The impact of the COVID-19 is being felt by all individuals around the world. It significantly impacted everyone’s household income. That is why more people are actively trying to have a passive income. Despite of the challenges in the new normal, people begin to strategize ways to make money. Some are turning online or setting up their own business even in the middle of a Pandemic. You may be thinking that it will be a lot harder to register a business in the new normal situation. Well, it’s true! You can experience falling in extra-long lines in different government offices and banks or have a slower process in business registration because of allotted time or scheduled day for you to be physically present in the agencies, not to mention, the limited public transportation for you to get there. You must finish all the requirements as well for business registration. This will test your patience because of its long process. Well, here’s how we can help you. DTI and BIR are two of the government agencies you need to visit for business registration. Good news! they now offer online services so you can continue registering your business without too much hassle. Check out below the links and procedures of their online transactions, so you can move forward and successfully operate your dream business.

Department of Trade and Industry (DTI) The Department of Trade and Industry will require you to register your business name through its business name service website. Using any devices, you can now request a Certificate of Business Name Registration to DTI. But first, you may check if your preferred business name is available on DTI’s website. Then, if your business name is unused, fill out some questions on the online registration form. Take note of your reference code as you’ll be needing it in your transactions. Once you accomplished the form, you have to pay through their payment options like DTI teller, GCash, and Paymaya. Upon confirmation of your payment, they will send you a copy of your certificate to your email for you to download. Here’s the link to DTI’s business registration: https://bnrs.dti.gov.ph/registration. You may also send them a message for any questions regarding this matter at BNRSHelpdesk@dti.gov.ph. Bureau of Internal Revenue (BIR) BIR provides different eServices portable for easier transactions from taxpayer registration, to electronic filing of tax returns. But to get your Certification of registration, you need to log in first to their eRegistration System. You may also be required to fill up some forms. You can download here the forms based on your business classification (sole proprietor, partnership, corporation).

Business Type Forms

Sole Proprietor

• BIR Form 1901 – Application Form
• BIR Form 0605 – Payment Form
• BIR Form 2000 – Documentary Stamp Tax on Lease
• Partnership
• BIR Form 1903 – Application Form
• BIR Form 0605 – Payment Form
• BIR Form 2000 – Documentary Stamp on Tax Lease
• Corporation
• BIR Form 1903 – Application Form
• BIR Form 0605 – Payment Form
• BIR Form 2000 – Documentary Stamp on Tax Lease
• BIR Form 2000 – Documentary Stamp Tax on Subscription

Moreover, you still need to proceed to your assigned Revenue District Office (RDO Codes will be automatically determined by eTIN) to submit the required forms and/or permits as well as your book of accounts.

For the mode of payment, you can pay through their Accredited Agent Bank or authorized collection agent under their respective Revenue District Offices (RDOs) or pay via BIR-accredited payment facilities such as eFPS or GCash. Unfortunately, not all government offices have online services such as the Mayor’s permit or Barangay Clearance, so you need to be patient in going there to get what you need. But take note, you can always ask your barangay or mayor’s office if they have online registration to get the required papers. It will be helpful if you have their contact details for you to be able to inquire about the requirements in registration. You can also do a research to get the latest updates about the process. Starting a business to registering it can be a lot of tedious, but it will be a good thing and helpful in the end if you patiently finalize it to protect your company in the future in times of unexpected circumstances just like what we’re experiencing today.

When starting a business, it is important to look for a supplier that will help you provide all the most appropriate materials and/or services that will meet your needs. It is one of the major and critical tasks for a businessperson to have a reliable supplier that can keep up with the business goal. You must consider finding a stable and right supplier which is also organized in terms of product prices, delivery, and quality service. Having the right supplier can minimize potential losses of the business you want to start. What is sourcing? Sourcing is described to be the activities within the procurement process to identify, evaluate, and select suppliers that will provide to business needs. It involves supplier management, defining business requirements, category analysis or strategy, identifying the suppliers, requesting for information and quotation (RFI/RFQ), and developing contract. Below are the ways on how to conduct sourcing to match you with the right supplier and gain fruitful relationships to reach your business goal. Filter list from Department of Trade and Industry (DTI) You need to invest your time and effort when finding a supplier because it is important to know well and assess their expertise in the business you want to start. You can set criteria for you to evaluate potential suppliers. You may investigate some characteristics such as:

• Years of experience
• Flexibility
• Reliability
• Quality of their materials and/or service
• Value for money
• Financial security

