Keeping a healthy-looking bank balance is essential for any business across any industry. It can be an upward struggle to keep bank balance looking positive, but these 4 reasons may explain why your bank balance doesn’t look as good as you want it to as well as giving you some tips to consider in order to help get your bank balance to the type of figure that you want to see.
1. Your expenses have been left untracked
It can be easy to lose track of certain bills and expense when you run a business and these can slowly begin to have a big effect on your company bank balance if they are allowed to run on with little monitoring or tracking. For example, once you have your motor trade insurance sorted with your chosen level of cover and provider, it may be tempting to just allow this to automatically renew every year without much thought. However, there may be cheaper options for traders insurance out there for you if you were to just look. The same can be said for many other regular payments such as suppliers.
2. You’re not getting the right kind of exposure
In business, advertising is everything as you need to be seen by potential clients in order for them to know about your motor trade business. It is possible to spend an absolute fortune on advertising and yet you may not receive anything like equal amounts in revenue back for your efforts. In the digital age it is vital that you target social media with all of your advertising strategies. Having a social media account for your business is free and is a great way to showcase what your company is about and what it is that you do.
3. Your market is too niche
If the services you offer are very specialised then you may find that you are not getting enough custom to make your business viable in the long run. While there is always markets for niche and specialised motor services, especially for things like luxury or classic cars, you may want to consider widening the number and kind of services you offer to include related services to ensure that you are getting a good amount of regular work.
4. Your customers aren’t always returning
If you are finding that your customers are often one offs and don’t return in the future then you should be looking at the level of service you and your employees are offering. Repeat business is a great way to guarantee a steady income and so impressing each and every customer is vital. A loyal customer will also recommend your business to their friends and family. Make sure all staff are trained to the highest level to help ensure great customer service so that your clients keep coming back to you again and again.
Taking note of these 4 factors that may affect your bottom line will allow you to look at what is and isn’t working for your business, and may improve your financial standing.