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Top 5 Crucial Finance Tips For Start Up Companies

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Nobody ever said that starting a new business should be easy. Or that transitioning from startup to small business status would be a walk in the park.

The reality is that driving growth and achieving sustainability at small firms is tough but with the right approach and ambition, there is no reason these goals can’t be attained.

Here are 5 finance-related ways in which you can look to give your startup a better chance of success:

1. Be obsessed with sales

Unless your business is selling its products or services to paying customers then it is difficult to claim that you really have a business at all. That might sound harsh and there will always be important preparation and promotional work to be done but unless you are succeeding in closing sales then it will be impossible to establish healthy cash flows or keep your company afloat for long.

 

2Measure everything that moves

Financial details can be hugely revealing about how fledgling companies are developing and where they are going right or wrong.

By measuring all incomings and outgoings meticulously, you can equip yourself and your new business with what can be invaluable information reflecting the progress you’ve been making or the missteps you’ve been taking.

derek-jeter-addicted2success-picture-quote1

3. Be ready for anything

For startup companies in any industry financial difficulties and cash flow problems can emerge as if from nowhere and start causing serious problems very quickly.

These issues can all-too easily lead to disaster unless certain contingency plans and alternative financing options are in place to guard against the worst potential impacts.

 

4. Focus on invoicing/payment procedures

It can be easy for passionate and ambitious entrepreneurs to overlook the importance of what should be straightforward processes around invoicing and getting paid by clients and customers. After all, there are likely to be far more interesting challenges to be found elsewhere within the context of a startup operation.

However, any attention paid to the business of ensuring prompt invoicing and pursuit of payments is well spent and can make a major difference in keeping your cash flows moving.

“You don’t close a sale, you open a relationship if you want to build a long-term, successful enterprise.” – Patricia Fripp

5.  Keep costs down and build the right relationships

Our final tip is perhaps quite an obvious one. We all know that keeping costs down can help to balance our finances but in the context of startup operating it bears emphasising and the goal should always be pursued with real determination. A key way of achieving this aim is always likely to be by establishing strong working relationships with trustworthy suppliers and partners.

Hopefully you’ve found these tips useful. Financial management and operational prudence might not be the most glamorous of subjects but every startup has to start somewhere and healthy cash flows will always be essential to success in any enterprise context.

 

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5 Women Who Revolutionized Tech and Made Millions

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There are many female entrepreneurs in today’s world revolutionizing the tech industry and owning their own unique craft. Before, technology and business was seen as a more male-dominanted industry that women rarely crossed into. That’s no longer the case. (more…)

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The Truth About Marketing Every First Time Founder Should Know

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While starting your own business is an exhilarating experience, many start-up founders struggle with successful marketing more than any other area of business. So if you’re thinking about starting a business, here are some of the key things you need to know about marketing before you take the plunge. (more…)

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Lessons I Have Learned About Scaling a Business as a Startup Founder

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When I set out to start my own business three years ago, I never imagined bright lights and private jets to New York or Shanghai for business meetings. Good thing I didn’t because it is nothing like that at all. It was a struggle from day one and I had to embrace the grind to grow. (more…)

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5 Hacks to Improve Your Writing Skills in English for ESL Learners

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Studying in college is hard for everyone, but ESL learners arguably suffer the most. Moving to a foreign country, learning a new language, and keeping pace with the rest of the class may seem like an unbearable burden. It’s okay to feel overwhelmed, but you have to pull through and not give up. 

In moments like this, it’s always a good idea to seek help. Whether you go to WriteMyPaper to order an essay or just talk to a friend, admitting vulnerability is an important step towards improvement. In this article, you will find some tips on how to get better at essay writing, even if English is not your native language.

 

Control Your Environment

Improving your language skills is all about constant practice. Living in an English-speaking community is the first thing you should do to start your practice. It might be tempting to surround yourself with people who already speak a familiar language. However, this way, you won’t be practicing English on a daily basis.

You need to make those lessons almost intuitive in a way that you don’t have to do anything to learn the language. If you live in an English-speaking community, for example, if your roommate speaks English, you will have to practice the language, whether you want it or not.

Still, make sure you don’t take it too far. Taking care of yourself is still as important as ever. Feeling like an alien for the sake of education is not worth it. Remember to keep in touch with your friends and family, talk to them as often as necessary.

 

Practice Constantly

Practicing language is not just about doing your homework. You can make practicing English a normal part of your daily routine by watching TV, listening to music, and reading books in this language. 

Yet, this is a bit tricky. When being surrounded by white noise, people tend to learn not to notice it. You need to ensure this doesn’t happen. As you watch movies or read books, maintain your attention on what you’re doing. If you hear or see a word that you don’t understand – translate it and write it down. Be mindful and remember what you’re doing this for.

 

Writing Is The Answer

If you want to specifically learn to write, you need to do one thing, and that is to write. Continuous practice will help you understand what mistakes you often make and, in time, eliminate them. Focus on your goal, and don’t get discouraged when something’s not working. After all, even Rome wasn’t built in a day!

Get a journal and write in it daily. Pick a new topic every time and note everything you can think of. It’s also important that you write by hand, a spelling checker in your computer is tempting, but it will not help you remember how to spell words correctly. 

Besides, journaling as a habit has multiple health benefits, and it can be therapeutic. It can help you get in touch with yourself and process your emotions better.

 

Learn In a Group

It’s proven that learning in a group is more efficient due to the sense of competition. Find a bunch of like-minded people who want to study with you or join an already existing one, like a speaking club.

The benefit of such activities is that you get all these people from entirely different backgrounds who are all good at various things. This will help you exchange experiences, which is impossible if you’re alone.

Schedule regular meetings, come up with topics to discuss and activities to do. You could watch videos or movies together, or talk about common things. Having assignments like describing an event can also be beneficial for the entire group. This way, while one person speaks, the rest think about how they would say the same things differently. 

This will help you feel more confident in your skills and, consequently, speak and write better.

 

Expose Yourself

The most important thing about learning a language is not to be afraid of making mistakes. It’s inevitable; you just have to take it as a natural part of a learning process. 

A child that is learning how to walk doesn’t give up after falling once, and you shouldn’t either. It’s most likely that your friends understand that you’re just learning a language, and they won’t laugh at you for misusing a word or a few. 

Get over that fear of error and make as many mistakes as it will take. Treat it lightly, and don’t beat yourself up for it. On the other hand, try to attend as many events as you can that will expose you to the foreign language. Not only will it boost your English skills, but also improve your social confidence!

 

Wrapping Up

Learning a language is hard; there’s no arguing about that. However, it’s going to get easier with time. Take every hard thing that life throws at you and turn it into a lesson. 

Watch your favorite movies in English, converse with native speakers, and you’ll see the improvement very soon!

Remember to be patient about it. Don’t give up, and don’t beat yourself up over something that you have so little control of. Good luck!

 

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