3 Top Tips to Make Your Business Finances a Success

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You’ve opened a business – that was your first mistake. But now that you’ve ventured into the big bad world of entrepreneurialism, you can’t afford to make another.

Indeed, running a company is rife with perils and pitfalls – unless you have a firm foundation on which to build.

With that in mind, we’ve cooked up a selection of tips to help you rustle up business success.

Know your premises

Understanding the ramifications of your workplace location is vital to any business – especially if you’re aiming for a flurry of profits.

Geography is the key to most successful business locations. A vintage clothing shop in an industrial sector, for instance, is about as likely to find a good customer base as a fish is likely to survive on dry land.

Find a shop for rent that meets all your needs, from the right location to the perfect price, and you’ll be far more likely to net those customers with minimal effort.

Naturally, you’ll have to consider the competition surrounding you. Make sure you’ve got the right balance, then, and you’ll start raking in the cash.

A way with customers

Are you aiming your business at hip and happening, beard stroking trendsetters, or blue-haired grannies who just want a hot cup of tea? Don’t know? Then your enterprise is already on the wrong track.

Every company has to know its target demographic when it’s heading into the big leagues. After all, few people want to see a shop selling bespoke furniture like it’s a branch of IKEA.

Hire some research bods to make sure your social media networks and advertising are in line with your imagined target audience. After all, can you imagine a funeral company having an Instagram account with coffin selfies –they’d lose most of their business in weeks.

Understanding your audience seems like an impossible dream for some companies. But with the right kind of help it can be simple.

The perfect team

As the high street fails, having a place to rent is growing increasingly difficult for a lone business. As internet behemoths like Amazon stomp their feet on the market, customers are growing increasingly disenfranchised with brick-and-mortar shops.

Which is why savvier companies are teaming up and splitting their floor space. Take Waterstone’s as a prime example.

The book chain has teamed up with coffee chain Costa to give customers the option to pick up a paperback with their latte.

Consider this yourself. Find a business that complements your own and team up to offer something customers can’t find online – warmth, comfort and variety.

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