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Barbados Business Hacks!

Barbados Business Hacks!

As any successful business leader will tell you, there's always more to learn and always room to grow in the business world. 

In our little world, we’ve come up with a few tips that don’t seem to be shared so readily. In some circumstances it really boils down to your individual business, some things, may or may not work for you.

Let's take a look at 5 tips you can use to stay ahead in small business.

Tip 1: Use Your Company Credit Card and Fly Away

When you use your business credit account to make purchases, you can earn sky miles at the same time. You've heard of killing two birds with one stone? That's how it's done.

In some instances you may be able to use your credit card to pay your company Tax (VAT for those of you in Barbados), which can help rack up the miles.

You can save money on your own business trips or when sending your employees to trainings or other business-related events. This saving strategy definitely adds up over time. 

Tip 2: Find Your Niche and Play to Your Strengths

A common mistake many business owners make is in taking on too much at one time and stretching themselves too thin. In the first few years of business ownership, it's best to find your focus and build it on your strengths. 

There's always time to expand your knowledge base and branch out. But first make sure you've got a good handle on your original vision. 

Remember, where you're weak, someone else is strong. Consider contracting out or referring clients to others for non-competing services. You don't have to be an expert for every one of your clients' needs. Play to your strengths.

Tip 2: Market to Your Existing Customers

Most business leaders spend thousands of marketing dollars striving to draw in new consumers. Fewer invest as much time, money and energy into marketing to their existing customers. A few reasons to continue marketing to customers include:

¤  Building relationships

¤  Enhancing retention rates

¤  Bolstering revenue

¤  Acquiring customer promotion

Tip 4: Use the Purchases of Company Vehicles to Your Advantage

None of us jumps for joy around tax season. The stress, the headaches, the hassles. But when you write off your company vehicles, you can make a pretty big dent in what your business owes in taxes.

As a small business owner, you'll eventually get very skilled at knowing where you can save in taxes through business expenses.

Consider or speak to your accountant about the advantages of leasing and or buying your company vehicle. In some instances it may be better to claim back the VAT monthly in the lease.

This isn't about cheating the system. It's about keeping quality records and honestly reporting on your business purchases.

Tip 5: Let Go of the Control and Delegate

As a business owner, it can be difficult letting go of the reigns and trusting others with your "business baby." After all, it's your vision, your blood, your sweat and tears in this company. And now, you're being asked to release control?

Yes. You aren't a superman or superwoman. To be successful, you need to hire trustworthy people and allow them to prove their trustworthiness.

Delegate tasks and decisions to other responsible individuals. One of the biggest mistakes early business owners make is to try to do it all on their own. Avoid this pitfall. Delegate!

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As a small business owner, you want to be the most successful you can be. A good rule of thumb is to seek advice from those who are where you want to be. For further tips on how to get the most out of your business venture we can start by a free consultation.

L'taj

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Monday, 20 November 2017