Top Financial Mistakes You Need to Avoid in Your Small Business
While there isn’t a single template for business success that we all need to follow, there are often numerous issues that can pop up or challenges to face for all entrepreneurs over the years as they run their ventures.
Regardless of the industry you’re in, what you sell, or how long you’ve had your organization up and running, there are some mistakes you need to do your best to avoid.
Waiting Too Long to Get a Loan or Investment
You don’t want to make the error of waiting too long to try and obtain a loan or some outside investment. Whether you want to use funds to buy some expensive equipment, cover inventory shortfalls during an expansion period, move into a new market, or acquire another venture, among other things, leaving applications until the last minute is not advised.
You might miss opportunities if you wait too long to compile paperwork for loan applications or investor pitches and to fill out forms and other documents. Alternatively, you might have to say yes to an investor who isn’t the best fit for you and your business or accept a loan from a company offering less-than-ideal interest rate terms or other conditions.
If you want to find an investor or utilize small business loans over the coming year, start researching your options now. Learn as much as you can about different investors or lenders and what they’re looking for, and you’ll be better positioned for when the time comes that you need some additional funds.
Failing to Save Enough Money for Leaner Times
Another financial mistake to steer clear of is not saving enough money for tough times in your business. While we all hope that growth is steady and continual and that issues don’t crop up along the way, as the global pandemic showed us, we never quite know how the world or markets could change and how our businesses can be affected in turn.
We must keep some savings aside to cover leaner times when cash flow can be an issue and we need to dip into such funds to cover expenses. There isn’t a set figure you need to keep for rainy days, but many financial planners and accountants, etc., recommend business owners or managers have three months of trading expenses or more sitting in a savings account to be available for contingencies.
Not Keeping a Close Eye on Cash Flow and Other Financial Matters
Many of us get so busy attending to the everyday operations of our businesses and handling problems that arise that we don’t spend enough time or energy closely examining the finances of our ventures. Sadly, this can lead to many issues, yet is a common financial mistake.
It’s vital to track and manage finances closely so you know your firm’s profit levels and how cash flows. You need to know how to read and understand essential reports and business numbers. For example, all entrepreneurs should be able to check the health of their business quickly by examining balance sheets, profit and loss statements, tax returns, income statements, asset and liability lists, and so on.
It helps to utilize handy tech tools to make this work easier. Online accounting programs and other apps can help you see, at a glance, how your organization is performing financially and help you spot and attend to issues that may be small now (such as decreasing profits or rising costs) but that could turn into more significant problems over time.
An error that doesn’t get talked about enough is underpricing. Although we often focus on not spending more money on things than we should in our businesses, we also need to ensure that we bring in as much money as possible. One way to do this is by raising prices.
Often, you’ll find that you’ve been setting your fees too low and thus aren’t earning nearly as much as you could be. If you haven’t raised your prices for services in years or arbitrarily set product prices without understanding your actual costs and how much the market can and will pay, you’re doing yourself and your venture a disservice.
These are just some of the top financial mistakes you must avoid in your small business. Others to try to stay away from are not submitting paperwork on time (e.g., to meet tax or human resources obligations), targeting too small a customer niche, and hiring incorrectly and leading employees poorly.
The more financial problems you can avoid this year and beyond, the more likely it is that you’ll have a thriving business and fewer headaches to contend with as a leader.
5 Reasons Why Storytelling Should Be a Priority for Marketers
In today’s fast-paced digital marketing world, capturing the attention of potential customers can be challenging. With so much noise and clutter online, marketers must find innovative ways to stand out. One highly effective technique is storytelling.
Storytelling has existed for thousands of years and has always been a powerful tool for engaging and connecting with people. However, in marketing, storytelling is often overlooked or undervalued.
In this post, we will explore why storytelling should be a priority for marketers and how it can help them achieve their goals.
1. Develop Deeper Connections with Customers
The success of any marketing campaign relies heavily on the ability to create a strong connection with customers. Storytelling is one of the most effective ways to do this, as it allows marketers to communicate their message engaging and relatable. By creating stories that evoke emotion, marketers can make their brand stand out from the competition and form deeper connections with potential customers.
You can also use storytelling to create an emotional narrative that resonates with your target audience. This will help build trust and loyalty between customers and your brand, allowing you to cultivate a loyal customer base more likely to become long-term customers.
2. Create Memorable Messages
Storytelling has the power to create memorable messages that stay with people long after they have encountered them. This is especially important in the digital age, where people are inundated with daily information and ads.
If you want to make sure your message stands out, storytelling can help you create content that is more memorable and engaging than traditional methods of advertising. With a good grasp of Sanderson’s Laws and the crafting of stories, you can create messages that will stay with people for a long time. The stories can be used to build brand identity and create an unforgettable customer experience.
