Post-Closing Steps for a Successful Transition
Once the deal is sealed and the closing is complete, many business owners might think their job is done. However, ensuring that the transition to the new owner goes smoothly is crucial not only for the business’ continued success, but also for protecting your own ongoing interests.
First and foremost, even after the sale, most sellers have some sort of vested interest in the new entity’s success. This can come in many forms. For instance, if you are due additional payments associated with the sale, it’s essential to ensure that the release of funds happens as expected. The buyer may also have issued you a note, representing a portion of the sale price that will be paid out over time. It’s in your best interest to ensure these financial arrangements are properly managed during the transition.
Another common scenario that impacts sellers after the closing occurs when they are also the landlord of the property that the buyer is now leasing. The lease agreement must be clear and mutually beneficial, as it will influence the buyer’s ongoing ability to operate successfully.
Taking the time to make sure your buyer is set up for success can help prevent any misunderstandings later on. It goes without saying that if there are troubles down the line, that can translate into headaches for sellers.
Additionally, if you recently sold a business, you may still have your name on the company letterhead or remain involved in the company in some other way. In this type of situation, your personal reputation could still be linked to the business, meaning that you have an obligation to ensure the buyer is capable of maintaining the same level of quality and integrity that you worked hard to build. This is not just about protecting your brand, but it is also about ensuring that the company’s legacy continues smoothly.
Lastly, your former employees are often dependent on the success of the sale. Many sellers have built close relationships with their staff over the years and care about their welfare. The decision to sell can have a significant impact on job security for these individuals so it’s vital to ensure the new buyer is the right fit for maintaining a stable work environment. It’s in everyone’s best interest to support a positive transition to ensure job security for former employees.
While the closing of a business sale is a major milestone, it’s far from the end of the process. By taking the time to manage the post-closing transition thoughtfully, you can help ensure the business continues to thrive, protect your financial interests, and leave a positive legacy.
Copyright: Business Brokerage Press, Inc.
The post Post-Closing Steps for a Successful Transition appeared first on Deal Studio.
The Importance of a Professional First Impression
In today’s business world, effective communication is paramount, and the telephone remains one of the most essential tools for engaging with clients, prospects, and partners. Automated answering services, voicemail systems, or hold music can significantly impact your company’s image and customer satisfaction. Therefore, it’s important to ensure that the telephone is a productive sales tool rather than a hindrance.
The first interaction a caller has with your company is often through a phone call. This brief exchange, often lasting less than a minute, plays a pivotal role in shaping the caller’s perception of your business. That’s one reason why it’s crucial to use that first impression as an opportunity to create a positive and lasting impact. Below are some strategies to help you refine the way your business greets its callers.
Evaluate Your Office’s Phone Etiquette
To understand the true experience of a customer or client calling your office, consider making a test call. Just don’t reveal your identity. Have someone whose voice your staff does not recognize place the call while you listen in. This method allows you to assess the quality of your telephone service in an objective manner. During the call, listen for the following:
- A friendly and professional greeting, such as, “Good morning, [Company Name],” followed by the name of the employee and an offer to assist.
- A calm and helpful response to inquiries, or the offer to direct the caller to someone who can provide more information.
- Reasonable hold times, with an apology if the wait exceeds typical expectations.
This process is well worth your time, as it will give insights into how your staff handles calls and whether improvements are needed.
Assess Your Answering Service
If your business relies on an answering service, it’s vital to evaluate its quality. Conduct a similar test to the one mentioned above, but focus on how well the answering service represents your company. When evaluating this service, ensure that:
- The operator answers with your company’s name, rather than using a generic, impersonal greeting like, “May I help you?”
- The operator is well-versed in your business’s key details, such as hours of operation, employee names, and company policies.
- The message conveyed by the operator aligns with the information your business wants to relay to customers.
If the answering service fails to meet these standards, take the time to educate the provider on your expectations. There are many answering services out there. If yours is not meeting your standards, it might be time to make a switch.
Review Your Voicemail System
Your voicemail greeting is another key touchpoint for customers and clients. How it sounds can significantly impact their perception of your professionalism. Periodically listen to your voicemail message and ask yourself the following questions:
- Is the voice recording representative of your brand? Choose a voice that is clear, engaging, and professional, so that it strikes the right tone for your business.
- If your voicemail or call system includes background music or on-hold music, ensure that it is calming and unobtrusive. Many businesses make the mistake of choosing music that is grating and leads to someone hanging up before speaking to a member of your team.
