Business owners are always trying to save money. Often times, the first impulse is to slash expenses and work on a shoestring budget. The result, companies hope, is more profitability and a longer runway for success. However, when business owners and startup founders choose to work with limited resources, they limit their company resources.
You might roll your eyes if we told you that Envoy Technologies, one of our clients, was just another ride-sharing or car-on-demand-type of service. But luckily for you (and your eyes), it's not. While current companies in the sharing ride economy focus on either peer-to-peer rides or publicly-rentable cars when you need 'em, Envoy is taking a new approach.
Rather than following in the footsteps of known companies like Zipcar, Lyft, or Uber, Envoy and co-founders Aric Ohaha and Ori Sagie are blending a unique intersection of skills, abilities, and consumer needs to offer rentable cars on demand as an ammenity service in new developments and similar private buildings.
And perhaps the best part? Their fleet is 100% electric, creating a sustainable service that helps the environment as much as it helps its users. But first, more on Aric and how he came to co-found Envoy Technologies together with Ori.
There are many industries that have notoriously seasonal sales. The retail sector, for example, earns most of its revenues during the 4th quarter. Wine and spirits makes as much as 60% of its sales during what the industry calls O-N-D, or October, November, and December. However, while these sectors are traditionally seasonal, current consumer trends are causing small businesses and startups in almost any industry to have seasonal sales that skew towards the 4th quarter.
As a result, many previously un-seasonal businesses now deal with seasonal sales. It's common to see many startup companies earn most of their revenue during the 4th quarter. It's therefore extremely important to set your company up this 4th quarter for success. If you do, you can maximize your seasonal revenue and extend your cash runway. If you don't, you might miss out on the best annual opportunity to grow.
The right corporate structure can make or break your startup before it even gets off the ground. Choosing the best legal and tax structure for your business can decrease your personal and corporate liability while increasing your after-tax profitability. The best structure for you is one that has the best legal coverage and tax burden for your specific needs.
Sales growth is a business metric that measures the rate at which your revenue is increasing or decreasing. While some dismiss revenue is a "vanity metric," sales growth remains a good indicator of a company's financial health. This is because sales growth is an important component of projections, budgeting, strategic decision-making, and overall viability.
BeCore experiential marketing is a marketing agency that specializes in creating, strategizing, planning, and executing compelling brand experiences. With a client roster that has such names as RedBull, Farmers Insurance, Nike Soccer, YouTube, and more, you'd think that BeCore has had a straight line to the top. Once you talk to CEO and founder Mark Billik, however, you realize that even successful companies have humble beginnings.
Cash flow is the lifeblood of any company. Without a steady influx of working capital from sales, startup businesses have to rely on investment capital or some form of debt financing. This means that startups often give away large chunks of their comapanies and/or increase their chances of financial insolvency. However, if startups were able to increase their number of revenue streams, they might be able to self-fund more of their working capital needs, keeping more control and reducing the threat of insolvency.
The "AI takeover" refers to the recent explosion of domain-specific artificial intelligence (AI) applications that help make businesses more efficient. Rather than investing in expensive overhead, startup founders now turn to AI alternatives that use new technologies to streamline new and existing processes.
Topics: artificial intelligence
U.S. Bank recently found that as many as 82% of all startups fail due to poor cash flow management. And seeing as the going rate is that 90% of all startups fail, it's not shocking to see that a lack of working capital is more often than not a death blow for early-stage companies.