3. Improve Conversion Rates
Storytelling is a powerful tool for improving conversion rates, as it effectively draws in potential customers and keeps them engaged throughout the customer journey. By creating compelling stories that resonate emotionally with your target audience, you can ensure that your message is more likely to be remembered and influence potential customers.
Storytelling can also help you create a sense of urgency, as it allows you to paint a vivid picture of how the customer’s life would be improved if they took action now. This will encourage them to take action and convert to your offer.
4. Reach New Audiences
The primary goal for any marketer is to reach new audiences and expand their customer base. However, with so many people online, it can take time to stand out from the competition. Storytelling offers a unique way for marketers to capture the attention of potential customers and draw them in with an engaging narrative.
Stories can be crafted to appeal to different groups of people, allowing marketers to reach new audiences and expand their customer base. This is especially important for brands trying to break into new markets or reach a younger audience.
5. Enhance Brand Image
Brand image is consumers’ perception of your brand and its products or services. Storytelling can be a great way to enhance the brand image, as it allows you to communicate the values and mission of your company engagingly. This will enable you to create a strong impression on potential customers, helping them develop an affinity with your brand and become more likely to choose your products or services over the competition.
Storytelling is an essential tool for marketers that should be noticed. Through storytelling, marketers can create deeper customer connections, develop memorable messages, improve conversion rates, and reach new audiences. It can also help enhance brand image and create a strong impression on potential customers.
How John Accardi Made CRAVEBOX a Top-Selling Amazon Brand
John Accardi started CRAVEBOX in 2014 from his apartment. At the time, he had just dropped out of a Georgetown University PhD program, had no savings, no investors, and no business experience.
Accardi says the decision to start CRAVEBOX was risky and the odds of success didn’t look good. “At the time, I was so excited about starting my own business, I didn’t really recognize all the risk. I just wanted to work for myself and wake up every morning with the freedom to tackle my own to do list instead of someone else’s.”
For the first 3 years, CRAVEBOX operated out of John’s apartment and made no profit. John stayed persistent and had a gut feeling that he was making progress and that success was around the corner.
John said, “Those first few years were frustrating because it felt like every day was a disappointment, but the constant failure motivated me. I got to the point where I told myself I would try forever. I was giving guitar lessons on the side to pay the bills and I decided that I’d work on CRAVEBOX until it either succeeded or I was an old man.” This long-term mentality worked because sure enough, CRAVEBOX started growing. John learned how to optimize his Amazon listings and CRAVEBOX moved into larger and larger warehouse spaces and its staff grew.
Now CRAVEBOX operates out of a 60,000 sqft warehouse space in North Wales, PA with an impressive staff. “I never thought CRAVEBOX would become this successful. It’s been an incredible journey,” says Accardi.
To become a top-selling Amazon brand, John first focused on creating great images. “I realized early on that your product’s main image on Amazon is the most important part of the listing. So I learned photography and most importantly, photoshop, to take and edit fantastic images.” CRAVEBOX products now have the best-quality images in the category which gives the listings an advantage over competitors.
Accardi also focused on price. John says, “To be a top selling Amazon brand, you need to look very closely at your toughest competitors and make sure you are offering a better value. Your product either needs to be better or your price needs to be lower. This will determine your Amazon rank and visibility.” The key to offering great value is of course an efficient business and operation.
Lastly, to build CRAVEBOX into a top-selling Amazon brand, Accardi focused on reviews. “Amazon customers are tough and the only way to build a sustainable product and brand is to sell quality products that naturally collect a high review average. This is challenging but if you can offer a better product than your competitors, you will garner better reviews and rise to the top of the category.”
John is excited to continue growing CRAVEBOX. He is especially excited about their holiday products: Halloween, Christmas, Valentine’s Day, and Easter. He’s also excited about new CRAVEBOX products they’re introducing, for example: CRAVEBOX Kids, CRAVEBOX 110count, and CRAVEBOX Cookies+Crackers.
How to Grow a TikTok Account with CrowdHall: Review
TikTok is the shining star of the social media world lately. This application, which initially featured only 15-second music and dance videos, has now gone far beyond these limits and has breathed new life into the concept of video platform. Because of its popularity, many people are interested in growing TikTok with CrowdHall’s services, and using the platform, which has even influenced the strategies of industry giants like Instagram and YouTube.
Whether you want to become a social media celebrity as an individual or are looking for social media marketing for your business, you need to be on TikTok as much as you need to be on other popular social media platforms. No one wants to miss such an opportunity.
As a Digital Media Expert – What is it Like Using a TikTok Service
I have been using TikTok for the past few months with similar thoughts. I have to say that it is as enjoyable to create content as it is to use the app as a viewer. Because it provides many tools to enhance your videos with a user-friendly interface. But when you get to the content side of the business, the harsh realities of life start to show themselves after a while.
