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Money Matters

3 things small businesses can do to improve their customer experience

Article written by Nadine Martin (Head of Business Operations - Peach Payments)

The dramatic shift to e-commerce since the beginning of the Coronavirus pandemic means that a positive customer experience is now more important than ever. Customers are looking for a painless shopping experience from the moment they visit your online store until they receive their purchased goods. According to a Salesforce report, 91% of respondents said a positive customer service experience makes them more likely to make another purchase. That’s huge.

So what can small businesses do now to improve their customer service experience? Nadine Martin, Head of Business Operations at Peach Payments, provides three ways businesses can improve right now.

7 areas to invest your company’s first profits

Pop the champagne! You have made your first bit of profit. What shall we do with it? Many entrepreneurs may take all the profit and spend it on something frivolous but that could put your business in jeopardy. Yes, celebrate but not with all your profits. Look at your business strategy and plan and find the areas where a cash injection will create the best return on investment. Let’s look at seven areas to re-invest your profits.

8 tips to make your small business payroll easier to manage

Payroll can be a concern for businesses. Here are eight tips to make small business payroll easier and help you manage your employees’ money.

Is payroll driving you up the wall?

Payroll is typically one of the top concerns that many small business owners have when running their business.

However, it’s really important that you do get it right.

Your employees will expect to be paid on time, and receive the correct salary too.

Effective guide to budgeting and financial management for SMEs

Careful financial management is one of the most important parts of running a small business.

Being profitable is not just about how much revenue your business brings in, but it’s about how well you’re able to control your finances. With an effective budget in place and the right financial management strategy, you can make your business a lot more sustainable and successful.

Here are some of the key steps involved in budgeting and managing finances for any small business.

Unlocking funding options for small businesses

Small and Medium Enterprises (SMEs) are the backbone of South Africa’s economy and are pivotal in driving economic growth and job creation.  Despite their critical role, approximately 40%  of these enterprises struggle to secure the necessary funding to thrive and operate at their full potential, creating not only financial challenges but also constraints,  resulting in limited market access and resources. 

Capital and cash flow are vital for the effective operation of SMEs. When cash reserves are low, many businesses are faced with financial challenges, leaving owners with no choice but to look for alternative means of funding to cover operational costs.

5 tips to drive profitability with financial reporting 

All entrepreneurs realize the importance of money to their business operations. Without money flowing in and out on a daily and weekly basis, the enterprise that you worked so hard to get off the ground just won't survive. Having a product or service that consumers want and that you can sell for profit is a start, but managing that money effectively is what will make your company viable in the long run.

One way to stay on top of your finances is regular, clear and effective financial reporting.

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