Profit is how we measure our performance in business. But you have to work towards it to earn it! If you feel like you didn’t reach your potential in 2017 then thank goodness you still have the chance to turn things around. Maybe you had it written down in pencil, but you used the wrong approach. To avoid repeating last year’s mistakes, here are four strategies to significantly boost your 2018 earnings.
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1-Focus on the major
One challenge faced by most micro-businesses is distraction, often resulting from the attempt to wear many hats. Because you may not be financially capable of employing talent, you may find yourself taking up every role at the same time. Sadly, studies have confirmed that “multitasking” can drastically slow down your progress or even lead to closure.
So 2018 is not the year to be the jack of all trades. Instead, concentrate on what you intend to do. Where necessary, seek assistance by hiring other people with related skills in the areas.
2-Outsource some duties
At times it is wiser to outsource some activities than to have them done in-house. For responsibilities like chasing down unpaid invoices or slow payments which may disrupt your cash flow, you can seek the help of a Factoring company.
Accounts receivable factoring, also famous as invoice factoring enables the merchant to receive instant cash for unpaid invoices for a small fee. This way, you can be sure to collect everything you are working hard to make.
3-Get the correct tools for your micro-business
If you want to achieve growth at that faster rate you have in mind, it is essential to have appropriate tools. Tools refer to any useful software/hardware you can use to provide solutions more cost-effectively. But tools may also mean other useful aspects of your business like a merchant loan— you’ll also need to pick one that fits you right.
Choose only the tools you need and be sure to use them to help you reach closer to your goals much faster. You can use an experts help in case you need assistance selecting the appropriate best tools.
Lastly, you don’t want to be left behind. So it is critically important to keep up with the new trends in every aspect of your business. For example, we saw significant changes in 2017 in the payment industry, and we anticipate more technological developments this year.
If your goal is to fast-track progress this year, then you can’t let this opportunity pass you by. These four steps are an excellent way to kick off.
Author bio: As an account executive, Michael Hollis has funded millions by using alternative merchant loan solutions. His experience and extensive knowledge of the industry has become a true asset for First American Merchant.