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Tips and tricks to work with social media influencers

If you are looking for foolproof, trendy strategies to create brand awareness for your new Pakistani business, an influencer marketing strategy is a great place to start! In the past few years, social media influencers have become household names in the marketing industry. This is because of the power they wield over their followers, that can help businesses push their products into the spotlight, with great conversions! What is Social Media Influencer Marketing? A social media influencer is someone who has a relatively large following, and are able to influence those followers through social media. When you hire an influencer to promote your product or brand, that’s influencer marketing. Social media influencers often have followings on various platforms, such as Tik Tok, Instagram, and YouTube. If your Pakistani business decides to delve into influencer marketing, then working with social media influencers will help you spread brand awareness on these different platforms. Tips and Tricks to Work with Social Media Influencers Aim for Nano Influencers Nano influencers are social media influencers with 10,000 followers or fewer, They usually cater to a specific niche, and have a loyal, highly engaged follower base. Nano influencers are great options for new businesses looking to break into social media influencer marketing. They cost less and often give a greater return on investment (ROI). Use Promo Codes  Assigning your influencer a promo code to offer to their followers is a great way to increase sales. The promo code gives a small discount to encourage purchasing, while a special promo code for your influencer makes the buyer feel like they are a part of a special loyalty club. It is also a great way to monitor the success of your marketing campaign for startup valuations! Track Success with Affiliate Links Apart from promo codes, affiliate links are a great way to increase sales and monitor campaign success through social media influencer marketing. Simply assign an affiliate link to each influencer, who will use it to promote your business or product. Every time someone clicks on that affiliate link to make a purchase, you will be able to track it, and the influencer will earn a commission based on the price of the product. Be Mindful of Your Niche Understand your industry and niche. The influencers you collaborate with should be relevant to that niche, and able to resonate with your potential customers. For example, a mom blogger would be a good influencer to help you sell baby products or self-care products. Working with influencers who do not resonate with your niche will lead to a poor return on investment (ROI).

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What does your Profit & Loss statement tell you?

Financial statements are an indispensable part of the accounting and bookkeeping department of any business. It helps you understand your current financial position, assets and liquidity, as well as your overall business’s health. Not only that, but it also is the perfect tool to use for making accurate projections for your company’s future. Clearly, keeping a record of accurate financial statements is crucial for all Pakistani businesses. The profit & loss statement (P&L) statement in particular is very important. Let us take a deeper look into the insights that a P&L statement provides. What is a Profit & Loss Statement? The P&L statement, also simply known as an income statement, is a record of your company’s revenue and expenses over a certain period of time. It comprises two major sections; revenues and expenses. Revenues show how much money your business brought in for that period, and subtracts the actual cost of producing your product (COGS), in order to give a calculation for gross profit.  The expenditure section takes the gross profit, and subtracts all operating expenses that were incurred during the period. This gives the final value for net profit. After net profit is calculated, dividends, tax, and retained profits are also calculated and recorded. What Does Your P&L Statement Tell You? The profit and loss statement tells you a lot about your business’ profitability, earnings, profit margins, and overall financial health.  In particular, it is useful for making further calculations, such as gross profit margin %, net profit margin %, and more. Such calculations help you determine how effective your business is in producing the product, and how much profit it is actually earning.  Here are some major insights that your P&L statement will give you: Are you earning enough revenue to cover the cost of making your product? If you have more than one revenue stream, how are they performing against each other? Where are you spending most of your money?  Are there any big expenses that can be reduced or cut out? How much profits are actually available in the business to take home, distribute to shareholders, and retain in the business? Are you efficiently producing your product? This financial statement, like all accounting and bookkeeping records, are also incredibly important for business valuation purposes. Investors will be very interested to see your P&L statement, as well as internal stakeholders when making future business plans for growth. Metric helps you do all this and more! Looking for the easiest way to get to your profit and loss statement? Download Metric today! Metric lets you track your accounting, and export your profit and loss statement at any time!

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What are customer personas and how can you make one?

The key to marketing is finding your target audience! Thanks to technology and the constant evolvements of marketing tactics, targeting your potential customers has become easier than ever. But how exactly can you find out who your target audience is? This is where customer buyer personas come in. If you are looking to brand your new Pakistani business effectively and pinpoint your customers, then creating a customer persona will be an extremely helpful part of your business plan. It will also be useful to investors and venture capitalists who want to know more about your business before putting in an investment. Here’s what you need to know: What are Customer Buyer Personas? A customer buyer persona is a fictional representation of your ideal customer. It involves the process of a business thinking of all the characteristics, demographics, and traits of their perfect ideal customer. A buyer persona is not a real customer, but a fictional person who embodies the characteristics of your ideal potential customers. For example, if your business involves producing and selling fishing equipment, then your buyer persona may be a middle-aged man named Dave, who enjoys seafood, lives close by a river or stream, and who has time and disposable income to spend on their fishing hobby.  The most effective customer persona is one that narrows down your target demographic and paints a detailed picture of your potential customer’s hobbies, traits, goals, location, and spending patterns. However, avoid coming up with an extremely specific persona, as that can narrow down your target audience too much. How to Create a Customer Buyer Persona for Your Business The typical factors to consider when coming up with your customer buyer persona includes: Age Location Language Spending power Buying patterns Goals Interests Tax bracket Challenges Stage of life Pain points Using the above-mentioned identifiers and characteristics will help you come up with the “best-fit” potential customer. That is, the embodiment or fictional character that best represents the types of people that would be interested in your business. Before you start creating your persona, however, you need to take a deep look into your business and ask the following questions: What problem is business solving? Who would be interested in this product? What is the goal of this business? These questions can all be answered with your detailed business plan.  Grow Your Business with Help From the Best Corporate and Financial Services Now that you know about customer personas, you can include it in your business plan and target customers more effectively. But there is so much more to know if you plan on turning your startup into a million dollar company. That is where we come in! Here at Metric, we offer the best financial, accounting, and corporate services to help businesses like yours raise millions of dollars in investment! Contact us today to learn more.

