According to Merriam-Webster, “collateral” is defined as “property (such as securities) pledged by a borrower…
Small to medium sized business owners all throughout Canada are bonded by sharing a common interest: they all wish to grow their businesses. And why wouldn’t they? With their marketplaces regularly opening up via the internet, it only makes sense to advertise products and services to a worldwide market. Of course, not every business needs to be so far-reaching. But there are many reasons why, as a business owner, you should look to expand your business.
Here are three:
1. It helps your business to stay relevant. People enjoy doing business with companies that seem to be successful. By expanding your business, you will certainly portray your brand as one that is moving upward. The general public will take notice and look to find out more about your company. On Business2Community.com, Robert Cordray explains that one of the best ways to stay relevant is to expand your product line.
“The products people are buying now could very likely lose their relevance down the road,” he warns, “In fact, it could even happen in the blink of an eye. By constantly developing new products, your company won’t suffer when the inevitable occurs.” In some cases, the best way to expand your business is to increase the number of items that you sell. When people know that they can depend on you for what they need, it can go a long way in growing your brand.
2. It addresses the needs of your customers. The best business owners keep their ears to the ground. In other words, they are constantly accepting feedback from their customers and listening to their opinions. Implementing changes based on those opinions will ensure that you are always meeting the needs of your customers. Often, the adding of new products will keep your customers happy.
Cordray comments upon this method of business expansion. He insists that you listen to the comments made by your customers in order to always be able to satisfy their needs. “Don’t just rest on your laurels with the products you provide,” he advises, “Find out why your customers like them and how else your company can meet their needs. This is a great way to get inspiration for new products to offer.”
3. You’ll increase your customer base. If you’re looking to get more customers, expanding your business is certainly one way to do it. Have you ever considered opening up new locations for your company? Being accessible to people in other regions of your city or province may be the ideal solution to growing your customer base. On BusinessReviewUSA.com, Shelly Sun explains the benefits of franchising.
“Franchising is a great vehicle to help you reach more customers, promote your brand, and increase your visibility and credibility as a brand,” she explains, “Opening additional locations on your own could take hundreds of thousands – if not millions – of dollars that are not easy to access through traditional financing today.” This is why Synergy Merchants is so proud of its alternative financing source – our merchant cash advance program!
For more information about our merchant cash advance program or to speak with one of our licensed funding specialists to get a free, no obligation quote, simply call Synergy Merchants at 1-877-718-2026 or email us at firstname.lastname@example.org.