Also, it is important that they are trustworthy and someone that you can rely on today and in the future. After you list down the characteristics you want for your potential supplier, have a right channel to find them. Consider the following channels when finding possible suppliers:

• Recommendations – you may ask your friend, your businesspersons, or a person who can give you the most honest assessment of the qualities they encounter in partnering with a supplier. You can also check recommendations via online. Find their Facebook or Instagram page to verify their services and client’s feedback.
• Online Marketplace- Potential suppliers are now digitally present. Explore them online by checking websites that can easily connect and offer wide list of international and local suppliers.
• Exhibitions – you can have great opportunities in meeting with different suppliers in an exhibition. It will give you a good idea of which suppliers can be relevant and suitable for your business.
• DTI – the agency has a database where you can check the list of reliable suppliers and their industry expertise. Their contact numbers are included in the list as well.

It is easy to know more about your potential suppliers-just do some research and slim them down into four or five candidates which can help you fulfill your requirements. Look for local suppliers Many local businesses offer their materials and/or services to other businesses. But finding the right one can be difficult. You need to find someone that can help you put up the pieces together to establish your business in the market. Consider the price as well if it is affordable and if they can help you serve in a different geographic region. These are the things you will assess upon looking potential local supplier but, why is it important to have local supplier?

• It can demonstrate investment in local communities
• Cuts down fuel emissions in transporting goods and/or services
• Great predictability of delivery times and costs
• Great control in supplies (where you can visit the site to monitor the quality of the supplies)

Having a local supplier can also position you to a true partnership. You can demonstrate the value of being a trusted partner and not just being an order taker. They can give you information regarding the situation in the manufacturing market in their region, and help you better anticipate the needs of your customers as well as act on the possible scenarios that may affect your business. Negotiate product cost and terms of payment Once you have managed your suppliers, you can approach your potential suppliers and ask them for RFI (Requesting for Information). This will help you know more about your potential partners to pre-qualify them base on their potential suitability for your business. You may also ask them RFQ (Requesting for Quotation) for you to study and compare with other potential suppliers. After identifying your best partner for supplies, you can both revisit the offer and negotiate before signing the supply contract. You should be able to go over with the price, legal conditions, and delivery and return policies that you can both agree on as it is an important basis for your partnership.

Have performance tracker After selecting the right supplier, prepare a track sheet wherein you can monitor the details, activities, and performances of your supplier. Consider the following details on your track sheet.

• Supplier’s Business Name
• Contact Number (Mobile and Telephone Nos.)
• Business Address
• Term of Contract
• Point of Person
• Frequency of Delivery
• Product Quality
• Changes of Product Price
• Supplier’s deals/ promos.

In this process of selecting the right supplier, make sure that you know what you need. You should not be tempted and easily captivated with sales pitches that do not match with your criteria. Moreover, it is worth having if you have an alternative source of supply to help you with difficult situations, but do not buy from too many suppliers. It will be good with your finances and help you easily manage the supplies if you have a limited number of sources in hand. Starting your own business soon? Visit our blogs for more tips.

Everyone wants to have his or her own business. For some, having a business meant enabling ourselves to make money on our own time and pace. But for most Filipinos, having a small business meant having an alternative source of income that can be key in keeping up with monthly bills and other household expenses. Nowadays, it is smart to have alternative sources of income, especially when you have increasing financial responsibilities. More and more Filipinos are embracing microbusiness—online and offline—to make ends meet. However, profitable and successful businesses don’t just grow on trees. If you ask anyone who owns a successful business about how they built theirs, they would have told you a rather unexpected plot with many twists and turns. Business is a risk you must be willing to take. If you want to start your own business, you have to be ready to go out of your way to make sure your business can weather seasons. But how are you going to do that?

Surely, there are some things you can do to improve your chances of succeeding in business. One of those things is planning. Instead of getting risky and spontaneous, one has to take some time in planning before diving right into the world of business. To help you get started, here are the things that can place you on the right side of business:

#1 Scan Your Environment for Opportunities

Any business starts with an idea. Whether you already have an idea or are currently looking for one, you must make an honest audit of your immediate environment or, in business terms, conduct an environmental scan. Environmental scanning is an essential part of the inception of any business. It allows you to gather crucial facts and data about a prospective location, potential customers, and an entire community before entering any business. Many make the mistake of skipping this step. Still, you shouldn’t give in to the temptation as this step can validate the feasibility of your idea. The main idea in conducting an environmental scan is to draw inspiration and insights from your community’s needs. You have to be able to identify and understand the kind of people you will serve, including their buying behavior, their habits, and the common problems they encounter. As a response, you must find out how you and your business are going to fit into that picture. To do this properly, you must ask below relevant questions:

• What specific problems am I going to solve?
• Is there anyone else providing this?
• Who will be my customers?
• What makes my business unique and different from others?

