5 Biggest Challenges Small Businesses Face and how to Overcome Them

Everyone achieves a great milestone when they start a business. However, maintaining the business is a greater challenge that most entrepreneurs have to battle with. Many standard business, whether large or small are faced with so many challenges. These challenges include building a brand, hiring the right people, and so on. Although, there are some that are unique to small businesses – ones most large companies have grown out of long ago. Below are 5 of those challenges that small businesses face om a regular basis:

1. Cash Flow Many businesses find it hard to manage a cash flow. It is ideal for a small business to maintain realistic working capital balances to manage the normal trade cycle. Without an understanding of your cash requirements and particularly where your bank is involved with loans, failure to meet the commitments can easily result in a good business to get into trouble. Get good financial advice and take the time to analyze the business risk of failing to meet cash flow commitments before undertaking any new project. Using online invoicing companies such as Acute Invoice Nigeria is also a powerful way to persuade reluctant clients to part with money.

2. Customers Many companies are in business because of their customers. Customers are the heart of any business. Without customers and the revenue generated your business is just a good idea. The challenge is to attract, retain and maximize your customers? The key to winning new business and retention of customers is providing not only great products or services but adding a great customer service experience. What strategies will you undertake to achieve these objectives?

3. Team Tt takes a team to build a successful business. The abilities that can help you launch a business are not the same as those you need to help it grow. It’s vital not to fool yourself into valuing your own abilities too highly. The chances are that you’ll need to find and hire the best talents to help you build your dream business. You need to learn to build and manage a great team. Reading books especially on leadership skills is one of the most recommended ways to help you build a world class team.

4. Time Time is an important currency for entrepreneurs. Although, for the average business owner, there are simply not enough hours in a day. All owners are stretched for time. Creating more time means saying no occasionally and focusing on what is essential for success. This is where a smart business owner will engage with an Advisory Board or business mentor to focus on what is critical and what are distractions remembering to always maintain a sustainable work life balance to stay alert and not burn out. Learn to spend time like money. The best way to effectively manage your time is to create a to-do list of all that needs to be done in a day and try as much as possible to say no to all form of activities and distractions that were not budgeted for.

5. Innovation For a business to grow, they either innovate or die. Although small business owners can be so busy they forget to keep up with current innovations in their sector. When you’re scheduling your week, don’t forget to allocate time to track competitors and undertake awareness-raising activities such as reading (or writing) blog posts. Create Google Alerts, use Twitter hashtags to keep up with what’s trending, and mine the wealth of free, and very targeted online information out there. Staying innovated as a small business owner involves being able to quickly adapt to changes that may occur in your line of business and always seek means by which you can always leverage technology in building a better business.

10 Ways to Invoice Like a Pro

Although this topic might seem boring, you will agree with me that it is very important for entrepreneurs, finance managers and business owners. Employing the services of online invoicing companies in Nigeria is not enough. Proper invoice processing is fundamental to creating a plumper bottom-line for those who get it right from the start.

More so, since invoicing is a key component of every business. Ensuring that your invoices are professional and complete is critical to your success. In lieu to this, we have brought you some best practices for online invoicing.

1. Include a date on your invoice: It seems pretty straightforward, but many businesses that manually create invoices using Microsoft Word forget to date their invoices. If you use a client billing software or bookkeeping program, the date should be generated automatically.

2. Use a reference or invoice number: An invoice number is beneficial for tracking invoices, as well tracking your business’s progress. By starting at invoice number one and working your way up, you can celebrate milestones along the way. Invoice numbers will also make it easier to reference which invoices are being paid by a client who has received more than one bill.

3. Address the person, not the company directly: The address field for an invoice will contain the company name and mailing details, but the invoice itself should directly address the name of the person who approved the purchased. This way the invoice will go to the person that can quickly confirm the charges and approve it for payment.3. Always use a reference or invoice number.

4. Include the due date and terms by the invoice total: It is your responsibility to provide your client with an easy-to-follow invoice that clearly shows them the amount they need to pay and the day it is due. Keeping those details close together in a clearly defined area (usually the bottom, right-hand corner) will give your client a quick reference point when it comes time to pay the bill.

5. Break down each charge with a clear description: Your clients should always be able to see exactly what they are buying and how much each aspect of it costs. They may need to reference this information later on and there shouldn’t be any doubt about what they purchased when the review the invoice.

6. Include a line similar to “we appreciate your business” on the invoice: Manners count in business. It is usually the simplest things that a business does to show their clients they are appreciated that the clients remember when it comes time to make another purchase. 7. Include information about payment options near the total amount owing: Under the invoice total there should be a sentence or two explaining the various payment methods that are accepted. If you give your client’s online or telephone payment options, it could speed up the payment process.

8. Email it to the client and request a read receipt: Eliminate the wait time and uncertainty of traditional mail by sending it directly to your client’s in box and requesting a read receipt once it has been opened. Most client billing software programs have this capability.

9. Follow-up with a professional reminder notice before it is due: There is nothing wrong with sending a professional and friendly reminder that an invoice is almost due. Your clients are just as busy as you and a reminder might move your invoice to an earlier check run.

10. Send a thank you note once payment is received: This is the very last chance for you to make a positive and lasting impression on your client. You should thank them for their timely payment, reinforce your previous statement of appreciating their business, and tell them you will be there if they have any further questions or concerns. This polite final touch will remind them of your commitment to customer satisfaction, which will hopefully stick in their minds when it comes time to re-buy.

How Frequent Traveling Improves Your Life

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Travel is the lure of becoming our true selves.Anonymous

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This is one of my favorite travel quotes and I couldn’t agree more. Travel is transformational and has a way of changing who we are to our very core. It changes us for the better and brings out the best version of us. More so, traveling comes with so many thrills; that great feeling that comes with getting off a plane, booking a 3 star hotel in Lekki Phase 1, trying new delicacies, just to mention a few. Below are 5 ways travel can make your life better and why you should not hesitate to plan your next trip:

1. Travel Broadens Your Horizon A famous writer once said: “I am not the same having seen the moon shine on the other side of the world.” Traveling makes your outlook on life to be transformed significantly. It makes you realize how big and diverse the world is. Once you travel and have a feel of other cultures, your view of the world changes. You become aware of the commonality people around the world share. You find out that people in different parts of the world are not so different after all.

2. You Become More Social Traveling to a new destination makes you more relaxed, eager to chat with people and flow with conversations. You become more comfortable with engaging in group discussions. Travel changes you from being a socially uncomfortable person to a person who is more open. You get used to meeting contrasting characters from different walks of life.

3. It Ignites Your Passion For Learning Travel has a way of awakening your passion for learning new things. Each new travel destination comes with its own culture, language and a different terrain. As such, travelers are always spurred to learn something in every destination they visit. Ranging from very practical skills like learning to sail a boat, to communication skills and even creative skills, you will learn things you never knew you were good at.

4. It Boosts Your Resume Tolerance, flexibility, a fresh perspective, openness … these are some of the keywords your prospective employer will be impressed by. And travel will make you develop all these qualities and more. You will come back from each new travel destination with a new perspective to life, fresh attitudes and the zeal to take on new challenges. Apart from being great qualities to possess as an individual, they will make your resume standout from the rest.

5. You Become More Confident Leaving your comfort zone and forging a new path on your own will go a long way in boosting your self confidence. If you are a frequent traveler, landing in an unfamiliar territory for the first time, learning the local language of your travel destination and finding a hotel accommodation in a strange land are hurdles you are faced with on a regular basis, and overcoming these hurdles makes you more confident in your self.