So yes, creating content can be enjoyable, but on the other hand, you also have goals that you want to achieve by using this platform.
You need to grow, that is, you need to gain TikTok followers, you need to reach the likes that will bring you closer to your target audience in the algorithms. Of course, this is not easy, because there is a great competition with millions of content producers in the application. After struggling for a while, I decided to speed up this process. I thought it would be good to use a TikTok service.
I had time constraints and frankly, therefore, it would be good to have someone to help me overcome the painful processes while trying to grow.
However, it was difficult to find a reliable one that offers the services it promises, I finally found it with CrowdHall. If you are curious about this TikTok service -which I am generally satisfied with its services – you should definitely check their page.
The Quality of CrowdHall’s TikTok Growth
Buying organic followers is the most basic feature of such services. Obviously, if you want to test the quality of a service, it is wise to use this option first. If at the end of this process, your account is not filled with bot users and provides meaningful growth, it means that you can move on to other features.
I followed the same method when using CrowdHall’s TikTok services. There are three important considerations for me when buying TikTok followers; first, as I mentioned above, do not to fill your account with bots and dysfunctional users, only buy real and fast delivered accounts.
Real and Organic TikTok Followers
Imagine having a thriving social media account filled with genuine followers who engage with your content and boost your online presence. Sounds like a dream come true, right? Well, that dream can become a reality thanks to the ingenious methods used by CrowdHall Team. Unlike other services that use bots to inflate your follower count, they employ authentic strategies to attract your target audience and entice them to follow your account.
The results speak for themselves – my account now boasts a strong following of real people who are genuinely interested in what I have to offer. And the best part? There’s no cheating or shortcuts involved – just hard work and dedication to ensure that you get the results you deserve. Trust me, the feeling of having a genuine following is incredibly satisfying.
A Reliable Service
When it comes to utilizing social media services, nothing is more crucial than reliability. Our social media accounts are incredibly valuable to us and entrusting them to an unreliable service can be a risky gamble. That’s why I cannot stress enough how impressed I was with CrowdHall’s commitment to ensuring their service is not only reliable, but also goes above and beyond to earn your trust.
First off, their security measures are top-notch. With all the necessary security certificates in place, you can rest assured that your personal information and payment details are safe and secure. And if you’re still not convinced, their refund policy is a testament to their confidence in their service. You can trust that they will do everything in their power to make sure you are satisfied.
But what really sets CrowdHall apart is their exceptional customer support. With a team available 24/7, you never have to worry about being left in the dark. I personally bombarded their support team with a barrage of questions, but they patiently and thoroughly answered each and every one of them, ensuring that I fully understood the process.
Whether you prefer to receive your followers all at once or gradually over time, the choice is yours. This level of flexibility demonstrates that your growth is in your hands and that CrowdHall is dedicated to ensuring that you achieve your desired results at your own pace.
I Bought TikTok Likes to Reach More People
Likes are very critical on TikTok. The more likes your content gets, the more likely it is to be recommended to more users by the algorithm. The likes services offered by CrowdHall are very specific and this is what I like the most. What do I mean? I’m talking about a system where you can even choose the country where the likes come from, so you can focus on buying likes from your targeted region and increase the likelihood of your content appearing in the feed of people there.
You can also subscribe to one of the many like packages. This way, the likes are automatically refilled and you don’t have to buy them over and over again every month. I’ve used this subscription system and I’ve been very happy with it. It’s also very easy to switch to another package, and if you want to differentiate your strategy, you can cancel your current package and switch to a new one.
I Achieved Sustainable Growth by Buying Viewers
As an expert in social media marketing, I can confidently say that increasing your views on TikTok is critical to driving engagement and growing your audience. And when it comes to achieving this goal, CrowdHall’s monitoring services are the perfect solution.
By purchasing their monitoring services, you can increase engagement on your TikTok account and sustain your growth. This service is available for both existing videos and live broadcasts, ensuring that you always have the support you need to increase your views.
One of the most impressive aspects of this service is that the views come from real accounts, not bots. This means that not only will your views increase, but the organic engagement will contribute to your account’s sustainability by getting your videos more exposure in the discover section of the app. And the best part is that you can set this service up automatically for each of your videos, eliminating the need to worry about views every time you share a new post.
But the benefits of CrowdHall’s viewership services don’t stop there. If you’re a content creator who aims to collaborate with brands, increasing your viewership numbers is crucial to attracting their attention.
What Else to Say on TikTok Growth
In short, if you’re serious about growing your TikTok account and attracting potential brand partnerships, CrowdHall’s viewership services are an essential tool in your arsenal. Trust me, the impact on your account’s growth will be undeniable.
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