How To Impress Potential Business Investors

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StrategyDriven Managing Your Finances Article |Business Investors|How To Impress Potential Business InvestorsNot all businesses require investors, but if yours does because you want it to grow more quickly, you can’t keep up with demand, or you can see that it will be much bigger than you can handle on your own, you will need to be able to impress those who might invest their money with you.

When you meet with investors, you have one chance to get your pitch right and let them know why they should give you their money and not invest it elsewhere. This is why you need to be wholly prepared beforehand. Here are some tips so that you will be prepared and ready to be a success.

Know Your Figures

What investors are going to be most interested in is the financial aspect of your business. It’s true they may also love what you do – in fact, it certainly helps – but this is not the only reason they will invest. They need to know that they will make a return on this investment; this is how they make money, and they won’t want to lose.

You will need to really know your figures if you are going to impress potential business investors and prove to them that their money will grow if they put it into your business. You will therefore need to be sure of:

  • How much your goods cost to buy
  • What your margins are
  • How much profit you can make
  • What your other outgoings out
  • What potential growth there is and over how long

Knowing these figures will help your investor decide whether it is worth them investing with you and see that you understand your business and business in general.

Show Them You’re Serious

An investor will need to know you’re serious about your business before they will invest. The last thing they want to do is give you the money you have been looking for, only to find that you grow tired of this business and want to move on to something else. If you can show that you are serious about what you are doing and that you have gone to great lengths to get it this far, they will be more comfortable investing.

One way to show how serious you are is to have a professional website. Investing in this and having experts create it for you is proof that you aren’t going to give up and do something else any time soon. Your website is also a great way to showcase what you do and is therefore an easy place to direct potential investors if they want to see exactly what you do. Make sure it is up to date and contains all the relevant information they will need to see.

You can also show you’re serious by having a thorough, up-to-date, well-thought-out business plan. This will show that you have considered where you want the business to go and what you want to be able to do with it in the future, whether that’s finding the top places to buy a second business to add to your portfolio, selling your current company when it reaches a certain level of profit, or anything else.

Prove That You’re Different

It is relatively easy to set up a business these days, thanks to technology. The fact that jobs are sometimes difficult to come by is another reason there are many new businesses being created; people are making jobs for themselves.

You will need to show any potential investor that you are not only different but better than your competitors. Show them what problem you are solving and how your business is solving it, for example. You can also show them evidence that you are an expert in your field, making your business the one that people are more likely to come to.

Address Possible Issues

You’re eager for your business to change the world and solve existing issues, which is fantastic. However, this is insufficient information to persuade investors that your prized project is going to work out and won’t fall apart when it’s put under pressure.

Consider the potential problems that your project and brand could encounter in the future. They should be highlighted or perhaps given their own section in any presentation you offer your potential investors. Investors want to know that their money is secure even when things aren’t going well. The greatest impression you can create is to show them that you know how to solve issues and that you’ve thought ahead to what they might be.

Tips that will Help you with your Small Business Finances

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StrategyDriven Managing Your Finances Article |Small Business Finances|Tips that will Help you with your Small Business FinancesIt’s very easy to feel incredibly overwhelmed when you are trying to manage a small company. If you want to simplify the process or if you want to make your small business management, feel easier then this is the guide for you.

Automate your Operation

Time is money, and this could not be more true when you are trying to run a business. This is especially true if you don’t have a lot of time to be dealing with all of your day to day operations. You can make every single minute count by simply trying to take advantage of automation. This will help you to increase your efficiency and it will also help you to be more productive. You can use apps and you can also use programs to record timesheets. This will help you to track your inventory and it will also help you to map out anything that might be urgent. Keeping track of all the information that your business has to work with might take forever but if you can automate things then this will make it much easier. If you want to help yourself when it comes to finances, then check out these tips for accountants.

Keep up with Tech

In this day and age, customers and clients expect companies to embrace tech. If you can embrace tech, then this will help you to make your customer experience better and it will also help to make it faster as well. Everyone carries smartphones in this day and age as it helps people to connect with companies in a way that is convenient. If you are running a salon, then make it easy for your customers to book appointments online. They will be happy for the convenience that you can offer, and you may even find that appointments quickly book up as well. If you are running a yoga studio, why not think about offering your customers heart rate monitors so that they can use them while they work out? Things like this can further your customer service and their perception of your company.

Delegate

Small business management isn’t just about you and your company. It’s about managing your team as efficiently as you can. This is your business at the end of the day, and it is understandable that you might not want anyone else to be part of it. That being said, knowing when to delegate can save you time, energy and headaches. If you have a team of regular employees, then you can easily train them how to do things your way until they are truly ready to take responsibility on their own.

If you have regular employees, then you need to train them until they are ready to take responsibility for the parts of their business. If you don’t then you may want to hire a freelancer instead. They can take care of projects that may require labor or even expertise that you probably don’t have, so keep that in mind if possible.

