How to Protect Your Business during the Holidays

Holidays are the best time for businesses to attract more customers and generate increased sales and profit. However, it may also be a time for unexpected situations and impulsive decisions. In order for your business to keep intact during this season, you need to follow some guidelines.

Concentrate on Customer Service

When you know how to deal with your clients like Terry Powell, you’ll earn their trust and loyalty. That will allow you to earn a constant stream of revenue as people come back to your business for their next purchase. Always be equipped with ideas and tips that you can give to your customers. These simple gestures can add value to the commodity you are marketing, thus improving your recall among your customers.

Take Safety Precautions to Prevent Accidents and Injuries

During the holidays, people tend to be more careless when shopping. That’s why accidents and injuries happen. Being a concerned entrepreneur, you must think of ways to keep your clients safe when they shop. 

Maximize Security

Shoplifters and burglars are more active during the holidays. Therefore, you must give a 101% on security. If possible, install security cameras and burglar alarms to protect your shop from being robbed. If not, you can hire security personnel that will safe keep your franchise. 

All in all, the holidays are also a time to feel positive about the things we do, so make the most out of it and take the time to enjoy the little blessings of life.

Bookkeeping for Business Start-ups

The term bookkeeping is often mistaken with accounting. People confuse the two terms for each other, as they are related and go hand in hand. Accounting has an extensive scope, which includes analyzing and interpreting transactions and events with regards to the people and history involved. 

Bookkeeping is part of accounting. It is the first phase of accounting wherein all financial transactions are systematically recorded, either in journals, petty cash books, ledgers or daybooks. This is done by a bookkeeper. After which, the accountant transfers all the records from the bookkeeper to the balance sheet and income statement. 

How to survive a Financial Crisis

Financial problems are detrimental to both the economy and the small business industry. Most countries have experienced the wrath of the "global economic depression," and that's why governments are trying to find ways and strategies to combat this economic downtrend.

For the most part, let's talk about how an ordinary person can avoid suffering from the effect of this global crisis.

Here are some effective and time-tested ways to avoid a financial crisis:

1. SAVE your money - It is easier said than done, and it takes a lot of self-constraint. But we all have to be practical and wise at times like this, and it is better to have some cash stashed for economic downtimes.  If you're working, at least save a bit of money from your monthly paycheck and deposit it in the bank.

2. Try using PUBLIC TRANSPORT - Gas prices are fluctuating right now, and this idea probably crossed your mind at one point. If you plan to buy a car, opt for one that is fuel-efficient. It would also do you good to consider walking over short distances. That would be good for your health and the environment – it’s just like hitting two birds with one stone.

3. Focus on buying NECESSITIES – This is where being practically hits hardest. Just buy necessities that you are constantly in need of, like a carton of milk, bread, eggs etc, and if possible buy that in bulk.

4. Educate your family about the economic crisis and how they can help ease financial burdens - This can be fun, and you can be surprised by your children’s reaction. It would be like a team effort.

5. Learn to simplify your life - Cut or reduce the use of credit cards, if you have any. Credit cards can tempt you to buy things you do not need, and even one can drain your income.

6.  Educate your children about the value of money - Inculcating good values in children at an early age can help them practice good financial management when they get older.

There is no reason for anyone to suffer financial problems. But in the face of the economic crisis, it's high time to become wiser in making financial decisions. These are just some ways to avoid falling into a financial crisis. Terry Powell, IFA, CFE Founder and CEO of FranchisEsource Brands International, has a lot of ideas regarding financial management. He is one of the experts in economic and financial control, and his ideas can be beneficial for small business owners out there.