How To Increase Sales Performance By Analyzing Your Company's Financial Data

 
Capital Markets IQ, LLC is a registered investment advisory firm serving small businesses and their stakeholders. Most of the members of the team have more than 25 years of experience working with businesses of all sizes. Kenneth N. Wiseman, II, is the president and CEO. He is responsible for supervising the investment advisers and assisting them with development of asset management and financial solutions that meet the needs of the company's clients.

 
What should a small business owner know, in regards to their financial performance?

Understand and analyze your own financial performance. Too many times a small business focuses on the top line instead of the bottom line. By objectively analyzing your own financial data, you will better understand your profit centers, and where you should be investing in your business to see future profits.

 
How important is it for a small business to pay their bills in a timely manner?

Extremely important! Pay on time. With credit monitoring services tracking the timing of accounts payable, a small business should pay its bills on time to achieve a high credit score. In our experience, some small business owners do not realize that many companies use these services in the decision making process when deciding whether to engage a small business.

 
How can small businesses increase their sales?

You get what you pay for. Small businesses need to present value to the customer. That means know your strengths and weakness. Always be setting goals to overcome those challenges. Since they cannot hide behind a brand, they must convey value to customers in a different way. Service businesses can do this by convincing customers that they have expertise. Product businesses convey this via feature comparison.

 
Should a small business owner consider investment options?

Yes. Put your cash to work. We see small businesses that hoard cash for a rainy day. While that safety net is important, prudent investing includes the use of low risk cash management strategies to put up extra return, no matter how small.

 
What do small business owners need to know about capital sources?

Know your options. When it comes to capital sources, small businesses should know all of the financing structures available to them. In our experience, many small businesses depend on their local bank for their capital needs which makes them captive to one source. Small businesses often do not realize they may be candidates for numerous, less expensive capital market products.

 
This article was written by Michelle M. Guilbeau for CBS Small Business Pulse.