A well-crafted voicemail message ensures that callers feel valued, even if they are unable to speak directly with someone.
Humanize Your Technology
There is no doubt that automated voicemail systems, speakerphones, and conference call capabilities are indispensable tools. However, it’s essential to remember that while these systems offer convenience, they can lack the personal touch that a human voice provides. The truth of the matter is that most people still prefer speaking with a real person.
Even if the employee who answers the phone is not the highest-paid member of your team, the human voice remains an essential element of your company’s identity. An empathetic, attentive response can leave a positive impression, contributing to a stronger relationship with your clients.
Today’s businesses must embrace the benefits of technology while remembering the importance of personal interaction. By regularly reviewing and improving your phone etiquette, you ensure that your business presents itself in the best possible way from the moment the phone rings.
Copyright: Business Brokerage Press, Inc.
The post The Importance of a Professional First Impression appeared first on Deal Studio.
The Risks of Under-Reporting Income for Business Owners
One of the most critical questions for prospective buyers, investors, and lenders is understanding a business’s true income. However, it should come as no surprise that the party most invested in uncovering this information is the Internal Revenue Service (IRS).
Why is determining a business’s real income so difficult? While financial records should provide a clear picture, business owners often engage in practices ranging from minor adjustments to outright fraud in order to minimize reported income and reduce their tax liabilities. In fact, the IRS estimates that two out of three business owners under-report their income.
Even if a business owner somehow evades detection, this dishonest reporting can create significant challenges when it’s time to sell. Business owners, even those not yet considering a sale, should start preparing by presenting their company as a profitable, legitimate enterprise. A buyer will scrutinize not just the numbers, but also the history behind them. That means that any discrepancies between the books and the tax returns will be a red flag. A fresh narrative about the business’ potential is unlikely to convince a buyer, who will be more interested in tangible evidence of consistent and legitimate profitability.
Here are some steps for business owners to position their business favorably when the time to sell comes:
Think Long-Term
Instead of focusing on short-term tax savings, business owners should prioritize showing long-term profitability. Buyers are looking for businesses that demonstrate consistent, strong performance over a period of time. By ensuring your records reflect maximum profits for each quarter, you can create a more attractive picture for potential buyers. The more stable and profitable your business appears, the easier it will be to justify a higher asking price.
Review and Adjust Past Records
It’s important to take a step back and carefully review past financial statements. If your business has experienced growth, but that growth isn’t reflected in your tax returns or financial reports, now is the time to adjust those numbers. Go through the past few months of records and adjust them to present a clearer, more accurate picture of the business’ financial health. This work will not only improve your credibility with buyers but also set a more favorable stage for future negotiations.
Reconstruct Historical Financials
If necessary, look back even further to reconstruct your financial records in a way that reflects the true profitability of your business over a more extended period. This process involves carefully revisiting past transactions, correcting any under-reported income, and ensuring that your financial history aligns with the real growth of the business. Although it may require additional effort, having accurate financial records that reflect the business’ legitimate success will go a long way toward building trust with potential buyers and lenders.
List Tax-Deductible Expenses and Benefits
As part of your effort to present a more truthful financial picture, it’s crucial to itemize all tax-deductible expenses, such as salaries, fringe benefits, and other perks that are allowed by the IRS. These items provide ongoing value to the business and should be clearly listed in your records. Doing so can help increase the perceived value of your business. Buyers will appreciate knowing the business is efficiently managing its finances while taking full advantage of available deductions.
By addressing these areas, you can not only improve the appeal of your business to potential buyers but also enhance your chances with lenders and investors. Most importantly, truthful financial reporting will keep the IRS focused on someone else’s business.
Copyright: Business Brokerage Press, Inc.
The post The Risks of Under-Reporting Income for Business Owners appeared first on Deal Studio.
Understanding the Odds of Selling a Business
When it comes to buying or selling a business, we often get asked two common questions: “How many businesses are for sale?” and “What percentage of businesses on the market actually sell?”
To get a sense of the market, it’s important to break things down by business category. The industries that make up the majority of small to mid-sized business sales include: manufacturing, wholesale trade, retail trade, business and personal services, and household/miscellaneous services. Together, these sectors represent a significant portion of the approximately 30 million businesses in the U.S.
