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Small businesses often operate on a tight budget. But over time, you may learn some tricks to increase revenue and save money, leading to more healthy cash flow. Learning from other successful business owners can help you speed this process along. Get tips from members of the online small business community below.
Learn About the Different Types of Bank Fees
Banks charge fees for a variety of products and services. Completely avoiding all fees may not be feasible for most businesses. But it can help to learn about the different types so you don’t pay more than you need to. Harry and Sally Vaishnav of Small Biz Viewpoints go over several of them in this post.
Make Money with Patreon
Creating content can be a great way to connect with potential customers and share valuable information. But at some point, entrepreneurs may need to find ways to monetize their content. Corrie Alexander dives into how to use Patreon for this purpose on the Work at Home Woman blog. And BizSugar members offered their own thoughts here.
Effectively Manage Your Business’s Cash Flow
Healthy cash flow can help your company comfortably pay for expenses and invest in growth opportunities. But many businesses struggle in this area. Get tips in this SMB CEO post by Ivan Widjaya.
Consider What You’re Paying for as a New Franchisee
Buying a franchise can provide lots of profitable opportunities. And there are various options available for different budgets. But before making the leap, it’s important to consider what you’re paying for. Joel Libava discusses this topic further in this OpenWorks post.
Drive Revenue with the Latest ECommerce Trends
In an ecommerce business, you need to sell products to drive additional revenue. That means staying in tune with the customer experience and learning about what they want. There are several trends which may guide your decisions when updating your shop, including those in this Pixel Productions post by Nayana Bhasurasen.
Find the Best AppSumo Deals This Month
Saving money can also be an effective way to help your company’s bottom line. And AppSumo is a helpful resource for finding deals online. In this 99signals post, Sandeep Mallya lists several top deals from January 2023. And the BizSugar community joined the conversation here.
Implement Soft Selling Into Your Sales Strategy
Making more direct sales can dramatically help your company’s cash flow. This may require you and your sales team to learn new techniques – like soft selling. Read this SmallBiz Technology post by Macauley Keevins for a full explanation.
Obtain a Letter of Good Standing
At some point, your business may seek outside investors or financing options to grow. You’ll likely need to provide several documents to these investors or lenders – including a letter or certificate of good Standing. Nellie Akalp of CorpNet explains what this document is and when you may need one here.
Learn How Marketers Are Spending Their Money in 2023
It’s often worthwhile to invest real money into marketing. But not all goals and campaigns are worth the cash. To spend your company’s budget wisely, it may help to learn how other marketers are spending effectively. Neil Patel does a deep dive in this post.
Turn Your Dream App Into a Reality
Sometimes, increasing revenue means trying a brand new idea or business venture. If you’ve always wanted to add a mobile app to the mix, this could be the perfect time. Chetan Saxena shares more in this Borderless Mind post.
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Source : SmallBizTrends