In yesterday’s blog, we touched upon the concept of “keeping it simple”. Many business owners across Canada tend to feel that getting money to grow their businesses is a long, drawn-out and complicated process. And when dealing with traditional banks, it usually is.
However, some business owners worry about what to do with their extra working capital if they were to actually secure it. Firstly, Synergy Merchant Services is confident that getting a merchant cash advance is the easiest way for Canadian small or medium-sized business owners to get money.
Secondly, putting that money to good use can also be a simple task. On DropShipAccess.com, Lily O’Halloran lists five simple ways that an entrepreneur can grow his or her business. In the interest of continuing to “keep it simple”, we’d like to share some of these ideas with you.
In order to grow your business, says O’Halloran, you need to work on five simple areas: “sales, products, customers, revenue, and expenses.” First off, simply think of ways to increase the frequency of your sales. Offer outstanding customer service, respond to concerns in a timely manner, encourage repeat business and do your best to up-sell.
When it comes to products, you should try to provide those that are in high demand and those that have a steady and consistent demand. You’ll want products that can sell throughout the year. This generally means selling items that can be used every day. As well, the better your product knowledge, the more you’ll be able to sell them.
Don’t forget your customers. As O’Halloran writes, “customer retention is a must.
Loyalty programs can be used to reward existing customers. An example of a loyalty program is a frequent buyer card. After a certain number of purchases, you might offer your customer a small gift card, coupon, or free shipping.”
Think of ways to increase your revenue. Maximize your resources and create a marketing plan that will target the demographic most likely to take an interest in your products. “Crunch numbers to measure your revenue outcome,” insists O’Halloran. And finally, don’t forget to keep your expenses in check.
She writes: “There are two types of expenses: fixed and variable. Fixed expenses, generally, cannot be changed. However, variable expenses can be controlled. Look closely at each variable expense to determine how you can save money. Create an expense budget and adhere to it.”