It’s commonly estimated that around 15-20% of small businesses are for sale at any given time, though this figure can vary depending on market conditions. Interestingly, smaller businesses—especially those with fewer than four employees—make up a larger portion of the businesses on the market. However, it’s generally observed that the sale success rates for smaller businesses tend to be lower than for larger ones. Smaller businesses, especially those with fewer than five employees, are often seen as having more challenges, such as incomplete financial records or unrealistic pricing, which can affect their chances of a successful sale.
So why do smaller businesses struggle to sell at the same rate as larger ones? Several factors come into play. Smaller businesses often face challenges like inaccurate financial records or unrealistic pricing. Some owners may not be fully committed to selling or may not be prepared for the complexities of the sales process. In some cases, owners might simply close their doors rather than attempt to sell.
Another key reason small businesses often struggle to sell is that their owners may not be properly prepared for the sale process. Many business owners, especially those with fewer than five employees, fail to plan ahead for the sale. This lack of preparation can include everything from neglecting to update financial statements and resolve legal issues to failing to optimize the business for sale by streamlining operations. If a potential buyer sees these areas as red flags, they might walk away, even if the asking price is reasonable.
To improve the odds of a successful sale, business owners should take a few proactive steps. First, they should invest time in cleaning up their financial records, ensuring that they are transparent and up-to-date. It’s also wise to engage a professional who can provide expert advice, market insight, and help with valuation. Additionally, business owners should focus on making their business more attractive to potential buyers by demonstrating a stable, profitable operation with room for growth. Taking these steps can significantly improve a business’s chances of selling successfully.
Copyright: Business Brokerage Press, Inc.
The post Understanding the Odds of Selling a Business appeared first on Deal Studio.
The Entrepreneur: Understanding Strengths and Weaknesses
Entrepreneurs are typically dynamic and driven individuals who play a critical role in driving innovation. However, to succeed, they must leverage their strengths while being mindful of their weaknesses. By understanding both, entrepreneurs can maximize their potential and build more sustainable businesses.
Strengths of Entrepreneurs
Flexibility and Positive Attitudes
Entrepreneurs are highly resilient and maintain a positive outlook, even in challenging situations. These traits help them navigate market shifts, customer needs, and unforeseen obstacles with confidence.
Creativity and Willingness to Take Risks
Creativity is a hallmark of entrepreneurship. Entrepreneurs excel at generating new ideas and solutions. At the same time, they are comfortable taking calculated risks that can disrupt industries.
Goal-Focused and Committed to Success
The most successful entrepreneurs are driven by clear goals. Their focus on success fuels both day-to-day operations and long-term strategies. Through this means, they stay on course even when faced with setbacks.
Strong Organizational Skills
Despite their busy schedules, many entrepreneurs possess excellent organizational abilities. They prioritize effectively and manage deadlines. All of this is necessary to ensure the business runs smoothly.
High Energy Levels
Entrepreneurs often demonstrate a great deal of energy. Their lifestyles often require long hours and maintaining enthusiasm. This level of energy not only drives their own work but can also inspire teams and stakeholders.
Weaknesses of Entrepreneurs
Impatience with Results
Entrepreneurs are ambitious about achieving their goals, but they often want quick results. This impatience can lead to frustration. Sometimes it can also lead to rash decisions that may undermine long-term success.
Distraction
Juggling multiple responsibilities can lead to distractions and a lack of focus. Entrepreneurs may struggle to prioritize effectively, which can cause delays and impact the quality of work.
Distrust of New Technology
While entrepreneurs are generally innovative, some can be hesitant to embrace new technologies. This reluctance can limit their ability to leverage advancements that could benefit them in the long-run, improving efficiency and competitiveness.
Tendency to Stray from Plans
Entrepreneurs’ passion and creativity sometimes lead them to drift from their original business plans. While flexibility is important, straying too far from the vision can waste resources and cause a degree of chaos.
Difficulty Delegating
Many entrepreneurs are reluctant to delegate tasks, especially in the early stages of their businesses. This can lead to burnout and limit the growth of the business. Learning to trust and empower others is key to scaling effectively.
By embracing their core abilities, which often include such traits as creativity, focus, and energy, while recognizing addressing areas that might need improvement like impatience, distraction, and reluctance to delegate, entrepreneurs can take the first step towards improving operations.
Copyright: Business Brokerage Press, Inc.
The post The Entrepreneur: Understanding Strengths and Weaknesses appeared first on Deal Studio.
Does Your Company Have an “Orphaned” Product or Service?
