Connect with us

Finance

8 Marketing Tips Your SME needs to reach its full potential

Published

on

not the same as advertising

Marketing is often equated with advertising. Advertising is just a tiny part of marketing. So if you feel that you have few customers, no repurchases, too little profit, too much cost or no thoughtful offering. then start with the following points.

As you become aware of the opportunities that are available to your business, the uncomfortable feeling that something must finally happen will quickly dissipate!

2. Build up a satisfied regular clientele

Why look for new customers when you already have enough “fans” in your own ranks? Blind customer acquisition overtakes the sense that you already have existing customers. Maybe they have not consumed your offer for some time, or you buy too seldom?

To encourage these customers to buy again is much cheaper, faster, and more promising than acquiring new customers. Treat every customer like a king.

3. Spend your time well

If you work in the service sector, you usually can not “produce in reserve.” You can not cut your customers’ hair if they’re not there yet. When your workforce is needed, you should be on hand.

Opportunity cost is the magic word. So think about what others can do faster or better and outsource these activities. That’s how you focus on yourself and your limited hours on the core business.

4. Employ a conventional resource planning

Every company has limited resources. It would be great if you had a large downtown shop and four assistants would read the customer’s every wish and you could run big advertising campaigns all year round.

However, the reality is very different. The idea is to divide your resources well. For this, you need to know who (keyword: target group) you want to achieve something (keyword: target).

For example, today it is said that every business needs a website. In my opinion, this is only partially true. For instance, if you offer medical foot care and your target group is mostly over 70, a website may not be the first drug of choice.

In this case, regular visits to the retirement home with flyers could bring significantly more success. So if you have to limit yourself to one or two marketing communication activities for cost or time reasons, think about where you’re most likely to meet your target audience.

5. Maintain a good relationship with your employees

Yes, they cost a lot. Sometimes you get upset about them. But then you laugh with them again. And yes, finding good employees is not always easy. That’s why you should nurture your employees.

When was the last time you just acknowledged a colleague? A little attention here, a friendly word there or the short-term holiday wishes – only these little things show your employees how much you appreciate them.

By the way, numerous studies prove that satisfied employees have a lasting positive effect on your company through “Word of Mouth,” i.e., verbal recommendations.

6. Acquire new customers through online marketing measures

Online marketing offers many instruments for new customer acquisition. New customers can not only be acquired via the website but also via e-mail marketing measures. The strategy to be followed always depends on which target groups you are targeting.

The focus should be on getting potential customers where they happen to be. Young consumers are best reached via mobile devices and location-based services.

B2B customers are more likely to be reached with PR measures via online press portals and through a target group-oriented SEO strategy.

7. The good old newsletter

As mentioned in point 2, existing customers are often more lucrative than new customers. Depending on the nature of your business you will not be in constant contact. Creating a newsletter here helps to bridge the gap.

Therefore, ask each customer right at the beginning whether you may send them occasional news. Do not spam your customers, but inform them regularly about news, offers, and background information.

Important: If you have a very wide range, you may have to set up several newsletters with different priorities. This prevents you from informing customers about topics they are not interested in. The preferred topics can also be queried during data acquisition.

A newsletter is always a good way to get feedback. Be open for suggestions for improvement. So you’ll build in a flash – not just in the social media – a fan base.

8. Invest wisely

With all the love for the “Do it yourself” mentality: A professional marketing cannot be replaced by anything. It would, therefore, be a great pity if you invest a lot of money in your business, perhaps a good location, further education, etc and then fall into a do-it-yourself mentality in marketing. You should invest in commercial finance so that you can employ the experts needed to help you.

Yes, a marketing professional will cost you some money. But if he has some idea of his trade, this is one of the best investments you will ever make for your SME.

A few years ago, online marketing was a “nice-to-have” for some small and medium-sized businesses, and now such failures are likely to avenge bitterly.

The rapid increase in Internet usage finally speaks an unequivocal language. As print media find it harder to reach audiences, offline marketing will become less important.

SMEs that want to prepare themselves for future challenges will not be able to permanently ignore this trend and sooner or later have to invest massively in online marketing measures.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Finance

Here’s How You Should Avoid Becoming an SBA Loan Defaulter

Published

on

There are many problems that are faced by applicants when they are applying for specific programs and requests. They can be disqualified of the request, are unable to meet the specifications of the demands or the applicants get what they need but become defaulters and create crisis not only for themselves but also for their family members.

The biggest trouble is experienced by SBA loan defaulter. A loan defaulter is someone who has borrowed money from either a private lender or government institute but is unable to pay it back. You can miss a single payment or several ones. It is the most initial stage that can easily lead to bankruptcy where you can lose all of your money and assets.

