But there are basic insights all of us can keep in mind as we look for ways to grow our businesses.
After all, small- and medium-sized businesses are the bedrock of our country’s economy. So if you’re at the helm of one, be proud. Consider these thoughts as you consider how, when and if to grow your company.
1. Don’t be a one-trick wonder. Maybe you’ve spent your time, up until now, focused on one product or service, and maybe that focus has done you some good. Maybe it’s done you a whole lot of good. But is that one product or service enough for the long haul? If not, it may be time to consider adding to it.
While it may sound simple enough, it isn’t always. It can seem like so much guesswork to determine which product or service your customers need next, but maybe the answer is as simple as bouncing your ideas off of them. (And don’t forget to get feedback on price points. After all, there’s no point in getting customers excited about something they’re not willing to pay for.)
2. Don’t settle for the status quo with your customers. If you’ve already expanded your product and service offerings, then maybe it’s time to focus your effort on selling more of them to existing customers who are currently buying just one or two. Start by determining who among your customers is most likely to buy more, and then target your sales and marketing efforts toward them.
3. Don’t stay put. If it makes sense, expand your business into new markets and customer bases, and begin targeting new customer markets.
4. Don’t be afraid to try new things. Even though it’s been around for quite some time, the internet can still provide exciting new opportunities for businesses to market their know-how to whole new audiences the next state over, and clear across the globe.
5. Add a new business to your mix. If you’re in the position to do so, consider merging with or acquiring a business whose offerings complement or expand yours.
Each of these tips should be enough to get you started on the thinking and discovery phase. But before you finalize any decisions, you need to make time to speak to someone who understands your business and the commercial loans market.
We are that someone. At Commercial Funding Partners, we have spent the almost 36 years building relationships with lending houses and securing funding for our clients across a wide array of industries, including aircraft, car dealerships, construction, energy, finance, healthcare, hospitality, manufacturing, rentals, restaurants, technology and transportation.
We have secured millions of dollars in funding — sometimes from our own coffers — to help businesses like yours purchase or rent specialized manufacturing and farming equipment, airplanes, heavy machinery, software, and more.