Small business management is as much of an art as it is a science. There are always tradeoffs and there is no single “best” path that you can take to bring your small operation to bigger and better things. However, when it comes to finances, successful businesses employ similar strategies, time and time again. Let’s look at a few validated approaches that can help secure your business’s financial future:.
1) Go with Better Small Business Banking Services
Choosing the right business banking solution makes it easier to grow your funds, beat inflation, and make effortless transfers. Small- and medium-sized enterprise (SME) business banking has come a long way in the Philippines, with providers like Maya Business now giving enterprises of all sizes a level of financial control that was once exclusively for big organizations.
In particular, the Maya Business Deposit savings product has become a runaway hit, gaining favor among big businesses, SMEs, and startups alike. Thanks to an impressive interest rate of 2.5% per annum, Maya Business Deposit amps up your online business banking experience by growing your funds 4x faster than the average bank.
2) Follow Your Mission and Vision
Without a clear vision and direction, you’ll find yourself making decisions that not only degrade your brand but also hamper your long-term financial stability. Following the long-term goals that you set for your business will help you avoid decisions that unduly prioritize short-term financial gain, keeping your brand strong and facilitating sustainable long-term growth.
3) Keep Track of Your Cash Flow
Businesses live and die by their cash flow. To stay competitive, you’ll not only need to keep track of the comings and goings of your business’s funds but you’ll also have to anticipate any issues that might interrupt your income.
If you have a Maya Business Manager account, you can simply use the dashboard to gain full visibility of the funds entering and leaving your Maya Business Deposit. Thanks to the dashboard’s intuitive features and transparency, you’ll enjoy business banking online like you never had before.
4) Focus on Customer Lifetime Value
Customer lifetime value (CLV) is quite possibly the single most important metric for small businesses, second only to positive cash flow. High CLV numbers are strongly correlated with customer loyalty, a good understanding of the market’s needs, and, most importantly, strong finances.
Achieving great CLV metrics can be a complex undertaking, but the main takeaway should be to always consider what it will take to make your customers keep coming back. Developing better offers, improving customer service, and initiating a customer loyalty program are just a few of the many things you should consider to boost CLV.
5) Set Effective Pricing Strategies
Your prices need to make sense for the kind of market you’re pursuing. For instance, if you’re targeting a high-end market, your prices generally need to be set high to recoup your increased costs and convey value and exclusivity. On the other hand, if you’re going for a more economically minded market, your prices need to match or exceed their expectations without seriously eating into your profits. Though setting a good pricing strategy is a challenge, nailing it down will reinforce your brand and earn you loyal paying customers.
6) Stay on Top of Your Payroll
Bungled payrolls can lead to expensive employee attrition, destroying productivity and your business’s hopes of long-term growth. Fortunately, Maya Business gives you more than best-in-class small business banking online solutions, offering excellent bulk payment functions through Maya Disbursements. With Maya Disbursements, you can ensure that your employees, providers, and beneficiaries are always paid on time and in full, giving you more time to focus on other aspects of your business’s finances.
7) Avoid a “Growth at All Costs” Mentality
The “growth at all costs” ideology resonates with a lot of business owners because of the profit potential and the hint of glamor that surrounds fast growth. However, going all in on growth dramatically increases the possibility that you’ll overextend your finances and put your business at risk.
In reality, many business hyper growth success stories downplay the importance of luck and individual circumstances, presenting a distorted picture of what it takes to achieve overnight success. A focus on sustainable growth will, in the vast majority of cases, be the better way to take your business to the next level.
8) Keep Updated on Trends and Opportunities
Small businesses usually have a flatter hierarchy and less red tape compared to larger competitors, allowing them to move faster to avoid risks and capitalize on new money-making opportunities. This advantage, however, only applies if you keep yourself updated on news surrounding your industry. Be alert and always take the time to read about relevant industry, tech, and finance trends, even on busy days.
Take Charge of Your Business’s Finances with a Maya Business Deposit Account
For better financial management and effortlessbusiness banking, Philippines’ startups and SMEs rely on Maya Business Deposit. With an interest rate of 2.5% p.a., a Maya Business Deposit account will grow your business’s savings 4x faster compared to other banks’s deposit products. Create your Maya Business Manager account to enjoy a market-leading interest rate, FREE transfers via PesoNET, and no maintaining balance on your Maya Business Deposit account.
After signing up, you’ll also be entitled to the Maya 1-2-3 Grow bundle. Maya 1-2-3 Grow gives you a 1% MDR (merchant discount rate) discount on all QR Ph transactions for 3 months. You’ll have PHP 14,600 in savings for every PHP 1 million in QR Ph sales, providing effortless growth for your emerging business.
A Maya Business Deposit account is also included in the bundle for your transaction settlements. With its industry-leading 2.5% p.a. interest rate, your funds will earn PHP 25,000 in interest for every PHP 1 million deposited. The Maya 1-2-3 Grow bundle also entitles you to a Maya Flexi Loan offer of up to PHP 2 million, providing your business with new ways to grow and accomplish its mission. To increase your possible loan offer, simply rely on Maya Business as your primary processor for all wallet and card payments. The more you use Maya Business solutions, the better the loan offer.
Sign up for Maya Business Manager today for accelerated savings with Maya Business Deposit and to enjoy the success-amplifying perks of Maya 1-2-3 Grow.
