Month: July 2016

How to Increase Customer Engagement with a Loyalty Program

A new customer is good for business, but it is repeat customers who make the business a success. Once a client has purchased your product, what strategies do you have in place to promote customer retention? One strategy to consider is a customer loyalty program to reward returning customers every time they make a purchase. …

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6 Ways Overstocking Costs Your Small Business

When you are running a small business money is often tight. Companies need to make sure they allocate their cash strategically, because too much spending in one area can cause shortfalls in others. One costly mistake can be overstocking inventory and materials. In a merchandising company, inventory represents the goods that will be sold. For …

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5 Common Mistakes You are Making with Your Business’ Money

It’s a small business owner’s fear: making bad money decisions as soon as you start your business or turn a profit, losing assets, and ultimately going under. So how do you know where to effectively spend your money, where to cut costs, and how to budget? In other words, how do you know if you …

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Slow Season Business Tips for Hair Salon Owners

Hair salons have peak and slow seasons, just like most other small businesses. Typically, a decline occurs in the summer, when warmer weather keeps clientele outdoors, according to Salon Today. With children out of school, most families travel or spend more time at home and don’t have the time to stop by the hair salon. …

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The Benefits of Good Budgeting for Your Business

If you’ve been managing your budget on the back of an envelope, you are denying yourself a powerful tool that can make the difference between your small business’ success or failure. A proper expense budget not only serves as a roadmap for how you will be disbursing funds, but it also functions as a reality …

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Expensive Small Business Credit and How to Avoid It

The longer you’ve been in business, the more likely you are to know that credit is necessary for a small business to operate. It allows for expansion, improves profitability and increases operational efficiencies. It also makes it possible for smaller businesses without big bank accounts to meet their daily expenses when they have a cash …

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Timing and Scenarios to Consider Before Giving an Employee a Raise

In today’s environment, employees tend to feel as they are working WAY harder than they have in years past. They are taking on additional responsibilities and feel under compensated. For companies in the position to use raises to reward and retain employees, the common question is often, “When is the right time to offer an …

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