These questions will lead you toward a purpose and give you a sense of focus.

#2 Understand the Market

Once you have identified and defined a problem within a community and have provided a solution through a business idea, it is crucial now to pay extra attention to the market where your business will participate. Market, traditionally, refers to a physical location where buyers and sellers meet to make a trade; however, in Business and Economics, market refers to “the groups of individuals or organizations that make up the pool of actual and potential customers for their goods and services.” In short, the market is the collective term for all your potential buyers. Now, you might want to ask, “Why is it important to study the market?” Conducting a market research, whether formal or informal, can help you optimize your business in many ways. It can help you understand what the consumers want and get the right information you need in order to build a winning plan and strategy. It can give you an idea of the customers’ buying habits and preferences to improve your products and services. For example, due to the recent lockdowns, most households were opting to get their supplies from stores that offer home delivery service. This finding should provide you with an insight and opportunity to cater to this specific market group by offering an added delivery service. Market research helps you identify pain points, so you can better position your business to consumers once you start.

#3 Create a Business Plan

A business shouldn’t just exist; it must engage and impact your customers so that it can survive changing seasons. To make sure it comes to that, you must make sure that all your business decisions will lead you on the right path. But how are you going to do that? A successful business starts with a plan. A business plan will serve as the foundation of your business to guide you where you’re supposed to be. A good business plan should be able to guide you through each stage of your business. When writing your business plan, make sure that it’s concise and actionable. You can start by making a breakdown of the capital you need to get your business started; you must be clear on how you intend to get a return on investment. You must also have a list of suppliers to make sure you can always keep your inventory stocked. It would be best if you also keep tabs on your finances by learning the basics of bookkeeping. In this way, you can make decisions aligned with your business and financial goals.

#4 Decide on a Business Structure

Your business idea and business plan won’t be a business until you make it official. You have to do the right paperwork and register your business to the proper governing body to make it legally operational. In this case, a business structure dictates how you are going to perform your business professionally, such as paying taxes, issuing receipts, and other necessary paper works. Your business structure will affect how much you pay in taxes, your ability to raise money, the paperwork you need to file, and your personal liability. It’s important that you seek expert advice from business professionals when considering the business structure for your business. You must review common business structures and study the processes so you don’t stumble into problems in the long run.

Building a business isn’t always an exact science. There isn’t a one size fits all formula in building businesses that can stand the test of time. Many factors that can affect a business can come into play, some entirely unexpected. However, you can plan ahead and prepare well against any obstacle that you and your business may stumble upon. Use these tips to get you ahead, and who knows? You might just be on your way. Starting your own business soon? Read our blogs for more refrigerator care and business tips.

Holiday season is just around the corner, and for businesses, it’s the most wonderful and busiest time of the year. The question is, is your business ready for it? With high demand and increased competition, it’s essential to build your own solid strategy not only to meet customer expectations but also to make your business stand out from the rest.

Now, if you’re on the verge of planning your preparations, you are at a good starting point, as we’re about to lay down the most significant details that you must know to make your business holiday-ready!

Filipinos love nothing more than festive decorations like parol lanterns, Christmas trees, and twinkling lights. If you ask us about the best way to catch their attention, it’s creating a warm, inviting atmosphere to give your store a cheerful makeover. Apart from the sparkling decorations, you can also get creative with how you display your products. After all, it’s what you want your customers to notice, so make it your store’s centerpiece.

Generally speaking, people are at their peak generosity during Christmas, that’s why during sales and promotions, you’ll notice long queues at every counter in the mall or restaurant. If you want customers lining up your store, you better come up with exclusive offers, bundle deals, or enticing freebies to encourage them to try your offerings.

To appeal to Filipino consumers, try your best to give them your most sincere smile. This way, you can capture their hearts and show your heartfelt intention to help. Sometimes, it’s not just about selling the product but about understanding their needs and communicating that you have the best solution. In addition, things can get quite chaotic during this season, so showing off your best smile might even brighten their day!

All your efforts will go to waste if you do not have enough stocks in your inventory. As demand surges, it’s crucial to guarantee an ample supply to meet customer needs. But of course, be cautious about overstocking too, as it can lead to food spoilage and/or financial losses.

