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How To Hit The Ground Running With Your Start-Up’s Finances

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StrategyDriven Starting Your Business Article |Start-up Finances|How To Hit The Ground Running With Your Start-Up’s FinancesNo matter how good your idea might be or how dedicated you are as an entrepreneur, without strong financial management your start-up will never be able to reach its full potential. With so much to deal with when running a start-up, managing the finances can easily fall to the wayside. Letting this happen can spell disaster, so understanding how to hit the ground running with your start-up’s finances is an essential key to long term business success.

1. Create a Clear Plan

No matter how good your intentions are, without a clear vision of your strategy, you will be working in the dark. Therefore, one of the first steps you should take when you are setting up a new business is to create a strong financial plan. In this financial plan, you will need to outline all the funding you are in need of and the sources from which you intend to procure it. You will need to show your intended overhead and projected incomings. The more detailed you can be with this plan the better, as it will help you to stay on track in the long run.

It is useful to not view a financial plan as something that is fixed. This is because the more experience you have with your business the better able you will be to understand your real financial situation. Consequently, updating and amending your financial plan will help to ensure its relevance and usefulness, as your business progresses and your knowledge increases.

2. Have a Healthy Cash Flow

It can be all too easy for start-ups to fall into the trap of having all of their capital tied up in investments early on. This can lead to real problems such as being unable to maintain expected operations. If you find yourself facing issues with your cash flow then you should look into invoice financing. Before you go down this path it is a good idea to do some research into what is invoice financing to ensure you are getting the best solution for your needs.

3. Build Strong Networks

Building strong networks might sound like a strange piece of advice in the context of start-up financial management but it can be invaluable. Having strong relationships with your suppliers and clients can help you to stay prosperous when you are experiencing more difficult times.

4. Have a Good Record Keeper

Whether you are seeking outside investment or not, there is a lot of paperwork and records associated with running a start-up. When you are setting up your business it is important that you get underway with your record keeping. Creating clear systems for your business’ financial record keeping from the beginning can help you avoid delays and potential difficulty down the line.

5. Keep Your Overhead Lean

When it comes to running a start-up that is competitive you will need to be working at maximum efficiency, and the same goes for your finances. You should try to keep your overheads as lean as possible to ensure you are operating effectively. Of course, you will need to pay for the necessities to keep your staff and business healthy, but it is vital you don’t splurge on what is not absolutely necessary.

Why You Need Penetration Testing

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StrategyDriven Risk Management Article | Why You Need Penetration TestingIf you have any online firm or business, it is essential to keep it secure. There are hundreds of cyberattacks every day, and your company could be next. It is especially true if you have a medium or large business. You can have your security tested by professionals who know what to look for and knows how to spot vulnerabilities. If you decide to forego this essential security step, you could be leaving yourself open to an attack that could severely damage your business. Here are some reasons why you need penetration testing.

It Can Save You Money

You might wonder about penetration testing pricing and how much you will have to spend upfront. While you may have to spend some money initially, you can save money later. Cyberattacks can be costly, and depending on the nature of the attack, you might have to pay thousands of dollars to fix the problem. Hackers might also steal your money rather than attack your system, so keep this in mind.

It Can Protect Your Company

If you deal with sensitive information or you have a lot of essential files, penetration testing can help protect these files. Penetration testers, also known as white hat hackers, can see where any vulnerabilities lie in your system and alert you. They can offer suggestions about making your system more secure and less susceptible to attacks from cybercriminals.

It Can Protect Your Customers

If you have customers, penetration testing can help protect their sensitive information and keep them secure. Cybercriminals may try to steal credit cards and other financial data or even identities. A safe system that has had tests for issues in its defense is essential. If a customer’s information is exposed or stolen, you no longer only have an issue with hackers but also a problem with customer trust. Customers will go to another company with a more secure system if they feel they have gotten exposed. Your reputation is on the line if your company is the victim of a cyberattack, so testing all parts of your system is crucial. It includes networks and web apps.

It Can Put You Ahead of Competitors

If people know your organization has excellent security that has been tested and updated by professionals, they may be more inclined to use your product or service. If you stay ahead of the competition by having a secure system that hackers can not exploit easily, you can use this as a selling feature. Customers want to feel that your products are not risky to use or purchase and that their information is always safe. Penetration testing can help with this and help you be more prepared for any cyberattacks.

Penetration testing may seem complicated or pricey, but it is essential if you run a large business. Customers rely on you, and cyberattacks happen every day. Organizations need their customer’s trust to run a successful business. A penetration tester can find weaknesses in your system before cybercriminals do. If you take the time to prepare, you can avoid loss of information and avoid costly repairs.

