One of the things that you could do to help you both save money but also make money is to hire an accountant either on a salaried position or as a freelance accountant. Many business owners think that an accountant can only be used to sort through your transactions to work out how much you owe for tax purposes, but they can also be used for financial planning via budgeting. While financial planners and advisors are perfect if you are looking for a way to invest your personal money if its within 7+ digits, an accountant is a great way to find the budget you need in your business account.

The truth is, accountants can find where in your business you are losing substantial funds. Whether it’s through costs that are too high, lost income or costs that you were not budgeted for or even ways that you could distribute funds from one aspect of your business to another. If this is something that you haven’t considered yet, then you can contact an accountant to find out more information.

I would recommend a consultation with an accountant if you haven’t had one yet. Even if you do not decide to use their services, it’s always smart to see the services that they can provide you and what they may be able to do for you. Sometimes they will be willing to do a quick overlook of your accounts (mainly the summarized incomings and outgoings) and a brief top-down overlook.

Otherwise, I would consider taking your own accounting more seriously if you are the one who does the companies accounting. While I would always recommend hiring a professional, it’s entirely possible to be able to learn some of the skills that accountants have garnered and begin your journey to finding out how you can use your books and accounting more effectively. This is something every business owner should learn more of!

Too much demand

Believe it or not, having too much demand and too little supply for a product or service does happen, and it can be extremely negative when it does. There is a designer blinds and plantations company that I know who have had this problem in the past, and luckily, they contacted me because they were very close to going bankrupt.

The easiest and worst thing that you could do when you realise that you do not have the supply to keep up with demand is to mass purchase the product or mass hire for the service that you are offering. It’s easy to forget that the increase of demand may come from what we would call a “trend”, where you will be popular for a temporary period before you go back to where you were.

That is why it makes more sense to ensure you either just about have enough supply to reach the demand, or you are always unable to fulfil every order. Bulk purchasing a mass amount of products that will no longer be in demand the next day means that you will be sitting with 1000’s of products within your inventory with no space or money to store them, and no way to shift the majority of them.

However, if you are smart, then you will make sure that you only ever purchase on a just-in-time model, where you will always just about have enough to service customers. Only ever purchase a product or hire for a service after the order has come in. It means an additional waiting time for the customer, but it means hundreds to hundreds of thousands saved because you didn’t immediately panic.

In this case, it will mean doing your very best to not be greedy or over organise and over plan. It may go against everything you know as a business owner, but in the end it could be what saves your business.

Saving money

Although it may sound strange to say that saving money will be a significantly important part of your business, there is a lot of truth to it. Making sure that your business can save a significant amount through the busier times will be extremely helpful when you need to reinvest into your business during the quieter times.

There will be periods in all businesses where your overall profits are significantly higher than they were the previous month or year. This will happen the further along you are within your own business. That is why it is key to make sure that when you are making a significant amount of profits, you always set some aside.

You may need this money to pump back into your advertising for short term growth or business. You may also decide that you want to hedge your bets and spread your wealth by investing into other businesses, to reduce your risk and liability in your current business. Investing into your own business will mean that you can reap the benefits but investing into someone else’s business means that you can slowly reap the benefits of another business over time without any risk.

You may even experience such a sales drought that one month you may make a loss rather than just breaking even. This would be the worst-case scenario of course, so I wouldn’t go into a panic station at the thought of it. But if you ever do hit a point where you cannot break even and you need to pay for your products, services or even your staff, then you will need some of the surplus that you have in order to just survive.

Whatever you may need the savings for, it’s always smart to make sure you have something tucked aside. You never know when or why you may need it. That is why I use mine to invest.

Lack of business (part 2)

As a follow up to the previous blog post, there is a lot you could do in the short term to bring in as many customers as possible. The only issue with the short term thought process is that you are required to spend money in order to make it happen. While you can choose the amount that you wish to spend depending on several factors, generally you are required to spend significantly more on the short term than you would if you were simply targeting long term successes. That is why we believe a long term plan is better for both costs and the amount of customers you would reach for the cost itself.

In the digital age, quite simply Google is the go-to place to ensure long term survival. Making sure that you can target as many customers as possible in a consistent manner over a long period of time is the key to success for any company. And in today’s world, the way you would do that is by being the first search result in Google.

It must be said, this is easier said than done. If anyone could do it, everyone would do it. That is why you need to learn how SEO works before you decide to embark on this journey. It isn’t just about content or links as you would think. Your business must be consistently perfect on the web now, and even mentions of your business in the average business directory such as Yell has to perfectly match your own business.

There are also costs involved in this too. The cost depends mainly if you want to do it all yourself based on what you have learnt, or if you want to hire a company who is able to provide a great SEO and digital marketing campaign for you. Either way, it needs to be done.

Lack of business

The most difficult thing any business can deal with through their lifetime is a lack of customers using their products or services. If you do not have any customers, you do not have a business. That is the most summarised thing that can be said about a lack of business. It really is as simple as that. If you do not have any customers spending money with you, then your business will be doomed to fail because you aren’t bringing a profit.

However, there are a lot of things that you could do to start bringing customers in and raising a profit. The most important thing you need to look at is whether you want to grow short term or long term.

If you would like to bring customers in immediately, then the first thing you should do is invest into both Google AdWords and Facebook Adverts. Both are extremely helpful tools designed to bring you an exceeding number of customers immediately. Both services do a lot to ensure that customers come to you because it’s a paid service, and you’ll be spending a significant amount with both companies to ensure that people are clicking your phone number or through to your website.

Before you do this, make sure you have an adequate amount to invest in the first place, and make sure that the adverts you put up are optimised to begin with. If your adverts are not actually targeting the customers that you wish to reach and sell to in the first place, then you will be wasting your money. Whether it is through the use of video and imagery through Facebook Adverts, or it’s through the headline and description features of Google AdWords, there is always a way for you to optimise your advert just a little bit more to ensure you get to the right people.

Fabiomatic Solutions

Fabiomatic solutions is a blog that outlines all business solutions that are available to you, despite the market or size of your company. With the digital age significantly growing the landscape for all businesses, it becomes increasingly difficult to really make a mark in your industry without being the very best. But it is easier than ever to find the business solutions that you may need in the future.

The fact is, digital marketing has completely changed the landscape when it comes to advertising. The digital age has also significantly changed the way everything operates including accounting, human resources and even sales. Everything has changed significantly and for some it was amazing, while for others it has become difficult to adapt.

Some business owners may have experienced the same issues but beforehand. Accounting problems were just as common before the digital age as it is now, and they struggle to adapt to a different aspect of their business. So it’s entirely dependent on the business owner. But if you are struggling and you need to find out more information then I want Fabiomatic Solutions to become your main destination to learn more.

There are so many businesses out there that need help with various aspects of their business and are unable to find resources or solutions that are applicable to them specifically or were unaware that some of these solutions are generally applicable to all businesses. That’s why it’s important to make sure that business owners are always educated and informed regarding the issues they may face and how to deal with them once they have.

I was in the same position as many of those who are looking for advice on what they can do to solve a significant business problem they are having, so I am speaking completely from experience.