The best way to do all this is to have dependable negosyo appliances like the Upright Chest Freezer from Condura. With its deeper shelves, you can stock more food items. Not to mention, it’s also an inverter, allowing you to save more in the long run.

To sum it all up, the holidays might keep you preoccupied, but all your labors will bear fruit once your plans are set in motion.

Looking for more holiday tips? Stay tuned and subscribe to our website for the latest blog, product drops, and promotions.

In every start-up business, raising money is vital to get off the ground and to cover expenses. It’s crucial and challenging especially if you don’t have an amount in mind, and you don’t know where to get help in financing your business. The way you choose to fund your business could affect how you structure and run your business. So, before taking a risk in putting all your money into starting your business, you should be able to know the ways on how you can get the money you need. Below are the funding ideas that you can do to finance your business. Estimate start-up cost First and foremost, you should determine how much funding you’ll need to launch your business. Every business has different needs, so you need to check your financial situation and know your vision for your business to give you an idea about the financial future of your company. Calculating your start-up cost will help you request for funding and attract investors. It can help you to estimate your profit, secure loans, even save money with a deduction on your taxes (such as medical expenses, transportation expenses, and miscellaneous). Having a list of expenses can also give you a financial picture. The following are the basic and possible materials and services that needed financing:

• Equipment and supplies
• Licenses and permits
• Utilities (e.g. electricity, water, and rental fees).
• Employees’ salaries

It is also a good idea if you can talk to businesspersons, vendors, and service providers to give you an honest estimation for expenses. Prepare your financial statements Having a financial statement can help you attract potential investors or creditors. Usually, accountants are the ones who prepare for financial statements, but you may also use some software for you to be able to do it on your own. For small businesses, it comprises the balance sheet and an income statement. The former provides information about the business such as its assets, liabilities, and equity account while the latter is a report that shows the income the business earned over a specific period. It also shows the cost and expenses of the company. But you may just list down all the income, expenses, and the loss you have for the period for easy calculations. You are actually preparing this statement for you to know your total earnings and how much you’ll pay to your investors if you have any. But again, you may still consider asking a professional accountant to help you prepare your financial statements.

Develop cash flow

Cash flow is the movement of cash into and out of a business, meaning, the money that you received in the business transaction (ex. Sales of goods and services) and the capital leaving the business (ex. Money for loans, purchases, and expenditures). Cash flow has three sections. These sections designate the different ways cash can enter and leave your business. It could be cash from operating activities, cash from investing activities, and cash from financing activities. Know more about these three sections.

• Operating activities are cash used to run the everyday project of your business.
• Investing activities are cash used for investing in assets like equipment and securities.
• Financing activities are cash from loans and payments made to lessen loan balances.

By creating a statement of cash flow, you can identify the actual income your company received. Managing the flow of your money will lessen the possible surprises that you can encounter that will result in a cash shortage. Moreover, seek out advice from an accountant or your trusted business advisor to help you with the calculations. Calculate break-even point The Break-even point is where the business’ total costs or expenses and the total revenues are equal. It is important to know your fixed costs (ex. rent, utilities, wages), the revenue or selling price, as well as the variable costs like the materials and labor of production to help your company understand when one of your products or services start to be profitable or not. According to Freshbooks.com, you can use the below formula to calculate the break-even points: Break-Even point (units) = Fixed Costs ÷ (Price per unit – Variable costs per unit) Here’s an example based on the source’s own example: Your company produces soft drinks, and you are planning to launch a new flavor of a soft drink in the market. You want to know if this new soft drink is worth it on your finances. Using the above formula here’s the result of your computation. P100,000 / (P25 – P21) = 25,000

Fixed Cost P100,000 (total for the month)
Variable Costs P21 (produced per bottle)
Sales Price P25 (per bottle)

This shows that you need to have 25,000 new soft drinks in a month to get to the break-even point. An important usage of this is it will help you with your decisions such as for improving advertising strategies, re-pricing your product or service to increase demand, and setting up your budget. By calculating the break-even point, it will support you in establishing a sales price to gain profit that will ensure a successful business. Identify banks that would finance business Banks are a very popular source of business finance. So, you must render your time to know which banks will help you provide funding for your business. You should be able to carefully consider the type of bank finance that you want as it will affect your cash flow. By loaning in banks, you need to repay the borrowed money at the agreed schedule. The repay amount will depend on the rate of interest and the size and duration of the loan. But sometimes, bank loans tend to be more available to businesses that are well-established or growing. Identify banks that would finance business Banks are a very popular source of business finance. So, you must render your time to know which banks will help you provide funding for your business. You should be able to carefully consider the type of bank finance that you want as it will affect your cash flow. By loaning in banks, you need to repay the borrowed money at the agreed schedule. The repay amount will depend on the rate of interest and the size and duration of the loan. But sometimes, bank loans tend to be more available to businesses that are well-established or growing.

