Thursday, August 20, 2015

Tricks For Running A Profitable Business

If you're starting a business, your number one goal should be to make money. After all, that's the whole reason you're starting your company! Running a profitable business requires careful planning and dedicated follow-through on all of the strategies you put in place. Obviously, carefully managing your finances is a key component of running a successful business. Here are a few tricks for running a profitable business from the team at First Bank of the Lake.

1. Sell, Sell, Sell!
It's no secret that the first step towards developing a successful business is to sell your product to as many people as possible. In order to have money in the bank, after all, you have to have money coming in! However, be careful that you don't let your intense desire to make the sale cause you to use high-pressure sales techniques that scare away your potential customers. We recommend adopting a friendly, low-pressure sales strategy that allows your customers to feel comfortable and confident with their decision to work with you.

2. Don't Spend Beyond Your Means
This should seem like an obvious tip, but its importance cannot be overstated. If you want to run a profitable business, you have to make more money than you spend. For example, don't run up high balances on your credit cards that you will have to pay off at a later date with interest (this tip goes for your personal life, too). Some loans and debts can be a smart business choice, but it is important to carefully evaluate each new debt before you commit to it to ensure that it will be a smart move for your business.

3. Be Generous With Your Employees
Cutting costs may be important, but avoid skimping on your employees' payroll if at all possible. Your business' success is directly related to the skill and dedication your employees bring to the table, so it is important to cultivate an environment where your employees feel appreciated and valued. Money is a powerful motivator. Even if you have to keep your hourly pay lower, you can offer seasonal or holiday bonuses or paid vacation/sick days to keep your employees happy.

4. Think Twice About What You Do With Your Surplus Funds
In the world of business, what you do with your excess funds is just as important as what you do with your working cash flow. Business owners have a wide array of options when it comes to allocating their surplus funds, such as investing in stocks, retirement accounts, or money market accounts. There is no "right" or "wrong" answer; the key is to carefully evaluate all of the different options to determine which one(s) will work best for you and your business. Be careful, however, that you do not invest all of your surplus funds at one time - make sure you have enough liquid assets to cover any unexpected expenses that may arise.

First Bank Of The Lake Can Help!
If you are in need of a Lake of the Ozarks bank to help you manage your company's funds, look no further than First Bank of the Lake. We offer a wide range of services to business owners, including business checking accounts, business savings accounts, and payroll accounts. For business owners looking to invest while still keeping their assets accessible, we also offer the best rates on money market accounts at the Lake of the Ozarks. Give us a call for more information!

First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.

Located at the entrance to the Osage Beach Premium Outlets!
4558 Osage Beach Parkway, Suite 100
Osage Beach, MO 65065
(573) 348-2265

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