Business owners take many paths to growing their companies – and every business advisor will give you a different road map. Here are four tips to consider when you’re ready to expand your business and increase your profitability.
- Start with the right foundation
Make sure your product or service is right and as good as it can possibly be and that it meets today’s market needs. Equally important, make sure you’ve hired the right people. You want to be surrounded by hard workers with strong skill sets, can-do attitudes and the best customer service skills you can hire. Whatever your industry, everyone, all the way up to the business owner, helps the company when they have a customer-focused orientation.
- Retain existing customer base and build on it
It’s easier and cheaper to keep a customer than get a new one, so never take for granted a customer you want to keep. Invest time and resources to keep that customer happy. If you have only a part of their business, work to increase your share by demonstrating you can take on more work and rewarding customer loyalty with periodic appreciation campaigns or offering new benefits.
- Be flexible and try new approaches
If your current processes aren’t yielding results and you’re not seeing an increase in revenues, try something new. Add a new service or product, explore new partnerships, investigate new sources for income.
- Speed up your growth with better cash flow
In today’s competitive marketplace, you usually have to spend money to earn money. Factoring your invoices gets the working capital you need to meet your expansion goals. You’ll get paid now for the work you’ve completed, instead of waiting weeks or months for your customers to pay. Use your advances to hire more staff, add a product line, increase sales efforts or whatever you need to take your business to the next level. You incur no debt and your company will have dependable funds that grow as it grows.
When you’re ready to factor your invoices to speed up your cash flow and business growth, turn to an expert partner: Interstate Capital, North America’s leading factoring company. Receive payment within a day of submitting your invoice and invest those funds in your future. Get an instant online factoring rate quote customized for your company today!