In any case that you acquire a bank loan, you may enjoy these following advantages.

• You will guarantee money for a certain period.
• The loan can be short term or long term.
• You don’t need to provide the bank with a share in the business, or simply, the bank will not take any shares from your business.
• It will help you estimate the interest payments because of their fixed rates.

Thinking over money can be stressful, but it will help you a lot to start your business if you prepare, list-down, and estimate all the things that are needed to be funded to give you an amount that will help your business grow. Just give yourself time and do not rush to anything that might affect your business’ finances in the future. Remember to consult your trusted business advisor or acquaintance, as well as your professional accountant to guide you with the finances. Check out our blog section for more negosyo tips.

Expanding your sari-sari store is a huge step in your negosyo journey. Branching out to a larger market requires strategy, additional resources, and funding. Growing your business or investing in a new venture always comes with a certain amount of risk, but with proper planning, your business expansion could be a game-changer for you and your revenue. As a trusted negosyo partner, Condura aims to help small business owners by sharing information on how to manage their business and teaching the correct strategies to ensure that their expansion will not lead to disappointments and frustrations. Using the income from your sari-sari store and putting it towards a new business venture is a valuable investment that, if managed properly, can be a sustainable source of profit for you.

If you do decide to grow your sari-sari store, start small and don’t jump on a massive expansion right away. Try adding a few things on your inventory first like selling prepaid electronic load or seasonal items like ice candy during the summer and school items sometime in May before classes start in June. If your sari-sari store is located in a town plaza or near a bus or jeepney terminal, selling umbrellas or slippers during the rainy season can be a great way to pull in more sales.

If you want to grow your store into a convenience store-type or a mini-grocery, make sure that you have the space to do so or scout a bigger location and do some research on the new place if there are similar types of stores nearby or is there a large volume of foot traffic within the area?

If you want to offer new services and target different customers, try investing in other small businesses. For instance, if you are located in a residential area or a subdivision, investing in a water refilling station to cater to residents could be a great way of expanding your business. If you are located near a school, hospital, church, the famed carinderia is a viable option. Just like sari-sari stores, carinderias are also a staple in the Filipino culture. One business that witnessed an increasing boom over recent years is coin laundry shops. Another option is to go the technology route and apply for your store to accept utility payments like Meralco, Maynilad, or Manila Water. Apply to become an accredited remittance partner if you have a margin of customers that are spouses or family members of OFWs and are usually getting inward remittances. Remember that people tend to pay for the convenience of your services so make sure that you also prioritize customer experience when expanding your business.

Who says that you have to abandon your sari-sari store once you’ve expanded your negosyo journey? Filipino consumers love one-stop-shops and if you can offer a variety of products and services then it’s a win-win situation for you and your customers. If you went ahead with your carinderia business, try selling some food items in your carinderia like chips, or soft drinks, and canned juices. If you like to bake, try selling your baked goods as well. Putting up a small sari-sari store within your coin laundry shop is a good way to earn because coin laundry shop customers are left with no choice but to stick around and wait for their laundry. Try selling chips and coffee so waiting customers can eat something while doing laundry. Offering free Wi-Fi can also drive your customers to your laundry shop because this means that your customers can multitask— check social media, read or watch videos while doing laundry. A sari-sari store is a good source of income especially for housewives and small business owners. If managed well, it can bring in a significant amount of profit that can be used for expansion. So before you expand drastically, measure what works for you, and refine your approach as you go.

