We can talk about filler all we want – everyone knows that the most important thing in business is money. It’s the blood of your business.
Now, there are plenty of other important aspects to running a business; you need to treat your customers with respect, you need some well-trained employees and of course – you need a solid business plan and to fill a niche in the market.
But without money, is any of this possible?
If you need money to start your business, there are plenty of options, but all will depend on your idea. If your idea is incredible, you might be able to capture the interest of venture capitalists firms who can invest heaps of money into you and your idea – it will have to be something that is simply one of a kind, though. Don’t be fooled though, because even banks might be less willing to part with your cash. If your idea is good though, you’ll be able to find investment or a start-up loan.
There are more ways to gain money than ever thanks to the internet. From ad revenue to e-commerce you can make cash on digital platforms. If you offer an online marketplace for your goods, you can sell them over the internet. Build a website (this should happen anyway) and attached a marketplace to this website and you will increase your sales and take advantage of the exposure the internet can offer to you.
Of course, your customers don’t need big wads of cold, hard cash to purchase your goods from you anymore. There are lots of digital purchase platforms that create virtual accounts meaning that people can pay for your goods instantaneously. PayPal and Bitcoin along with Apple and Android pay are just a few examples of this. These services offer digital payment options in the physical marketplace as well so you’ll never want for payment options. Of course, they can also be embedded into your site. Giving your customers more options in payment is going to mean more money.
What happens when your customers don’t pay? Ideally, a good credit controller will be in your employ who can see these situations before they arise, but sometimes you can be caught out by the collapse of a company in your debt, or the elusiveness of a customer unwilling to pay. There are a number of things you can do here – but the easiest way to find your money is via factoring. You can sell your invoices or accounts receivable to companies that will chase up the debt for their own gain through the services provided by a listing like Factoring Directory (www.FactoringDirectory.org).
Money is going to present a number of issues to your company, but it is imperative you always keep track of it. Software like Quickbooks can help you here and can be linked to your accounts to keep you in charge of your cash. Don’t take money for granted.