As one year ends, we can look back at the past, take stock of where we are in the present, and plan for the future. If you missed some good business opportunities or took some wrong turns with your company in the past, take some time to think about what you can do differently in the new year to have a better, more profitable business.
You might see that you need to build a bigger company for efficiencies of scale or for larger revenue; you might find that bigger is not always better. Whatever your methods or projections, the real goal will always be to increase your profitability – and that may mean doing things a bit differently in the new year. Here are five things to consider:
- Keep the best employees possible. Your sales depend upon your people. In the past, you may have turned a blind eye to weak links in productivity or customer service, but now’s the time to take action. Consider options: training, performance plans, probation, reassignment, termination, whatever will be best for the company.
- Invest in time management strategies. Are you using the hours of each day effectively? Are you getting distracted from the big picture with putting out fires and pushing paper? Learn new skills and use them to organize and prioritize.
- Get your company’s name out in the market. If you’ve been avoiding the challenges of promotion and marketing, make this the year to develop your online presence and networking skills. That’s how successful selling works today.
- Evaluate what sets your company apart. Find your niche: what can you and your people do better than the competition? Identify the ideal customers for your specific kind of service or products and then go after them.
- Find a funding partner you can trust. It’s not easy to go it alone, especially during stressful cash flow problems you’ve faced in the past. When you have to wait weeks and months for customers to pay, you can’t cover payroll, taxes, and other bills and your profits get eaten away with high-interest borrowing and debts. In the new year, get set up with the best possible invoice factoring company you can find. With their instant payment solutions, you can take on new customers, regardless of their payment terms, and have the cash you need right away without incurring debt.
Since 1993, more than 10,000 small and medium-sized business owners have chosen Interstate Capital to help them increase their profitability and grow their business. To learn more about how factoring can help your cash flow in 2018, speak to one of Interstate Capital’s friendly factoring specialists.