A growing business would eventually beg the question if you need to upgrade your appliances. The simple answer is yes. With business expansion comes the need for bigger storage and a more durable refrigerator to store your merchandise. Condura recognizes that a refrigerator is a valuable investment for any small business owner and their Negosyo Pro line offers a variety of ref and freezers that suit your business and is energy efficient. The Negosyo Inverter Pro for example is perfect for sari-sari store owners that plan to sell seasonal items like ice cream and ice candy during the summer. It can fit up to 20 ice cream tubs and can store more soft drinks and juices with bigger bottle racks. The Negosyo No Frost Inverter Pro is also another option with its two-rack freezer for more storage. If you want to sell Christmas staples like hamon and keso de bola, this ref is a good fit for you. Condura prides itself on a 10-year warranty on refrigerator compressors, a 3-year warranty on inverters, and a 1-year warranty on parts and services. Carinderia owners might want to check the Negosyo Pro Beverage Cooler for your soft drinks, bottled water, and canned juices to display in your carinderia. This cooler comes with a lock and key system, which makes it a reliable choice for business owners. It also has an auto-defrost system and a power cool system. It can store up to 336 soda cans and has more wire shelves for a more organized display. There are many ways for you to expand your sari-sari store business. You just have to take your time to do some research on what is feasible and manageable for you. Take the time to consider all factors and weigh pros and cons for your negosyo before you decide on expanding your business.

The exciting part of being a businessperson is growing the business, but it is also crucial because you will experience its low and high points. A good businessperson should think and focus on business growth and how to keep up with the ever-changing situations especially that consumer’s behavior is constantly changing. It is not smart to be complacent as it does not provide long-term growth. Before your business can grow and achieve sustainability, you need to consider and follow these tips.

Manage and constantly monitor your finances

As you launch your business, you need to know how to organize your finances. It’s recommended to open your bank account to separate the business income from your assets. It will be easier as well for managing taxes, so you would know where to get the money to pay for it. You can also develop a bookkeeping system to help you become more familiar with your day-to-day transactions and to see if there are possible financial crimes. Explore and take advantage of the free tools available online.

Create a marketing strategy

Marketing strategies such as social media marketing will help your business reach the target audience and turn them into customers of your products or services. It can also provide you with the overall direction and goals for your marketing. You can put them both online and offline and help your business to go forward to reach sales goals. As part of creating a marketing strategy, it can also include an evaluation of your demographics and competitors as well as a plan of action for the next few years.

It will help if you also give yourself time to write your strategies. With this, you can identify your business goals by setting SMART criteria.

• Specific — know what you want to achieve
• Measurable — set tangible measures to gauge your results
• Achievable — set your objectives that are within your capacity and budget
• Relevant — set objectives that will help you improve your business or that aligns to your company’s mission
• Time-bound — set objectives you can achieve before your deadline

It is also beneficial if you can test your ideas by doing some research, interviewing your potential customers, and reviewing what works.

Evaluate your Marketing Plan

It can save you money if you know how to evaluate your marketing plan. Your plan consists of all the activities you need to achieve your goal. Constantly reviewing and adjusting your plan to suit the needs of the business and the wants of the customers will help ensure the success of the business. It would help if you can do an evaluation of the actions of your competitors. If your competitors copy what you have done, it means that your plan might be working. The customers’ response can be a big help in the evaluation and may help you determine the kind of reactions your marketing efforts create. Putting up a survey or getting customer service feedback can reveal what your customers are thinking and possibly would want. Looking at your sales performance and return of investment (ROI) can be the fastest way to determine if your marketing plan is effective or not.

Develop sales strategy

A sales strategy is a plan to achieve and secure the long-term revenue of the business by retaining and acquiring existing and new customers. It includes specific tactics, objectives, and marketing strategies that will help you attain your goal—to make sales. You can train your team to learn some tools required to help sell the products and/or services.

To be able to build a successful sales strategy, you need to put your customer at the center of your business. Meaning, thinking what the customers want will help you with your strategy. Giving them a first-hand experience of your goods or services can also help shape their opinion towards your business. Your sales team must provide information relevant to your customers’ needs to help them make a decision about purchasing your products and/or services. They can also connect your customers and prospects through various sales practices such as pitches and demos to make them understand what you are offering to them. Your customers can share this good experience with others and can create more sales for your business. Read more financial tips for your business here: Ways to Raise Money for Your Business

Consider Business Expansion

If for the past months or years, you have had an incredible income growth and the demand for your products and services have increased, maybe expanding your business could be your next move. Diversifying your assets can minimize the potential loss in the long run. If you are engaged in selling bags, why not expand it and offer shoes and women’s accessories? How about expanding your business into one city to another city? With that, you can look for resellers or distributors there to help you sell your products. By proper planning, you can make it happen. Taking time in creating long-term strategies and good organization in finances can help you sustain your business. It is important to continually keep records of your accounting and invest in the capabilities of the individuals inside and outside of your organization. Do not also be afraid to collaborate with your team to manage and generate ideas. More often with team collaboration, solutions can come up that will make your business soar high in the following years.