Types of Loan Defaulters:

People think that there the term is for only one type then they are mistaken. There are basically four types of loan defaulters that are either not willing or incapable of paying the amount borrowed by the lender.

Debit Service Defaulter:

He is a person who is the most common type of loan defaulter. He/ she are a typical individual who has the tendency to miss a loan repayment schedule. Although, one time fail to refund the loan is not considered s the defaulter will pay it. But if non-payee is consistent and unfit to pay for several months only then it will be considered default in the right sense.

Sovereign Defaulter:

When countries that have taken loans from various organizations all around the world. But the terms and conditions are a lot different from a normal default. If a country fails to repay the loan amount within the time frame given to them then no legal action is taken and the regulations are bargained.

Technical Defaulter:

The person who doesn’t meet the requirements of a loan is known as a technical defaulter. He/ she are technically unfit to apply for the loan. Do people often have a question as to why there are many terms and condition to a loan application? The answer to this is that it is a type of security that the business and the lender must have because they are risking their money.

Strategic Defaulter:

If the defaulter intentionally misses a loan payment whereas, he/ she have the capability to repay it then they are known as strategic defaulters. They have with careful planning avoided to give back the loan amount.  This situation happens very often as borrowers may do fraud and leave everything as it is.

Avoiding SBA Loans Default:

No one feels good if you are far behind on your payment schedules and especially if you have to repay the loan amount. Various guidelines are being given by different organizations that are helping both lenders and borrowers. Orumfy is one such company that is assisting people on how they can avoid becoming defaulters.

Keep in Touch with the Lenders:

The first thing you can do is keep contacting the lender from time to time. The lender is the only person who is able of providing the correct information regarding the loan progress. You have to trust the lender fully because he is the only one who has the power to change the terms and conditions of the loans.

Pay Minimum as Possible:

Sometimes the lenders demand to repay the loan in full but the borrower is not capable of repaying it as a whole. So what can be done? One solution is that the borrower can pay a minimum amount but only after informing the lender first. As the lender has the right to know everything.

Get help from Lawyer:

No one can guide you better in legal matters more than a lawyer. So it is wise that you hire the help from a professional having all the knowledge and experience required to guide you from the start till the end of the loan application.

Due Date Reminder:

The main reason that people forget to pay their loans amounts and are labeled as defaulters is that they don’t remember the due date. One thing that can be done is to have reminders in all of the electronic devices of a few days prior to the actual date so that recollecting the date is easier.

Have Collateral Ready:

There are several lenders who have a policy to accept property and other valuable items as collateral. An intelligent borrower is the one who is always prepared with a second plan to repay the loan amount, so collateral must be readily available in case of default in payment.

Don’t Exceed your Needs:

Be very sure of what amount you need for the loan because the right amount will determine the terms and conditions that will be between you and the lender. So if you want not to become an SBA loan defaulter then it is essential that you don’t exceed the limit of your capacity.

Continue Reading

Business

How to upscale your growing business this year

Published

on

Upscaling a business can be a daunting task, but it is certainly doable, and in spite of all of the challenges, it is perfectly possible to be successful in taking your company to the next level.

Remember that if you have taken some start up finance, you must repay it, and it is up to you to do everything possible in order to ensure that your business makes a profit even in challenging circumstances. Your partners and investors will also require a report on how the business is fairing.

 

Here are some tips on how you can upscale your business and increase your profit levels;

Focus on the main business

It is important to ensure that you do not lose your focus and get distracted. Let others deal with your other business ventures, but, your main business activities must be your primary concern.

As a manager, you shouldn’t be too concerned about who is answering the telephone, but you must always keep your focus on the main business activities such as, how to increase your clientele, how to build your brand, how to ensure your products are selling, and how you can improve on your service delivery.

When you concentrate on the core business values, you are able to clearly see where there are problems and how you can sort them out early enough so that they do not mess up your sales figures and customer satisfaction levels.

Consider outsourcing some of the office duties, and even hiring consultants to give advice and also deal with other tasks so as not to waste time when you could be putting all of your energy into the business venture.

Add expertise into your organisation, and not just anyone

The clue is in the name – what an expert brings on board is expertise. If you want to know how to increase sales, look for a sales expert, if you want to know how to maximize your profits look for a business strategist, if you want to know how to hire the right staff, look for a Human Resources expert.

Do not hire people based on feelings, or emotions, and most especially, do not hire your family members out of a sense of obligation. Ensure that you only look for people who will add value into your organisation.

Consider asking advice from people who have made it, and find out how they went about finding the right people for their company, because at the end of the day, what you want is for your business to grow through maximum profit maximisation.

Create a business structure that promotes growth

Your business is your brainchild, and for most people, it takes blood, sweat, and tears to bring their ideas into fruition. You, therefore, need to ensure that whatever you do is geared towards more growth, more success, and more sales.