5 Simple Ways to Ecommerce Business Growth

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StrategyDriven Online Marketing and Website Development Article |Ecommerce Business Growth|5 Simple Ways to Ecommerce Business GrowthAmong many ways to improve your online business and stand out from the crowd, some can be very pricey and difficult. That’s why we prepared a list of simple tasks you could implement on your eCommerce site without investing too much money and time. In this article, we will present 5 easy and relatively inexpensive ways to increase traffic and increase income from eCommerce.

By running an eCommerce business, you probably have realized how difficult it is to break through the crowd of your competitors.

Among many ways to improve your online business and stand out from the crowd, some can be very pricey and difficult. That’s why we prepared a list of simple tasks you could implement on your eCommerce site without investing too much money and time.

In this article, we will present 5 easy and relatively inexpensive ways to increase traffic and increase income from eCommerce.

1. Fix UX (User Experience) Mistakes

You can’t imagine how much income e-commerce platforms are losing, simply because somewhere at some stage there are UX (User Experience) mistakes that prevent customers from smoothly browsing products or even shopping! Although most online stores currently use platforms such as Magento or Shopify, it does not mean that your store is always intuitive and hassle-free.

Sometimes you wonder if changing the eCommerce platform, re-design, or some UX solutions in your online store will increase your sales. The answer is yes, but only if they are based on analytics and research, not just your own intuition. What managers may consider to be the right direction must always be verified in analytical data. Most stores use tools such as Google Analytics or HotJar to analyze the behavior of their customers. The analysis of such studies can really tell you a lot.

However, rather than engaging in costly changes, simply listen to your clients and pay attention to the problems they encounter. Focus on the checkout experience first: how smooth it is, how much time it takes, does it fails on some devices. Remember that the majority of your client will use mobile devices and not desktops. Never ignore what your clients say. Fix these problems so that the sale in your store is always as intuitive as possible!


2. Optimize Your Website for SEO (Search Engine Optimization)

While major changes to your platform can be costly and time-consuming, there is nevertheless something you can implement quickly and with much less effort. This is the optimization of your website for SEO (Search Engine Optimization).

Never miss an opportunity to analyze and correct errors that lead to poor visibility of your content in search engines like Google. When necessary, hire an SEO specialized agency to analyze your website and carefully analyze the report. Implement their recommendations quickly, remembering that time is against you. SEO errors can be fixed quickly but their effects disappear slowly from the search engines. The sooner you fix them, the better.

3. Add Good Photos and Descriptions.

Good photos are essential for e-commerce sales. Remember that they should be of very good quality, they must show the product in a clear and descriptive way and should look attractive. Customers buy your products by looking at their photos. Do not forget about it!

In a world focused on images, we used to forget how important the word is. Make sure that the text information, namely descriptions on your website is correct, clear, and interesting for the readers. Good descriptions are not only a pleasure to read and drive the reader’s attention but are also unique content in search engines. Both your SEO and your customers will benefit from it.

4. Run Promotions and Giveaways.

Promotions are an easy and inexpensive way to increase your sales. It’s just like the best way to get your existing customers to spend a few dollars more. Why? Because they use the element of luring customers with the charm of getting something special, so important for our psyche.

There are many types of promotions that you can apply on your platform, and since you are already running your business, you must know a lot of them. Use promo codes, do not forget about specific occasions like Black Friday, Cyber Monday, Mother’s Day, or others when everyone is shopping and looking for some great deals.

Consider organizing sweepstakes or giveaways with prizes for new or existing customers. Goods from your online store will be the excellent prizes themselves but consider also giving away something unique. Customized promo sets with some personalized touch will grab even more attention!

You can use the Socialman giveaway app to organize a contest on any platform of your store. Socialman can be installed on any website and works as a widget. This application runs competitions like quizzes or polls but also uses users’ activities on the most popular social media as entry methods. It will give you an additional boost in the form of a viral effect for your brand

5. Grow from Referrals and Affiliate Marketing

To increase your sales, you should also consider participating in partnerships, partnering with social media influencers, and the use of affiliate marketing tools. Particularly 2022 has seen the incredible rise of cashback platforms, which also give a lot of opportunities for eCommerce businesses.

Did you ever use any of them? Not yet? Then it’s a great time to check whether they work for your brand and increase your sales. I bet they will!

Wrap it Up

Like any activity, eCommerce is subject to trends. Being at the forefront of trends is not only an option, it is simply necessary. But among many trends, these five simple ways to grow your e-commerce business should never be ignored. Go ahead and boost your sales!