Many businesses have a product or service that’s performing reasonably well, perhaps even thriving, but doesn’t quite align with the company’s core offerings. It’s often called an “orphaned” product—a good or service that is disconnected from the company’s main focus. If you find yourself in this situation, don’t panic. It’s more common than you might think. In fact, there are many buyers, from individual investors to private equity firms, actively seeking product lines that can complement or enhance their existing portfolios. Some may even be looking for a standalone product or service they can build an entire business around.
If you’re considering whether to divest your orphaned product or service, here are a few reasons why it might make sense for your company.
Improved Focus and Efficiency
One of the primary reasons to divest an orphaned product is the opportunity it provides to refocus your company’s efforts. An orphaned product, even if it’s successful, can distract your team and resources from the core business. Spreading attention too thin can hold back overall progress. By divesting, you free up time, energy, and capital to concentrate on what truly matters—your core products or services. This focus can lead to more effective innovation, better customer service, and faster growth.
Unlocking Capital for Core Business Growth
Another compelling reason to divest an orphaned product is the potential financial benefit. By selling or offloading the product line, you can generate cash that can be reinvested into your core business. This infusion of capital can help fund new initiatives, accelerate innovation, expand market reach, or even strengthen operational efficiency. In many cases, divesting an underperforming or non-core product is the fastest and most straightforward way to unlock funds that can drive meaningful growth.
Redirecting Resources to More Profitable Areas
Even if the orphaned product is profitable on its own, it may still be a drain on your company’s resources when you factor in management time, logistics, and operational costs. By divesting the orphaned product, you can redirect those resources toward more profitable areas of your business. In some cases, a seemingly profitable product might not be as strategic or scalable as other parts of your company. Divesting it could enable you to invest in higher-margin products or new markets that offer greater long-term potential.
Unlocking New Opportunities
Selling or divesting an orphaned product line can also open doors to new opportunities that were previously inaccessible. The capital, focus, and resources freed up by a divestment might allow your business to explore new product lines, enter new markets, or partner with other businesses in ways you couldn’t have before. This kind of strategic reallocation of resources can invigorate your company and create exciting avenues for future growth.
While divesting an orphaned product can provide significant benefits, it’s not without risks. Parting with a product line requires careful thought and planning. You will want to think about the impact on brand identity, customer relationships, and company culture. It’s important to weigh both the pros and cons before making such a decision.
Divesting can help refocus your company, unlock capital, and reallocate resources to areas with greater potential. However, it’s crucial to approach divestment strategically, with a clear understanding of the potential benefits and risks. In the end, a well-timed divestment can lead to growth and opportunity, but it’s essential to make the decision based on a thorough evaluation of your company’s goals.
Copyright: Business Brokerage Press, Inc.
The post Does Your Company Have an “Orphaned” Product or Service? appeared first on Deal Studio.
Leveraging Customer Feedback to Improve Your Business
If your business interacts with customers, it’s inevitable that at some point, you will receive customer complaints or negative feedback. The key to turning these situations into opportunities is how you handle them. Ignoring or dismissing customer complaints can damage your brand’s reputation and customer loyalty. However, addressing these issues effectively can improve your operations, boost customer satisfaction, and even create positive PR for your business. Here’s how to approach customer feedback and complaints in a way that benefits both your company and your customers.
Dealing with Angry Customers
When a customer encounters a problem, they may approach your business expecting frustration or conflict. It’s crucial that your customer service team or salespeople don’t mirror this attitude. Instead, they should remain calm, empathetic, and focused on finding a solution. Listening actively to the customer’s concerns is key. People want to feel as though they are being heard.
It’s important to note that some employees may take negative feedback personally, but this can escalate the situation. Trained customer service reps understand that the issue is most likely a result of the product, service, or experience, not with them as individuals. Empathy, patience, and professionalism should always guide the interaction.
Take Quick Action
Speed is critical when addressing customer complaints. The longer a problem goes unresolved, the more dissatisfied the customer becomes. In fact, quick action can turn a dissatisfied customer into a loyal advocate. Responding promptly shows that you care and are committed to resolving their issue.
To facilitate this, empower your customer-facing employees to take immediate action. If they need managerial approval to resolve a problem, it can create unnecessary delays, which might aggravate the customer further. By giving your team the autonomy to make decisions and fix problems quickly, you demonstrate that customer satisfaction is a priority.
Get Proactive with Feedback
Regularly gathering feedback from your customers is a proactive way to identify issues before they escalate. By listening to your customers consistently, you can spot patterns or recurring problems and address them before they affect a larger group of people.
