Tag Archives: business

How to Balance your Small Business’ Cash Flow

Managing FinancesWhen small businesses need fast cash, they usually opt for one of these things: using their personal savings to contribute to equity or increasing or obtaining a loan. However, before you resort to these options, below are some viable options to help you raise some funds permanently at low cost.

Time Invoices Properly

A prime reason for the occurrence of cash flow issues is when a business incurs expenses before a customer covering the sale. If possible, you should match your expense payments timing with your invoice collections. Time all your invoices so that they get to your customers as early as possible following a sale. For instance, you could offer discounts for your products or services a couple of months before the holiday rush to ease your cash flow until then.

Modify Invoice Terms

Once you have sent your invoices, ensure that they get settled as quickly as possible. You’ve probably seen or heard about terms like “Net 30”, which means that an invoice must be paid within 30 days upon receiving it. You could consider adding this or a similar term to your invoices or asking for upfront payments or even a down payment.

Make Certain That You’re Easy to Pay

Check your invoices this instant. Does it include specific instructions regarding your payment options? If not, resolve this issue immediately, advises a business bank account manager in Bloomington. If your company accepts online payment options, make sure to include relevant links, and if you accept checks, include a self-addressed envelope to make it easier to pay you.

Create a Strategy for Delinquent Payers

For instance, if a payment is 30 days late, send your customer a reminder of the late payment. However, you must be more aggressive when you request payments for significantly late payments. You could also consider adding late payment penalties or something similar.

Once you have successfully implemented the tips above, you increase your chances of speeding up your cash flow and increasing your cash balance. This is great for your business because once your available cash increases, you could either save interest or repay any loans you have on time, or you could sleep better at night knowing that your finances are in order.

3 Marketing Tactics to Try This 2017

 Online MarketingFor may practitioners of the trade, marketing is the art of telling people what to do without actually telling them what to do. It’s a subtle strategy that help brands get hold of the top reign when it comes to consumer experience, loyalty, and satisfaction. A lot has been said and done when it comes to marketing strategies, but here are new tactics you can employ in your own organization to improve your game.

  1. Improve your SEO strategy.

By now, you’ve probably heard of what search engine optimization (SEO) can do for your brand when it comes to online lead generation. And if you want to be competitive in today’s business world, SEO should be part of your marketing strategy. But what about SEO strategy? SEO isn’t about integrating keywords anymore. You need to build relationships with local brands. For instance, for a local company, earning links to major websites can earn you higher rankings. However, this isn’t easy to do so you really need to get a reputable team offering SEO services in Seattle or any city that can optimize this strategy for you.

  1. Invest on the right endorsers.

Sports drinks have become so popular because the endorsers are actually athletes who drink them. When it comes to endorsements, choosing the right spokesperson should not only be based on how famous they are. The brand identity should complement the endorser’s lifestyle and preferences at some point. This way, you also influence the endorser’s followers in a natural way.

  1. Create a strong online community.

Digital ads can only do so much. In fact, people have become more wary about clicking on these ads for fear of computer viruses and spy malware. This fear has increased the power of organic marketing content, such as blogs and social media endorsers. Building a strong online community can help your campaigns go viral. Apart from simply creating a large group of followers and generating massive likes and shares, having an online community keeps your consumers engaged and informed. If you’re still undecided about the powers of a strong online community, just think of what Apple Fan Boys can do.

Building A Stronger Brand

Marketing’s beauty and challenge continue to change along with new technologies. It also changes consumer behavior. This year, consider using these strategies to improve your marketing reach.

Keep Safe: Dealing with Risks in Your Business

Risks in Your BusinessRunning a business has many rewards, but you cannot deny that you have to deal with all the risks to achieving glory. While some risks can cause trivial problems, others can tear down the business. No matter how big or small your business is, the first thing you need to do is to identify the factors that can possibly put your venture in jeopardy.

Risks may be inevitable. But with enough preparation, you can mitigate or dampen their effects should they happen. Keep the following things in mind:

Determine the Possible Risks

It is important to note that risks come in different types. As such, you need to understand each risk type’s nature to make it easier for you to come up with plausible solutions.

The first risk you need to deal with is that factor that can directly affect your business. This includes fires, explosions, and the structural instability of the building. Natural disasters like hurricanes and earthquakes should also be included in your list.

Risks that involve tech and equipment should also be your priority. A failure in the overall system or record-keeping component may cause serious damage to your operations and customers’ privacy.

