What do you own that you would be willing to put on the line in…
In our last blog, we offered up some ideas for plans that will help your business to grow. You’ll notice from the blog that much of the planning has to do with getting yourself into a positive mindset – but one that isn’t naive about the possibilities of failure looming. In today’s blog, we’ll pick up where we left off by offering you some tips to make business growth a distinct possibility.
Here are five:
1. Be mindful of your operating expenses. Don’t lose sight of the fact that your operating costs can get out of hand. “When there is a venture capital injection, or a growth spurt, it’s easy to start to think too big and spend accordingly,” says Brad Egeland on BusinessKnowHow.com, “The prudent business owner maintains the focus on efficient, solid production practices and therefore maintains his/her grip on operating expenses and likewise on lower-cost production.
2. Open yourself up to all possibilities. Don’t limit yourself. Be free to come up with ideas that most would assume are impossible to pull off. You never know what can happen when you dream big. “Get rid of the ‘box’,” insists businessman and author Ken Varga on his website, “Forget about inside or outside the box thinking. Don’t put parameters around your thinking…By removing parameters from your thinking, creative ways to use your budget open up.”
3. Be able to adapt to change. There are changes in technology that are constantly revamping the ways in which businesses function. Wireless point-of-sale devices, for example, enable business owners to process sales outside of their traditional business locations. “One trait that successful startups often have in common is the ability to switch directions quickly in response to changes in the market,” says Shannon Gausepohl on BusinessNewsDaily.com.
4. Focus your attention on the customer experience. This isn’t the first time you’ll hear that an attention to customer service is a priority when looking to make a business successful. And we’re sure it won’t be the last. “Customers’ perceptions of your business can really make or break a business,” writes Gausepohl, “Deliver quality experiences and products, and they’ll quickly sing your praises on social media; mess it up, and they’ll tell the world even faster.”
5. Insist on providing top-of-the-line quality. It must be highlighted that you have competition. The majority of your consumers are quite savvy in that they know the differences between you and your competitors. If you’re not providing top-of-the-line quality, shoppers will know where they can get it from. Be sure to never skimp on the quality of the items that you have for sale. Invest in only the best!
“It’s easy to think about cutting corners, admits Egeland, “That’s fine to do internally as you reduce some operating expenses, freeze wages, freeze hiring, or possibly even letting someone go, but don’t reduce the quality that you provide to your customer. As a customer myself, when I start to see quality decrease, I go elsewhere,” “It’s hard to gain a customer, but it’s very easy to lose one quickly if we don’t continue to provide what they expect and are accustomed to.”
As you’re aware, you’ll need to get your hands on some extra working capital in order to make any business plan one that can get off the ground. For information about Synergy Merchants’ merchant cash advance program or to speak with one of our licensed funding specialists to get a free, no obligation quote, simply give us a call at 1-877-718-2026 or email us at firstname.lastname@example.org.