Conduct surveys and request reviews. This makes it easy for customers to provide input in a non-confrontational manner. Not only will this help you stay ahead of potential issues, but it also provides valuable insights into your products, services, or customer experience. Analyzing this data can reveal areas where your business can improve or refine its offerings, and help you stay competitive.
Customer feedback, especially negative feedback, is one of the most valuable resources for improving your business. By responding to complaints quickly and professionally, and by regularly gathering feedback, you can turn potentially damaging situations into opportunities to build stronger relationships with your customers. Addressing customer concerns with care can lead to better business operations, while improving customer loyalty and boosting your company’s reputation.
Copyright: Business Brokerage Press, Inc.
The post Leveraging Customer Feedback to Improve Your Business appeared first on Deal Studio.
3 Steps to Sell Your Business Quickly and Efficiently
Before delving into the specific steps that benefit business owners who are looking to sell quickly, it’s crucial to understand the buyer’s viewpoint. For many buyers, purchasing a business is a once-in-a-lifetime event, often involving significant personal and financial risk. Therefore, sellers must take proactive steps to ensure their business is as appealing and risk-free as possible.
There are three key areas to focus on for a successful exit:
- Prioritizing Pre-Diligence
- Reducing Perceived Risk
- Engaging the Right Professionals
By focusing on these areas, you can instill buyer confidence while increasing the likelihood of a smooth transaction.
Step 1: Prioritizing Pre-Diligence
The first step to preparing a business for sale is to view the process from the buyer’s perspective. Buyers will conduct due diligence to assess the financial health, legal standing, and overall stability of the business. If you are able to anticipate and address potential issues beforehand, you can streamline the process.
Well in advance, business owners should work with qualified professionals to ensure that all documentation is in order, financials are accurate, and the business complies with all relevant regulations. This pre-diligence process will create fewer hurdles during the buyer’s due diligence and provide a smoother transition to closing the sale.
Step 2: Reducing Perceived Risk
One of the most effective ways to make a business more appealing to buyers is to minimize perceived risks. Buyers are naturally cautious about purchasing a business, and any factors that raise concerns can hinder a sale.
Here are a few areas where sellers can reduce risk before listing:
- Revenue Concentration: If the business is overly reliant on a few key clients or customers, consider diversifying the customer base or developing long-term contracts that mitigate this risk.
- Employee Contracts: Secure and well-structured employee agreements can provide stability and reassure buyers that the business has a reliable workforce.
- Clear Customer Contracts: Well-drafted and easy-to-understand customer agreements can reduce legal uncertainties and increase buyer confidence.
- Addressing Legal or Financial Liabilities: If there are outstanding legal issues, potential liabilities, or financial discrepancies, it’s wise to resolve these before listing the business.
By addressing these concerns in advance, sellers can significantly increase how attractive buyers will perceive their businesses to be.
Step 3: Engaging the Right Professionals
The right team of professionals can make all the difference when selling a business. Business brokers, M&A advisors, accountants, and legal experts help guide sellers through the complexities of the sale process. They can assist with everything from developing an exit strategy to ensuring that the sale adheres to all legal and financial standards.
Engaging professionals early in the process ensures that the seller has the right advice and support to navigate negotiations, minimize risk, and maximize the business’s value. These experts can also help identify and address potential red flags that might otherwise hinder the sale.
Copyright: Business Brokerage Press, Inc.
The post 3 Steps to Sell Your Business Quickly and Efficiently appeared first on Deal Studio.
You Have a Buyer for Your Business – Now What?
While learning that you have a serious buyer for your business may feel like a cause for celebration, it’s important to hold off on the champagne. The journey from a buyer expressing interest to a finalized sale involves several steps, and your business broker or M&A advisor will play a crucial role in guiding you through the process.
Step 1: Preparing the Offer
Once a buyer is genuinely interested in your business, your broker will help you prepare an offer or proposal. It’s common for such an offer to include contingencies—conditions that must be met before the sale can proceed. These typically involve a review of your financial records, contracts, and any other relevant agreements, such as lease or franchise agreements, if applicable.
Step 2: Reviewing the Buyer’s Proposal
Your business broker or M&A advisor will then present the buyer’s proposal to you. At this stage, you have the option to either accept the terms or make a counteroffer. Many sellers are surprised to learn that buyers can also withdraw their offer if the terms you offer don’t align with their goals.
