Small Business Advice

The 6 tips you need to earn more for your small business

In this post we look at the top 6 tips to grow your business and increase cash flow.

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The best way to earn more money for your small business is to increase business cash flow. As an entrepreneur, you probably understand that it’s one thing to start a small business, but to grow it into a big enterprise is quite another. At some point you may see your sales leveling off, cash flow shrinking, and motivation dwindling – all signs of a rut. If this happens, you may need to initiate a few actions that can re-energize and grow the business.

Increasing cash flow and optimizing finances are two of the things that can bring your business back to its growth trajectory. A healthy cash flow puts your company in a position where it can meet all its expenses and still have some money left that you can reinvest in growth.

The same happens when you optimize your finances. Financial planning is essential to growing a business. It doesn’t just enhance sensible cash flow management, but it also helps with smart budget allocation, cost reductions, risk mitigation, and proper use of business capital.

Ultimately, increasing your cash flow and optimizing finances leaves your business with enough cash for expenses and then some more to bring in skilled employees, reinvest in growth and spend on marketing. Marketing is especially the one thing that you’ll want to include in your small business growth plan. It establishes your brand and generates sales leads for your company, thus increasing revenue. In this article, we look at six tips for growing business.

Take advantage of a good checking account with cash back

A business checking account allows you to handle all the daily, essential financial tasks of your business. With it, you can receive customer payments electronically, transfer funds to pay vendors, write checks for creditors, deposit customer checks etc.

Some checking accounts, including the Nearside checking account, cater to entrepreneurs and small businesses. They come with lots of cash back rewards that allow you to earn more money for the business purchases you make every day. Besides, the Nearside checking account offers discounts and perks on all essential small business management tools. For example, you can get up to 50% off on QuickBooks, an accounting tool for small business financial planning and management.

These are the best types of accounts for earning more money for your business. They use cash backs and rewards to supplement what comes into your account from customers and debtors. And in doing so, they increase business cash flow.

Use a neo bank to avoid unnecessary fees

What’s a neo bank? In simple words, a neo bank (or neobank) is a digital bank that does all operations online. It doesn’t have branches or physical locations. Instead, all your checking, saving, payment, money transfer, money receipt, and loan requirements are handled online. This makes neo banks very flexible and convenient because they give you access to financial services anywhere, any time – including at night when traditional banks are not operational. Plus, they are the perfect hook for small businesses that need online financial services like billing software, payment gateways and cash management apps.

Just as important, their online-only operation dramatically lowers the operation costs of neo banks. Oftentimes they pass these cost-saving benefits to their customers by offering an array of free financial services. Nearside, for example, has no NSF fees, no minimum deposit requirements, and no monthly fees.

Therefore, rather than charging you fees and penalties – which can total to hundreds or thousands of dollars per month – neo banks put money back into your business. Needless to say, keeping your hard-earned money is one of the surest ways to stimulate small business growth.

Build your brand image

Most tips for growing business will focus on marketing. Rightfully so because marketing widens your customer base and boosts sales. But before you put your company on ads, start by building your brand image. You can do that by telling your brand story, whether through the “About Us” section of your website or using social media posts.

Either way, an effective brand story will connect with and attract your target audience. It’s only through these authentic connections that you can attract organic customers. These are the ones who often turn into loyal followers (users) of your brand products.

Want to learn how to build and find your target audience? Here’s a complete guide.

Building your brand image requires only three things. First, take initiatives that can build your business’s credibility. This includes being sensitive, honest, and objective to your customers, as well as asking for endorsements from reputable brands. Secondly, do market research and deliver what your target audience needs. Customers will like you best if your products meet their needs.

Finally, be on top of your customer support game. Again, your target audience will adore your brand as long as you offer the assistance they need. Put in place multichannel customer support systems if you need to. Ultimately, a positive brand image will expand your customer base and increase business cash flow.

Create an SEO-friendly site for your business

Having a website is always top on the list of small business essentials. This is where current and potential customers can learn about your company and buy your products/services. Make sure that the site is friendly to search engines. This is known as search engine optimization or SEO for short.

Click here to learn more about small business SEO and how to implement it.

Small business SEO involves:

  • Building a responsive website that loads quickly
  • Creating website content that search engines can easily crawl and index
  • Properly using keywords and meta tags
  • Building inbound and outbound backlinks
  • Creating social media links
  • Optimizing images for search engines

In addition to improving customer experience when they visit your website, SEO also brings in more organic customers. By widening your market, SEO helps with small business growth.

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