Do not forget your employees. While they are some of your company’s greatest assets, they can also be your worst threats. If they have corrupt values to begin with, there is a possibility that they may cause financial and moral dilemmas while working for you.

Map Out the Solutions

Once you identify the risks, proceed with the laying of the groundwork for the possible solutions. Rate each risk and calculate its odds of happening in the future. One of the ideal things you can do is to get insurance policies for your brand, operations, and staff. VersiTrax says that you may also get reliable case management systems that will guide you through the process. Establish a special committee that will deal with the problems in case they happen.

These are only some of the things to keep in mind when dealing with the risks your business is facing. Do not hesitate to work with a dependable partner that specializes in risk mitigation if you want to strengthen your security and safety plan.

Venturing Out: Business Elements to Win Big

Accountants in UtahIn the professional sector, more and more fields are being saturated by laborers. Some do not want to be part of the system. Others want to be their own bosses. An entrepreneur can be anyone with the mind for starting business ventures of his own. But not all of them are experienced in the complexities of business. More often than not, their first ventures are the maiden voyages of their business career. So for any entrepreneur in Utah, what will constitute a good and strong business? Here is the quick guide.

Services and Products

All companies offer services and products – it’s how they make money. Think long and hard what your business will cater to. Is there a market for it? Are current trends favorable to your plans? Market research is incredibly important in starting businesses. Think of something new and novel, but practical as well.

Business Model

This is where companies make or break. The business model is the template or the overall plan on how you make your trade. This defines how you will execute operations from manufacturing or sourcing your product, distribution, maintenance, customer support and the like. Plan this one out carefully, and make sure to consult with experts. Do your homework and research on as many models as you can, selecting all the best parts of available templates and putting them together for your vision. Once you have perfected your first business model, keep it open to change and improvement. This way, your business strategy and tactics evolve over time.

Team

You cannot run the trade all by yourself. Along the way, you will have to hire people. Enlist a team of qualified professionals to share the load with you and contribute to the main effort. Having a competent team means, you can delegate tasks. And with experience comes quality in product and service.

Internal System

The internal system means, for the most part, your business infrastructure. Almost similar to the business model, this is how your company would work on the inside. Inner workings such as company administration, logistics and operations would dictate how smoothly your business could run. This includes setting policies and procedures for office employees in the conduct of their work. Hiring business consultants such as licensed accountants in Utah, human resources experts, administration professionals and the like, can go a long way towards optimizing your company for the long haul. Having the right systems and policies in place would mean having a well-oiled machine for your business: efficient and effective.

 Starting a business is never easy. But if you take the essentials and think on your feet, you will learn the ropes soon enough.

Price Negotiations

Why “Ballooning” is an Important Factor in PBM Price Negotiations

Price NegotiationsThe right pharmacy benefit contract can make an immense difference in a company’s bottom line. Even saving a few dollars on pharmacy expenses for every employee is significant, especially over several years. However, many companies go into negotiations completely unprepared, and often leave money on the table.

With an annual profit ranging into the hundreds of billions, the pharmacy benefit industry is obviously doing well for itself. Having a thorough understanding of the PBM’s revenue elements can give you a much better bargaining power, as you know what to focus on.

Industry consultants like Crystal Clear RX also say that PBMs may give up concessions in some areas, but inflate costs in other parts of the contract. This strategy is called “ballooning”, and is why you should always look at the contract as a whole, rather than being impressed with one or two selling points.

The Common Forms of Ballooning

An easy example of this strategy is the administrative fees that PBMs charge. These can cost up to several dollars per transaction, but some companies do not have them at all, as they make up the difference in another aspect of their pricing model.

You will also see things like contracts with exceptionally low dispensing fees, but non-negotiable Specialty Rx pricing. A PBM might give you a better deal on brand medication, only to then give you minimal to no rebates. It is crucial that you do not ignore these possibilities.

Meanwhile, you also need to watch out for confidentiality agreements and vague wording in the contract. These are especially common for generics and rebates. You PBM might offer you a great deal at first glance, but will then proceed to “nickel and dime” your company using loopholes.

What is the Solution?

You might be wondering how to negotiate with PBMs effectively, as they will simply use the balloon strategy to regain their profits elsewhere. The key is to conduct a proper RFP process, and have an experienced consultant on hand. Before any negotiations take place, you should already have an ideal range for each aspect of the contract.