Small companies always have it tough. They have to use limited resources to get everything from the most important to the most mundane things done, and they must always be ready to compete no matter what the challenge.
Just when things seem to be going well for a small business owner, he has a new and unexpected challenge. An employee leaves for a better paying job at a competitor, or the number one client demands a 10% reduction on his already signed contract leaving the company scrambling to make it all work. When you are a small business owner you have to be nimble and prepared to changes courses and speed at the drop of a hat.
One area of focus for the small business owner is always the finances. Finances determine what can happen, when and how fast, so they need to be managed well and always kept in clear sight. Finances does not only include the revenue you make or spend, but also the things you are doing to ensure that you continue to make revenue. In this sense you need to include those things that you can do to protect and secure revenue generation.
As an example companies like Exceptional Software Strategies, Inc. provide software and tools to ensure that small companies are protected and secure in terms of their revenue generation and their company assets that are needed to generate revenue. So working with a company like theirs is a smart financial decision. Beyond this, there are other things that can and should be done. Here are some suggestions.
Stay close to Your Customers
In order to protect your financial situation you need to always stay close to your customers. In fact, you need to know them so well that you can often anticipate what they are about to do and what it is that they need before they even ask. Your team should make it a part of their weekly routine to check in on them and make sure that things are good between you and them. Make it a habit to send them small gifts as a thank you. Use social media to be responsive to their questions or comments that might be the beginning of an issue.
Remember, someone is always trying to think up ways to take your customers. Make it hard for them to leave by being a great product or service provider.
Stay Focused Regarding Bills Due
An invoice is the way you get paid for your work from clients. They know that this is the case and expect you to treat invoicing professionally and on tine. So you must focus on this really important issue or it will potentially turn into a negative financial situation for your business. The reasoning is simple. If you do not send your invoice timely, there is a great chance that the customer will forget they have that bill outstanding.
This happens often with busy companies and you should always assume your customers are busy. They do not get the bill, they forget the bill and then they do something else with the money and then your bill comes late and they get angry. You then get a confrontational call from your client and you ty and apologize and offer a discount on the invoice. This is really bad for business. Instead send invoices timely.
Follow these financial tips and they will create better income and stronger relationships for your company.