Archive for January 2018

How to Protect Your Small Business in Tough Economic Times

Business won’t always be good. In the current unstable political climate affecting most parts of the world, and toughening economic times, there is a significant decline in sales for most businesses. Unfortunately, small businesses are the ones that suffer the most. One of the main reasons for this is that small businesses lack the financial reserves necessary to help them survive the hard times. With little cushioning, there are many businesses which have collapsed.

Whether you run a small business as an electrician or you are one of the best car accident lawyers in Markham, you need to keep the following in mind to protect your business.

  1. Have a plan to protect your cashflows

However times get, you need cash flow for your business to survive. It is, therefore, important that you protect your business no matter how tough things get.

To be on the safe side when the winds shift, you embark on a plan to save your business. Some of the things you can do to protect your money include being aware of everything happening around you. Having cash flow projections is one of the best ways of ensuring that you have enough money now and for the future.

You also need to review your credit histories, as well as the credit policies applicable to clients, and customers

If you have accumulated debt, pay them off as soon as possible. You can also manage your cash flows through renegotiating contracts. Something else you can do is to see if your suppliers are willing to extend the terms of your payments. By having an extended payment duration, you get to keep money flowing in your pipelines longer.

You also need to use cash flow management tools to manage cashflows.

Other than these management tips, you have to improve your cashflows. For this, you need to invoice promptly, always ask for partial payments upfront, and give a reward for quick payment. You should also pay our bills only when they are due and go after your receivables.

  1. Focus on your key competencies

Instead of trying to do what everyone else is doing, and also trying to put your hands on anything that has the slightest bit of promise, you should be different from the rest by focusing on that one area of business you are good at, instead of the different businesses everyone is trying their hands on. There is always a part of the business that promises high profitability, only if you focus all your attention on it.

  1. Market your business continually

Even when times are tough, you shouldn’t try cutting down your marketing budget. Unfortunately, most businesses make this mistake thinning out every buck out of marketing. This should be the case, and you should consider placing extra attention on marketing when things get hard.

This is because your existing and potential customers are restless and always looking for ways of changing their buying decisions. So, it is up to you to ensure that your customers get the products and services they are looking for.

Your marketing efforts should target where your audience is. Also, make the most out of social media and other marketing tools like live chats for your website.

Other ideas

You should keep your personal credit in good shape, and you also need to make the most out of the customers you already in your pockets.

Real Nature Of Plumbing Services In Singapore

A normal person is usually confused about the things that are happening in the world of plumbing. When the country of Singapore is considered, there are two types of plumbing services that cover the country. The first one is the water service plumbing work. This refers to the installation of the water tanks, faucets for water usage and pipes to take water to desired places. The repairs that are related to these parts also come under the first type of plumbing. The second type is the sanitary plumbing service which solely focuses on the installation of sanitary discharge pipes and the appliances that are used to take the wastes far from home or home. This also involves any kind of repairs that are done to the pipes and the system of waster material removal. Plumbers who excel in plumbing services usually take up the works that are related to these two types. But there are plumbers who specialize in working for only a single type. There are certifications for plumbers and they should have a license in order to work legally in Singapore. The license that is provided by PUB allows a good plumber Singapore to work on water service plumbing works. It is the job of every person to check and verify if the plumber has a license before giving them the job.

Roles of a good plumber

The roles of a good plumber are many. A good plumber should be able to take care of any problems that might arise with the plumbing services at a home or an office. They first analyze the situation and find the problematic areas. Once this is done, an estimate is created. Once the estimate is informed to the client, the plumber gathers all the equipments that are required to do the work. After the repairs or the installation are done, the plumber cleans up the area. Many agencies provide affordable plumber in Singapore. It is important to find the right agency which has licensed plumbers who are experienced in the field and are friendly to work with. Customer satisfaction is considered to be of prime importance to the companies who send plumbers to people’s places. This will help in developing the good name of the company through word of mouth. Once all the repairs are done, it is important to check the system for any faults that might still not be covered.

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