How To Dump The 9-to-5 And Join The Ranks Of The Rich

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StrategyDriven Professional Development Article |Dump the 9-to-5|How To Dump The 9-to-5 And Join The Ranks Of The RichPeople often say that they need to go to work to earn money. But when you really look at their lives, are they actually as rich as they hope?

Almost always they are struggling with bills, credit card debt and down payments on their house. It’s not the life that many imagined.

For millennials, the situation is even worse. Many are working in gig or zero contract hours companies, get lousy pay and only receive a couple of weeks vacation each year. Many view their full-time jobs as more of a prison than a career path because of the sheer amount of time, energy and mental effort that they require. Younger people are wondering why they are investing so much effort and energy to do something that pays barely enough to cover their bills.

Unfortunately, most workers are stuck in the 9-5 trap. They spend so much time working, dedicated to their jobs that they fail to see all of the opportunities around them. They simply don’t have hours available to explore other possibilities, outside of their work and busy family lives.

So how do you get out of the 9 to 5 pattern? Here’s what to do.

Set A Timetable For Yourself

The first thing you need to do is improve your time management skills. Many people working in 9 to 5 jobs can’t afford to leave their present positions immediately. However, they may be able to rearrange their time to allow them to work on side projects alongside turning their main income.

Be strict with yourself and dedicate a few hours everyday to pursuing a different goal. Find a way to either sell your skills or build a business that will allow you to create an income stream that doesn’t rely on your present employer.


Do It As A Side Hustle First

Many budding entrepreneurs, such as Charles Zsebik, became successful by exploring their passions as a side project at first. Instead of abandoning their previous life and pursuing clients full time, they look for ways to to grow to do what they love on the side. If their passion grows into a viable business opportunity, they take full advantage of it.

Plan Out What You Want To Do

If your goal is to create income that replaces your existing salary, then the easiest thing to do is to sell your existing skills. Working as a freelancer in your current capacity allows you to escape the 9 to 5 and work hours that you decide. For instance, if you are a writer for your company, you might consider transitioning to writing for agencies or freelance platforms. These make it easy to kick start your freelance journey and money at the same time, whilst gaining independence.

While you are doing this you will also need to set your rate. You don’t want to leave your current 9 to 5 and wind-up working from 9 till 7. That won’t improve your quality of life, even if you are earning more per hour. If you aren’t happy with your current arrangement, don’t be afraid to fail fast. You can always try something new while you are experimenting with different income streams on the side.

How to Create a Focused Marketing Campaign

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StrategyDriven Marketing and Sales Article |Marketing Campaign|How to Create a Focused Marketing CampaignYour marketing campaign is vital to the continued success of your business. Every business must be able to come up with an effective marketing plan to reach potential customers. Customers mean profit, and profit means a healthy cash flow that can support your business and allow it to grow and develop.

A marketing plan allows you to focus your strategy and maximize its performance. Otherwise, it’s easy for your marketing efforts to get lost and drown when compared to more effective campaigns. Here are some tips to help you to create a focused campaign.

Know Your Audience

The first and possibly most important part of developing a marketing campaign is to know who the target audience is. While it might be tempting to try to reach every potential customer out there, this can easily result in failure.

By muddying the waters in this way, you ensure that your company doesn’t stand out when compared to other, more tightly focused campaigns. Yes, you might reach more people, but they will be less interested in a general advertisement than something that is designed to specifically appeal to them.

The only way to make sure that your marketing campaign is geared towards a specific audience is to know who that audience is. Part of this should come into play when designing your brand and product. Some products naturally appeal more to some customers than others, and you should know which ones.

This is where market research comes into play. Market research allows you to interview your most likely customers and ask them what appeals to them. You can do this directly by conducting surveys, but you can also use other research methods such as data collation and analytics to figure out what kind of customer you should be targeting


Existing Customers

When coming up with a marketing plan, it would be a mistake to neglect your existing customers. Turning a one-time purchase into a repeat customer who is loyal to your brand creates a level of stability that companies desperately need.

The good news is that it’s often easier and cheaper to market to your existing customers. You’ve already won them over once and, as long as your product is good, it isn’t too difficult to encourage them to return. Sometimes it’s just a matter of reminding customers that you’re still around.

Most customers are willing to provide their email address or postal address when making a purchase. This allows you to reach them. However, it’s important to give them a reason to return. Marketing spam irritates customers and may discourage them from coming back, but providing offers is another matter entirely.

Digital Marketing

Every marketing strategy should integrate digital marketing, as it’s proven to be one of the most effective ways to reach customers. Marketing gurus like Joey Armstrong can provide detailed advice on how to keep up with the trends and to use digital marketing tools more effectively. Used well, this new avenue of marketing can breathe new life into your business.