Small Business Owners

Is your brand still doing this? Physical banners, a thing of the past?

If you walked past a store recently, you probably noticed that many of the retailers in malls or even standalone shops put up these big beautiful banners in front of their store. Why do they do that? Often, we do that because we believe that the right target audience for your brand would be around the area. For example, you may be in a mall where the captive traffic around your store is the highest. The right shoppers for your brand may also be around the area, but they may not necessarily walk past your store, or worse yet walk past the store but like many of us (guilty as charged), spend our time glued to the phone Target the RIGHT Shoppers within close proximity to Your Store You know who the target audience for your brand is. Are they women, new mothers or simply people who are interes...

3 Things Singaporeans Can Learn from What To Eat’s Failure

A Singaporean food delivery company, ‘What To Eat‘, became unreachable after failing to pay their merchants for services provided to them. What To Eat was founded in 2013 and was one of the first food delivery services to gain popularity in Singapore, alongside Deliveroo and Foodpanda. The owner, 40 year-old Benson Lo, had seemingly disappeared when a reporter tried to reach out to him at his home and Geylang office last week. Mr Lo eventually responded in a Channel News Asia story, stating that he is looking to declare his company bankrupt. He says that WhatToEat has been struggling due to high overheads, poor business and stiff competition. “I hope I can repay them, but I really have no means.”. Benson’s pitiful apology comes a little too late, as owners of F&B outlets ha...

The Benefits of SaaS for SMEs by Financio

For the unfamiliar, SaaS (software as a service) is a software distribution model in which a third-party providers hosts applications and makes it available to customers over the internet. Popular examples of SaaS products include Slack, Calendy, MoneyPenny, and Financio, amongst others. Small and mid-sized companies are increasingly turning to cloud-based software to help run their businesses smoothly. Depending on what your business does and your budget, you can pick the products that will benefit you the most. Increased collaboration If your budding startup is growing faster than expected, or you find your teams operate in silos, then it’s time to use a service that enables people to collaborate and bounce ideas off one another. With file sharing capabilities and myriad integrations, Sl...

5 Reasons Indian Beauty Owners Need to Know Their Competitors

In the words of Victor Kiam, an American entrepreneur, “In the world of business, competition will bite you if you keep running and if you stand they will swallow you.” These two lines sum up competition very well. If you are in the beauty industry, you need to beat your competition after knowing them. And how do you do that? Read on about the 5 reasons Indian beauty business owners need to know their competitors to run a successful beauty business. 1. To Understand What Customers Think of Them You need to understand your competitors and customer’s opinion of them. This will allow you to know what the customers like or dislike about the competition. For instance, if your customers like the competitor because it is offering head wash at a good cost while the pedicure is costly, you can bene...

How to Keep the Startup Culture as Your Company Grows

Culture is a pattern of thinking. Your startup culture is most likely spontaneous. As your startup grows you will need to examine and refine your company culture and how to leverage this as you scale your business. Using new business and accounting software will become essential to growing your business and hiring new recruits who can effectively use this software to become competent. Getting Started A startup culture is a workplace environment that values creative problem solving, open communication and a flat hierarchy. Core values should form the identity of your startup and these include; vision and mission statements, products and services, and customer service. In the U.S., where competition for talent is often fierce, startups commonly recruit the most suitable employees by offering...

4 Simple Ways Stores in Malaysia Can Unlock Cash in the Inventory

More often than not, stores find themselves storing excess inventory. Excess inventory is when you have an overstock of merchandise or products in your store. There are many reasons why this can happen. Common causes of this typically include: No buying plan for the arrival of fresh merchandise. Stocking large quantities of merchandise based on unrealistic sales plans. Buying merchandise on the basis of a good deal but are not actually needed. However, if you are unaware, you should take note that you could be sitting on a pile of excess cash! And why is that so? Well, an excess in inventory or old stocks can still be liquidated. When these old  and excess stocks are sold, they are naturally converted into excess cash for your business! So, just how can you, as a business owner, unlock cas...

[Part 3] What To Do When Your Restaurant Business Runs out of Cash

As small business owners it's important to monitor the cash flow of your restaurant business. We've got you covered with these 4 tips that are sure to help you monitor your businesses cash flow so that you'll always have reserves!

9 Tips Foreigners Can Use When Starting A Company In Singapore

Anyone above 18 years of age can easily start a company in Singapore. The procedures involved are simple, quick and free from too many complications. In fact, the procedure can be viewed as 2 simple steps: Company Name Approval Company Registration Things to consider for Singapore Company Incorporation: A foreigner requires a suitable work visa/pass to work in Singapore. The most common ones are Employment Pass (EP) or EntrePass. The holder of the EP or EntrePass has the right to act as a director of a Singaporean company. Given that they have not been convicted of legal offence or bankruptcy, any person above the age of 18 is allowed to register a company. Company incorporation is to be carried out electronically using the online filing system provided. If you are a foreigner who wishes t...

What Retailers Need to Know before Accepting Payment Gateways in Malaysia

Consumers are increasingly expecting to be able to pay via credit card and online payment gateways. Credit card and online payment options undoubtedly provide a host of advantages. They help to attract more customers, considerably broadening customer capture. They are also responsible for producing high revenue. Customers tend to purchase more when the effect of cash deduction is non-tangible. Most noteworthy is the factor of convenience, offered by these type of payment methods. It addresses the problem of having to carry cash around and also promotes safety. However, the nitty-gritty of these payment options has to be thoroughly looked into. Especially from the point of retailers and small business owners. Small businesses usually store money in their inventory. However, when their busin...

Will brick-and-mortar stores ever disappear? Not likely, but the next move should be to bridge the gap between physical and online shopping

Compare the shopping landscape of today to that of fifteen, ten, or even five years ago and you’ll find a completely different ecosystem today. It is, therefore, not surprising for many to question if brick-and-mortar stores will ever disappear sometime in the future due to the prevalence of online shopping. This could be true to a certain extent, but is very improbable for the broader market, as people still do enjoy shopping in physical stores. At the same time, e-commerce and m-commerce have plunged traditional retailers into new terrains as consumer preferences change. However, there is a golden opportunity that retailers can jump into here: to be successful, companies must integrate both online and offline experiences to fulfil the ever-changing penchants of consumers; and thus, becom...

What Every Online Business Owner Needs To Know About Data Privacy

The modern consumer is keenly aware of businesses data collection habits. While the average person may not know too much, they are mostly aware that their details are being collected and analysed by businesses. There is a direct relationship between growth in the tech industry and the need for user data. From consumer behavior to predictive analytics, businesses are able to convert the digital footprints of websters into a stream of revenue. This is done by capturing, unique patterns of behaviour, grouping them into consistent variables and analysing them for effective use. While this all spells cheer for marketeers, companies need to be wary of the risks involved. With an enormous bank of customer data comes the risk of hackers. Customer data is an asset, and data breaches can be costly a...

4 Ways To Stay Focused On Your Business Goals

Most people highlight the perks of running a business without telling you of the actual consequences. If you are running your own business, then you know that it is easy to get overwhelmed and lose focus. Here are 4 tips to keep yourself on track when times get tough! 1. Take Time To Replenish Your Energy Levels Your just cannot focus without energy, and plenty of it. It is the most common factor affecting productivity levels. As your energy supply decreases, you start to fade. Taking steps to monitor your energy supply is a basic and essential concept. Most people tend to take it for granted. They overwork themselves to exhaustion and then get frustrated when they are unable to get anything done the following days. Try taking steps to ensure that you get enough rests between tasks to ensu...

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