However, with every competition there are winner and losers, and the 21st century has seen market leaders fall by the wayside because of an unwillingness to change and adapt, as well as poor financial decisions.
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But how do you make your business financially secure? That is the main question all business owners ask themselves. Many start-up enterprises fail within their first year simply because they don’t have the funds to continue. While it may not be easy, there are ways you can ensure your business makes it through those tough times and generates enough money to not only survive, but also thrive.
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Make use of digital servicesThe Internet has helped businesses reduce spending and protect their bottom line in numerous creative ways. Investing in a commercial printing press is one thing you might not have given much thought to. If you need to make short runs on marketing materials such as leaflets, flyers and posters, digital printing can be the way forward. In the past, a digital commercial print press was seen to be a little too slow to keep up with mainstream services. However, new advances in technology have meant companies can now take advantage of faster shorter runs.
Other services you can make use of online include advertising and outsourcing some of your workload.
Disruptive MarketingContrary to the name, disruption is more of a business model than a marketing approach. A truly disruptive company has one of two goals: jump aboard an emerging market with an existing product, or re-shape it to meet the needs of an unsatisfied customer base.
Whilst becoming disruptive might mean changing or adapting your business model the investment should mean you remain relevant to a developing, dynamic market.
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Consider all staffing optionsFor those enterprises with an already large work-force, recruitment costs will probably be one of your largest investments. Making sure you have the right people ready to service your customers is critical to success.
However, there are a number of alternative ways to recruit and employ staff, and they don’t all need to work exclusively for you.
Many businesses are considering hiring freelance staff to help bolster their numbers, and they have a number of key advantages; flexibility, accountability and modernity to name a few. Freelancers work hard to please, and you’re completely in control of the process.
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Spend wiselyMany businesses struggle because they haven’t yet got to grips with the simple laws of income and expenditure – you have to bring in more than you are spending! Yes, you sometimes need to spend money to make money, but this isn’t always the best option. Be sure to compare different suppliers. Are you currently getting the best deals? If not, then it makes sense to switch suppliers and make use of better deals.
Overall there are many ways to ensure your business becomes financially stable. Paying attention to your budget will help you to see if and when there is a problem. If you’re looking for more tips, Forbes has produced a good article with advice on becoming more financially secure.
This article was written by freelance writer and mother of three, Kathryn Thompson.
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