9 Effective Ways to Manage Personal Finances

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When does an average British person retire? Statistics have revealed that people retire on average when they’re 64-65 years old. It’s expected of citizens to manage their finances to preserve enough wealth to retire comfortably. However, studies show that an average Englishman has saved merely $6,756 in 2020. It means even people aren’t as financially responsible as they imagine. You don’t have to be a genius to manage your finances. But is there a magic formula to help you save enough money to live a comfortable life in the future? Unfortunately, there isn’t! Though we do have some suggestions that might help you improve your financial management capabilities. So, here are some methods we recommend:

1. Create a Budget

Managing your finances always involves creating a budget encompassing your monthly spending as per the income. Though sticking to this budget doesn’t remain feasible for some families. However, you can remind yourself that being faithful to your budget brings you one more step closer to your financial objectives. Moreover, you’ll save enough to spend on essential things. It requires a person of self-discipline to restrict their spending strictly according to a defined budget.

2. Get Mortgage Advice

Housing expenditures can easily exhaust your financial resources. So, we suggest choosing sensible rent/mortgage payment options. Hiring a mortgage specialist helps you secure a mortgage quickly. It’s better to search for a mortgage advisor around your area or on the internet. For instance, if you live in Warrington, England, you can search online by typing mortgage advisors Warrington to make this complex matter easily comprehensible. You should consult trained and qualified brokers to make way for you in the complex financial market. Collaborating with the right advisor helps you get the best deals.

3. Save Money for Emergencies

It’s essential to have a well-established emergency fund to survive unexpected accidents. A person shouldn’t neglect to set aside some funds in case of unemployment, hospitalization, or even someone’s death. Experts recommend saving 10% of your income to fund your emergency reservoir as well! During the coronavirus pandemic, people realized the importance of establishing emergency funds. We suggest including savings when you’re making the budget to keep this fund alive.

4. Limit Credit Card Purchases

A person inclines toward overspending when it’s made convenient. It’s difficult to resist spending when you’ve credit cards at your disposal. Show some self-control when you run out of cash and think twice before spending if you can’t pay the balance. In 2019, CNBC showed that Americans were overspending by $7,400 every year. Britishers aren’t exceptions to the fact that people spend money more carelessly with cards than cash. Hence, show caution with cards.

5. Track Your Spending

People often overspend unwittingly, and these excessive expenditures become a headache for you in the future. So, keep monitor how much you’re spending by collecting receipts and writing down the daily outlay to record everything. It’ll help you realize whether you’re squandering your wealth on some unnecessary purchases. You can – therefore – decrease these pointless expenditures and save your financial resources from getting exhausted. It’s a great way to manage your wealth effectively.

6. Enhance Financial Know-How

Last year, a survey revealed that 93% of Englishmen were uneducated about financial management and relied on their banks to offer fiscal advice. So, it seems proper to improve your monetary know-how. We recommend leveraging digital learning options to become well-informed about financial challenges and ways to overcome them. There are several online tools and smartphone apps that let you track expenses and create budgets. That’s how you manage your resources effectively.

7. Invest Your Money

Many people are investing today in stock markets or digital currencies. It doesn’t just allow you to save some money but make it profitable for long-term benefits as well. Unlike folks who place their wealth in traditional savings accounts, try investing in SIPPs (self-invested personal pensions). Even if someone doesn’t work, they can still contribute some money to their SIPP. These options enable the person to save enough money to retire comfortably without worrying about financial issues.

8. Pay off Debts

Don’t allow unpaid debts to spoil your long-term financial goals. Except for a mortgage, there are no good debts! Since most debts ensue interest, thereby continuing to be a burden on your resources. We can recommend some strategies to pay off your debt. Start with paying off the most expensive of all debts and try paying more than the minimum balance. If you’re out of cash, you can apply for a debt consolidation loan. There are some excellent debt management programs you can join as well.

9. Treat Yourself

Lastly, don’t neglect that you’re managing finances to live a comfortable life in the future! Don’t become too strict on yourself. There’s no need to deny yourself all those pleasures and luxuries you plan to acquire post-retirement. So, insert some provisions in the budget about how much money you’re allowed to spend on treating yourself. Pampering yourself one day a month can ward off any financial temptations in the future. So, you can refrain from overspending the rest of the month!

Conclusion

Today, some 38% of British citizens are worried about their finances. We recommend these people understand financial management and consult with professionals to improve their monetary literacy. There are some simple methods for managing your private resources, e.g., having a budget, tracking your expenditures, and limiting credit card purchases. These tips help you save wealth massive enough to retire in old age. So, try enhancing your financial education from this moment.

Managing your money as a startup: 5 things to consider

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StrategyDriven Managing Your Finances Article | Managing your money as a startup: 5 things to considerIn business, getting going can often be the hardest part. On average, over 20% of startups go bust during their first year. That’s why keeping on top of your money is so important. Businesses that look after their finances are much more likely to survive. Here are five important things to consider when managing your money as a startup.

1 – Take a paycheck

Don’t front all the cash yourself. Before starting up, talk to your potential co-founders about how you will work out who puts in what. You may not have money, but that doesn’t mean you shouldn’t be paid for your time, especially if you are taking a lower salary to save money for the business. Make sure everyone has an interest in the venture and doesn’t just work for free.

