you catch yourself answering emails when you know you should be sleeping. While too much work as a business owner or a freelancer is a “good problem” to have, it can still add up to more than you can handle. Taking on every project that comes your way is a common mistake most business owners make when first starting out. More work is always better than less, right? Plus, what …

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