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Questions to Ask Before Rebranding

Your brand is a representation of your business. It helps customers resonate with you, and keeps your business in their minds. Therefore, a weak brand is not very desirable. And if you feel as though your Pakistani business has a weak brand, that either doesn’t resonate well with customers, or presents a negative image about your firm, then it may be time for a rebrand. However, there are a few questions you should ask yourself before making the huge decision to rebrand your Pakistani business. Is it financially feasible to rebrand? Rebrands can become expensive – in terms of cost and time. It will take up resources in order to create a new logo (if needed) and website, as well as to create new social media and marketing materials to present the rebrand. It may even involve completely renovating your store or office. Therefore, consider the required investment and estimated costs. Use financial modeling to help you determine the true cost of a rebrand. What is your buyer persona? Before you rebrand, take the time to fully understand your buyer persona. That is, create a fictional character that best represents your potential customers. Creating a buyer persona will help you determine what direction to move into with your new brand. Will your new brand resonate with customers? Before launching into the rebrand, examine your business plan and buyer persona. Analyze how the new brand will resonate with your customers. At the same time, take the time to contemplate whether the new brand will align with your business goals and financial plans. What are your competitors doing? Take a look at your most successful competitor. How have they branded their business, and how does it influence your target audience. It is never a good idea to copy your competitors brand, but it will help you pick up on cues and key traits that should be included in your rebrand. Once you have answered all these questions, you will be able to move into the next step of your rebrand!

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Lowering operating expenses for your business

For most ambitious startups, the unexpected COVID pandemic has delayed many business plans causing financial stress. To get up and running again, your startup needs a well-planned recovery strategy! A logical way out is to lower operating expenses. Spending less money on operating costs will enable better success in this uncertain time for your Pakistani startup. If your business plans have been minimally affected by the COVID pandemic, it will still help you to cut recurring expenses and become more lean. The plan to reduce operating costs is a hefty issue. Hasty decisions on cutting corners without thoughtful consideration can backfire, thereby causing financial loss instead of gain.  The following are some factors to consider on reducing costs for your startup: Review the Operating Budget  When your startup chalked a business plan two years ago it did not take into account an upcoming pandemic. Global economic changes will inevitably happen after the pandemic subsides. Start reading and analyzing changes that will affect your business post-pandemic.  Next review the budget taking notes of what is no longer relevant to operate efficiently. Prioritize from sales to marketing to customer retention with decisions based specifically on your startup. This will enable you to review the budget based on current economic conditions. Reconsider Huge Investments  Review the budget giving huge investments proposed prior to COVID-19 careful thought. As the world globally recovers from the pandemic, be overly cautious instead of ambitious. Keeping cash at hand it is easier to accommodate unforeseen expenses.  Reconsider proposed capital investment for Startup growth such as new equipment or facility. Does it make sense to postpone these until the market stabilizes?  Re-Negotiate Business Contracts, Terms, and Agreements  Most organizations have been impacted by COVID-19, giving you the opportunity to re-negotiate business contracts and agreements. Re-negotiate the rental contract with your landlord, speak to vendors, professional services, insurance agents, loan equipment providers and so on. Negotiate out of early termination penalties for those services that are no longer within budget.  It is not always easy to negotiate out of legal contracts or have new terms outlined but there is the possibility of gaining temporary adjustments, discounts on fee or services and delayed payment cycles.  Re-Evaluate Business Software, Products, and Services Take an inventory of all software, products, and services that your startup needs to operate on and the cost of each. This will enable you to prioritize what is absolutely essential and what can wait as these occupy a major portion of the budget. You might discover duplicate software, excess products or services. Eliminating excess can reduce Startup operational costs. Make sure you consult with all concerned departments during this process to avoid any complications. You should not eliminate something that will cost you more in the long run!  Minimize Payroll Expense Payroll is a major expense for most startups. Research ways to effectively reduce payroll costs to stay afloat during the first phase. See if there are government programs and initiatives that will help.  Re-evaluate team bonuses and other employee perks and benefits and add them as your business later thrives. Do your best not to reduce headcount or reduce salaries. Looking for an easy, simple way to track your operating expenses? Download and sign up for Metric today!

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