5 Common Financial Mistakes That Kill Small Businesses

If you’re a CEO of a company or even a General Manager – you’ll know how much difficult it is to run a business, in this age of competitiveness. You not only have to keep track of all the daily activities of the company, but also its employees, and even new product launches as well. Therefore, with so many responsibilities, it is just hard to keep track of everything in the right way. And this is why most of the times, a certain business or organisation fails to create an impact on the market

But, the main thing that most businesses overlook, is the financial department or bookkeeping. Money is the start and the end of all kinds of problems. So, without much talking, let’s jump on some of the common financial mistakes that kill small businesses.

5 Mistakes From A Financial Standpoint Killing Small Businesses

  • Not Taking Note Of Unexpected Or Hidden Expenses : Running a business means having to face unexpected expenses, at any point in time. These expenses can be in the form of anything. For example, the expense can be in the form of company licenses, employee benefits, and various other additional expenses. Therefore, it is always recommended to keep a provision for costs like these, so that they don’t go out of hand later on.
  • Overspending On Sales : It should be kept in mind that, more sales doesn’t mean more spending in the marketing department. For effectively spending on sales, the company has to look at the Customer Lifetime Value (CLTV) vs. Customer Acquisition Cost (CAC). If the CTLV is greater than CAC, then only it is worth spending on sales.
  • No Management Of Cash Flow : It is very much required for a company to have sufficient revenue and profits, to have sufficient cash available at any given point in time. So, if the expenditures of the company exceed the overall revenue, then the company might incur losses, and thereby go into liquidation. Thus, management of cash flow is very much essential. This is the reason why a bill counter machine is used in most businesses, in order to track the revenue.
  • Having Huge Overhead Costs : Overhead costs are those costs that are incurred while doing a certain kind of production. Therefore, excessive rent or unnecessary subscriptions are examples of overhead expenses, that should be kept in check. Having a simple budget will greatly help in visualizing the overall expenditure.
  • Having No Financial Plan Or Model : Having a particular financial plan is utmost necessary for running a business or a company. This will help in avoiding any unnecessary costs or expenditure. It will also help in sustaining the company for expected future benefits as well. Without no financial plan, is like having a ship without a radar.
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7 Technologies Driving The Future Of Customer Experience

Businesses make customers happy to come back after seamless experience and the year 2018 is the year of customer satisfaction. Undoubtedly, technology is one of the latest role to play in customer experience. These are 7 Technologies Driving The Future Of Customer Experience in this article.

  1. Companies Make Customers Stay Due To Improved Churn Prediction

In the market, finding customers, connecting them to their most suitable product and brand and retaining customers is a big expense for companies. In 2018, technology is so advance that if customers go for another product, place, or brand they’ll know it even before the customer!

  1. Instant Customer Service & Faster Delivery

due to technology, the next customer experience frontier is instant delivery although it is impossible. However top online stores like Walmart & Amazon have same day /2-hr delivery options for better customer experience.

  1. Instantaneous Customer Feedback

Customer feedback forms and online departments have almost replaced customers going in person to the counter to complain about a product. Due to smartphones with top cameras and super fast internet to upload the same it is now easier to give feedback even from other geographies. So, this also drives product improvement in 2018.

  1. IoT (Internet of Things) Era

By the end of 2018 smart things like bottle of coffee beans or a milk carton giving a pop-up message about when it approximately gets over, etc. This helps in hotels & restaurants getting fresh goods just-in-time deliveries.

  1. Anomaly Detection

Due to artificial intelligence and computer learning advancements, it will be easier to detect complex anomaly by the beginning of 2018 giving greater value opportunities & purchase decisions that will up marketing.

  1. DIY (Do-It-Yourself)

Everything is simplified and customers now find it easier to carry out complex processes from everyday product use to anything. This could be medical care, university admissions, automotive repairs and sales.

  1. Personalization

Personalizing customer experience because of enhanced data usage is now a north star in 2018. This includes aligning legacy systems and coalescing data streams for operations. It is used for customer experience and even on ship sale at 4yacht.com too.…

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