For business startups and Small and Medium Enterprises (SMEs) to stay in business long enough to achieve desirable profitability, financial experts have listed strategies for effective and seamless enterprise.
With increased internet penetration and marketplace digitisation, making various products and services readily accessible to clients, competition has become as steep as ever and only businesses that go the extra mile to serve their customers stand a chance.
This why business professionals at Unlimint, a payments solution provider that offers fast-growing innovative businesses with a constantly evolving financial interface, designed to help businesses enter new markets, thus promoting growth opportunities for such enterprises, have harped on the need to have clear business goals beyond just wanting to start or own a business.
“It is crucial to know what problem you want to solve? Who is your target audience and how can you serve them better than the competition? What is your value proposition or unique selling point?”
According to the professionals, answering these questions would guide you to achieving your goals and objectives as well as help you know how to stand out in the marketplace.
“Also, it is important to build cost-effective systems to reduce unnecessary expenses and work to increase profitability. Separate your business account from your personal accounts. It is important to keep a separate account for your business to enable you to keep track of the inflow and outflow of cash. To properly manage cost and expenses, ensure the account covers monthly running costs and discretionary expenses including a personal salary to avoid dipping into the business purse. Also choose the right payment solutions, as this is the final key to help position your business to serve your customers better,” they said.