However hard it may be to delegate tasks, it is for the good of the company. Ensure you first choose the right people, and then that those people understand not only the company vision but the way in which you see the vision being realised.

You must create a structure that will ensure a company is able to grow and upscale.

Keep your circle of advisors small, and also ensure that they understand the core business values.

 

Marketing

 

They say that marketing is the cornerstone of every organisation. You cannot be successful unless your customers know that you are out there. Come up with a marketing strategy, and decide whether to employ a marketing department or outsource marketing services.

Whichever you choose, ensure they understand the core business values and marketing goals. This will include what you want to achieve, where you want to go as an organisation and how you are going to achieve your goals.

Funding

There is nothing wrong in adding on to your start-up finance. This could be in order to expand your business or to venture into areas you may not have ventured into already. Find good partners and people who can promote you, in order to ensure that you have enough to venture into new and unchartered territories.

Every business venture is a risk, and if you have already risked and started a business previously, you can always risk again by taking on a new venture, or expanding on what you already have. Money lenders are always willing to refinance an already existing business.

Conclusion

Upscaling your business must be your priority. Do not be comfortable at being in the same place year after year. You need to grow and move from one place to another so that you can maximise your profits.

Continue Reading

Finance

Know These Five Things Before Applying For Development Finance

Published

on

Applying for development finance is a double-edged sword. If it’s for the right reasons and under the right circumstances, then there’s nothing better. On the flipside, if you don’t know what you’re getting yourself into, then it can turn into a nightmare.

 

There are several reasons why people apply for property finance. Developers apply for loans to complete their industrial, commercial and residential development plans.

 

Here, we look at the five main things you need to know before proceeding with development financing.

Be sure Development Finance is the right option for you

Evaluate all the factors before proceeding with property finance. Think about your plan and then decide if you really need to proceed with it. It is a possibility that you have alternate options available, but just not realised it yet. For example, maybe you can enter a like-minded partnership with someone who has the same aspirations.

 

Likewise, a private financer might be willing to help you on a lower rate. Do your cost analysis before applying for a development loan and consider the interest rate that you will have to pay. Ask yourself, is it the right option? If you see that it is, and you want to move ahead then know how you will spend it and what the outcome will be. Once you have clarity on what your goals and requirements are, you will make the right choice.

How much money you require

It is very important to know how much money you need. It is always a worry that you will end up asking for more than required which ultimately becomes a reason for rejection of the application. Similarly, if you get less than you require, then it pretty much becomes a useless exercise and you have to pay a higher interest rate without getting the best out of it. Therefore, proper research in this regard is critical as the authorities dealing with property finance will require documentation with the proof and analysis that backs up your assertion that you will require a specific amount of money.

Type and duration of Development Finance

Most property finance loans range from 6 to 18 months depending on the nature and size of the project. We can call them short term loans as compared to other types such as mortgages. You will only be allowed to build or convert a property and after the loan period ends, you will be required to either sell it or refinance it. Also keep in mind that small scale loans can have higher rates, but will give you instant cash flow, while long term loans will be more orthodox.

How much to borrow and interest rates

The bank or investor will first look at various factors such as the location and your experience before deciding how much money to loan to you and what rate of interest to lend it at. You can usually get property financing for around 50 to 70 percent of the total cost.

 

The cash will not be released in one go. They will either be released as monthly payments or milestones after which you will receive the next instalment. In some cases, investors will release 60-65 percent of funds in the beginning and then manage the remaining payments.

 

There aren’t any set rates for interest in property projects but a cautious estimate ranges from 5% to 17% per annum. But these are not the only costs, some other fees such as an arrangement fee and redemption fee are also present so make yourself aware of these at the beginning to avoid any unpleasant surprises later on.

You will be answerable throughout

Keep in mind that once you get the loan, you will have to answer to the lender throughout the process. In many cases, after the initial payment, you will only receive subsequent payments once you have achieved a certain milestone set out by the lender. They will therefore keep a close eye on your progress. This can include site visits. Stay in contact with them, make yourself available and update them on any progress you have made. It all comes down to the conditions of your loan. Even before getting the loan, you have to provide bundles of information to satisfy the providers. Although this may sound troublesome most of the data will be already included in your application if it’s filed properly, and at the end of the day, it is just part and parcel of the process.

 

To sum up, applying for development finance is a good option if you aim high. Just know all the details, from big to minor before filing an application. As long as you have a proper plan in place it doesn’t really feel like a lot of work. If your lender has chosen to invest in you, it is because they believe in your ability to make a success of the project so don’t let fear hold you back!

Continue Reading

Trending

    Copyright ©2018. All rights reserved. Mini Paris News