Being an entrepreneur is a difficult task. In an online conversation last week, a small business owner talked about the many hats entrepreneurs must wear to grow their businesses: You have to assume the role of a producer and marketer and sometimes even bear the burden of distributing your products.
With all these challenges, it is understandable that you’re not in a hurry to chart the financial line. Finances are a different ball game, often tedious and stressful. But not to worry, we’ve got you. With these three tools, entrepreneurs can easily plan and organize their finances and have some fun along the way. Let’s discuss them.
Multicurrency accounts: Take your business to the next level
We’re starting strong with Leatherback’s multi-currency account feature. This feature lets you own currency accounts in your local currency and currencies like USD, GBP, and EUR. As an entrepreneur, you can grow your customer base with this feature, allowing you to receive payments from potential customers worldwide without breaking a sweat. You can also pay staff, transact with clients, or even travel to market your products for business purposes. Another fascinating aspect of multi-currency accounts is that you do not have to deal with transaction fees or limits.
To give context, most other financial services platforms will impose a daily transaction limit on accounts, even business accounts. But with Leatherback, you do not have to worry about this. You can receive and send money in bulk while saving a lot in transaction fees. This way, you can make mass orders to meet your business needs, pay the people who work for you, and think more significantly about your marketing. The benefits are endless.
Once you’ve gotten your payments, you do not need to worry about inflation eating at your hard-earned money if your local currency is prone to devaluation. You can save in USD or any other currency of your choice and protect your money; there’s much more you can do with the Leatherback multi-currency account. To learn more about this feature and how you can use it to scale your business, click HERE.
Get Paid and Track your Income with the Leatherback Invoice Feature
As an entrepreneur, you’ll agree that issuing invoices is crucial to sales. It gives your customer a good impression of you and makes it easy to track your sales. However, duplicating and tracking your invoice when sent to various customers across multiple channels can be difficult. With Leatherback, you can keep a custom template and access previous transactions within your account.
This means you can see which invoices have been paid and which are pending or overdue, track the income, and easily reference past transactions from multiple customers across the globe categorized by currencies. This takes a lot of time that you would have otherwise spent on organising transactions off your hands and will come in handy when it’s time to do your taxes.
By managing your business’s invoicing system on Leatherback, you create a secure, easy-to-navigate, and very organized plan for storing your information. To get a deeper understanding of Leatherback’s invoicing system, click HERE.
Analytics and metrics tracking
After issuing your invoices, receiving payments from customers around the globe, and settling your bills and expenses, you need to gather information from your transactions. With Leatherback, you can access client-based transaction analytics to get helpful insights into your customers’ spending patterns, income, expenses, and transaction details.
Studying your transaction analytics can give you invaluable insight into growing your business. Let’s discuss some of those benefits.
#1 – Better marketing, better sales
When you study your transaction analytics, you can improve your marketing. You understand which products are doing the best, customers you can reward to keep them coming back, and a whole new market to explore in countries worldwide. You can conduct better research and produce better results, which translates to better sales.
#2 – Cut costs and optimise your budget
When you study your transaction analytics, you see which efforts produce the best results and know where to focus when spending for growth. This helps you create a realistic and practical budget to avoid throwing money into the wind. You’ll also be able to cut costs on efforts that barely yield results and save yourself money.
#3 – Learn about your customers and improve your service
Products alone do not determine the best entrepreneur. You need to deeply understand your customers, cater to their needs and provide them with the best experiences possible. You can do this by studying their spending habits and how they have been interacting with you. You can use the information for giveaways, discounts, loyalty programs, and more when you do this.
Growing your business is an uphill battle and can get tiring at times. But we’re dedicated to bringing ease to you and making this journey exciting. Many other tools at your disposal on Leatherback can break the boundaries for you and contribute to your growth and success as an entrepreneur. Coming on board is an easy process that takes only a few minutes to complete. Click HERE to watch a tutorial on how to sign up.
Ready to begin the journey to freedom? These tools and more are at your fingertips, waiting for you to leap. Click HERE to begin your journey unbound by walls.