2 – Understand your overheads

The most common mistake when it comes to working on a budget is leaving out overheads. When planning your expenses, be realistic. Things will go wrong – computers will break down, there’ll be unavoidable decorating bills, and staff costs can spiral out of control if you aren’t careful.

3 – Monitor your performance

Once you’ve started up, there are going to be times when your finances seem like a constant struggle. Every month should have its own spreadsheet so that you can keep an eye on where the money is being spent. If things go wrong, it will be clear why. This way, you should be able to fix any problems and stay ahead of the curve.

4 – Keep on top of invoicing

It’s all very well having a good financial structure, but it won’t do you any good if you can’t get your money in on time. Get in the habit of being on top of your accounting from the very beginning rather than waiting until it’s too late. Here are a few important things to consider when invoicing:

  • Working with an ISO vs. Third-Party Payment Processing Company – there are pros and cons to both approaches, so make sure you do your research to learn the differences before choosing which option works best for you.
  • Invoice numbering – different companies have different ways of tracking order numbers and invoices. Remember to brush up on these before you start trading.
  • Paper or digital – a lot of customers still prefer a printed copy. However, paper costs more and is less environmentally friendly. It’s best to find the right balance before opening your business.

5 – Invest

You do need to make money, but don’t forget that this is not the only goal. A good business will run itself smoothly. If you can reinvest profits back into the business, you can grow much faster than if you just let the money sit there. Even though it might seem scary at first, try not to focus too much on the present and think about what you’ll be able to achieve in the future if you invest wisely.

If you follow these steps, managing your money should be easy, and your startup should go from strength to strength.

Get Control of Your Company’s Spending With Procurement Options

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StrategyDriven Managing Your Finances Article |Procurement |Get Control of Your Company's Spending With Procurement OptionsTaking control of the spending your company is doing may not be easy, but it’s extremely important. Companies that are spending too much often find that they’re not successful in keeping costs reasonable. That can lead to overruns that really cut into their bottom line. It may also lead them to charge more for their products, which could drive away customers. In more extreme cases, bad spending habits could even drive a company out of business. But you have the opportunity to avoid those kinds of issues. Here’s how.

Make Sure You’re Working With Quality Sources

The sources you’re getting your products from are important. Not every company has quality sources, and companies that aren’t getting the right sources may find that they’re not providing what they need to their employees or their customers. As your company focuses on its procurement needs, you can change that, and make your company more successful. Understanding what you really need to purchase, where to get it, when it’s needed, and other factors all go into procurement decisions.

These decisions shouldn’t be taken lightly, by any company. Making a bad decision can quickly end up costing your company more than you expect, even if the product or item doesn’t seem to be that central to your business. Small things like office supplies, for example, can really add up if the quality is bad, people keep taking them, or you’re paying too much for them because you’re buying for convenience and not value. Taking a look at all your company’s procurement decisions is the place to start.

Don’t Settle for Less Than the Best Terms

It’s not just about price when it comes to procurement. It’s also about the terms you’re getting. That can really affect the value, especially if you’re paying high rates of interest or the shipping costs are too expensive. There may be other ways to get what you need, so it’s vital to shop around for better terms. If you aren’t shopping around, you’re probably spending too much. Over time, even small amounts of extra expense can add up for a business and cause serious problems. Proper procurement helps to avoid those types of issues, but it may not be able to eliminate them completely.

Make Sure You Know What Customers Want

Understanding what your customers want is a big part of proper procurement. You could be getting the best deal on everything you’re buying, but if you’re not giving customers what they’re looking for, that really isn’t going to matter.

It’s unfortunate, but many companies ignore what customers really want, in favor of what the company thinks those customers want. Those two things are often not the same, and both the company and the customers lose out in these types of situations. Procurement solutions that help you work with customers and give them what they want are very important.

Look for Ways to Save Without Losing Value

Savings should be part of your procurement strategy and solution, but you also don’t want to get so focused on spending less money that you lose out on value. Getting good value matters, since your employees need it and so do your customers. Focusing on a strong level of value, and then finding solutions that are based on that value at the lowest total cost is one of the best ways to source items your company needs. It takes some time to research and do this, but it’s definitely worth the effort for your company.

Talk to Your Employees About the Products

Asking your employees about the products you have can really give you some insight into whether those products are good quality or not. Employees are the ones who work with these products all day, and they probably have a lot of insight. Especially for employees who’ve been there a long time, the knowledge of your products is probably pretty high. Rather than just hope those employees are happy, your procurement strategy may be improved by working with them and asking about issues and concerns. If there are significant problems, making procurement changes may help to solve them.

Choose a Solution to Keep You on Track

Because not every company understands how to handle procurement correctly, it may be important to find a solution that’s going to keep your company on track. There are options for help and support, including software that can guide you and help your company make the best decisions. While it may not be right for everyone, it’s a valuable way to help most companies continue to move forward. No matter what kind of solution you choose for procurement issues, making sure you’re giving customers what they want and need should be the main focus of anything your company has to offer.