It’s important to remember that, while your brokerage professional can provide valuable advice on the deal’s merits, you— as the business owner— will make the final decision. There’s rarely such a thing as a “perfect” deal, and you may need to weigh whether the offer meets your needs or if it’s better to hold out for something better. As the saying goes, “A bird in the hand is worth two in the bush,” and it’s up to you to decide if this deal is the right fit.
Step 3: Addressing Contingencies
If you and the buyer agree on the terms, the next step is to address any contingencies. Your broker will help you work through these requirements, which may include verifying financials, resolving legal matters, or providing additional information about the business. Transparency is key at this stage—being open with the buyer will help ensure the process moves smoothly and builds trust.
Step 4: Finalizing the Sale
Once all contingencies are resolved and both parties are satisfied, you can breathe a sigh of relief. The final sale documents will be prepared and signed. This is the point at which ownership officially transfers to the buyer, and the agreed-upon funds will be disbursed to you.
Step 5: Transitioning After the Sale
After the sale is closed, it’s natural to feel a mix of emotions, especially if you’ve owned and operated the business for many years. Sellers often experience a sense of disorientation, as they transition from business ownership to the next chapter of their life. Again, your business broker or M&A advisor will provide guidance to you during this phase. They can offer insights to help you navigate any post-sale questions or concerns.
Conclusion: Reflecting on Your Achievement
Selling your business is a significant accomplishment, and once the deal is finalized, it’s time to reflect on what you’ve achieved. You’ve successfully sold your business, and you’re now ready to embrace the next phase of your life. While the process may have been complex, with the right guidance, you can confidently move forward knowing that you’ve made a well-informed decision.
Copyright: Business Brokerage Press, Inc.
The post You Have a Buyer for Your Business – Now What? appeared first on Deal Studio.
Simple Tips for Being a More Efficient Business Owner
As a business owner, one of your ongoing priorities should be finding ways to save money. Ultimately, this will boost your bottom line and make your business more attractive to buyers. Let’s take a look at some strategies to run a more efficient and cost-effective business.
1. Consolidate Services for Better Deals
There are many clever ways to save money, and some are easier than others. One simple strategy is to consolidate your service providers. By choosing one provider to handle a specific service and sending all of your business their way, you may be able to negotiate reduced fees or discounts. Additionally, asking for a discount or an added perk from your most loyal service providers is often well-received.
2. Reduce Energy Consumption
Energy costs are rising steadily, and depending on where you live, the time of year, and the nature of your business, energy expenses can make up a significant portion of your operating costs. By running machinery or equipment during off-peak hours or investing in low-cost insulation, you could see significant savings. It literally pays to be proactive and look for ways to reduce your energy consumption.
3. Shop Around for Financing
It always pays to shop around, especially when it comes to financing. If you need to take on additional debt, take the time to compare financing rates and terms from multiple lenders. Meet with at least two banks or financial institutions before making a final decision on a new loan. This effort can help you secure the best possible deal for your business.
4. Go Directly to the Source
Another way to save money is to go directly to the source for what your business needs. Whether it’s equipment, supplies, or services, eliminating the middleman can lead to substantial savings. You may also discover more options and greater flexibility when dealing directly with suppliers or manufacturers, which could improve both your operations and your ability to serve customers.
5. Understand Deductible Expenses
It’s important to remember that deductible expenses aren’t a form of “free money” — they’re still costs. The only benefit is that your specific tax rate allows you to reduce the amount of taxable income. Don’t fall into the trap of seeking too many deductible expenses without evaluating whether they are truly necessary. Before making a purchase, consider how much additional revenue you need to generate to justify the cost.
6. Offer Early Payment Discounts
A little creativity can go a long way in saving money. If you offer early-payment discounts to customers, you’re essentially “borrowing” from them rather than a bank. Unlike a bank, which charges interest, your customers are essentially providing you with interest-free financing. Early-payment discounts are one of your business’s best financial tools!
7. Regularly Review Your Business Expenses
Perhaps the most important step any business can take to save money is to periodically pause and assess how money is being allocated. Running a business can be hectic, and it’s easy to get caught up in day-to-day operations. However, failing to review your spending and identify missed opportunities can hurt your bottom line. Make time to regularly evaluate where your money is going, and find ways to optimize your business’s financial efficiency.
Copyright: Business Brokerage Press, Inc.
The post Simple Tips for Being a More Efficient Business Owner appeared first on Deal Studio.
