There are some times when news reports about the economy and business trends can make you run screaming into the night. However, there are some basic insights we can all remember as we try to grow our businesses. After all, small- and medium-sized businesses are the cornerstone of our country’s economy. So if you’re the leader of one, you should be proud. As you decide whether and when to grow your company, keep these things in mind:
1.) Don’t let yourself get stuck in the one-trick rut. You may have invested heavily in a single offering, and that focus may have served you well. But is this the best long-term strategy for success? If not, it might be time to add to your inventory. It isn’t always easy figuring out what customers would like to see next—but you can ask them directly! Remember to check if they’d pay for it too; there’s no point in providing something when nobody’s willing to buy it.
2.) Do not settle for mediocrity with your customers. If you’ve already expanded your product and service offerings, then maybe it’s time to focus your efforts on selling more of them to existing customers who are currently buying just one or two. Determine which of your customers is most likely to buy more from you, and then target your marketing efforts accordingly.
3.) Don’t stay put. If it makes sense, expand your business into new markets and customer bases, and begin targeting new markets.
4.) Venture out and try new things. The internet can still provide exciting new opportunities for businesses to market their know-how to whole new audiences all over the world, even though it has been around for quite some time.
5.) Mix it up. Consider acquiring or merging with a business whose offerings complement or expand your own, if you’re in a position to do so.
Before finalizing any decisions, speak with someone who understands your business and the commercial loans market. These tips should help you get started on the thinking and discovery phase.
In the past 36 years, Commercial Funding Partners has built relationships with lending houses and secured funding for clients across a wide range of industries, including aircraft, car dealerships, construction, energy, finance, healthcare, hospitality, manufacturing, rentals, restaurants, technology, and transportation.
To help companies like yours purchase or rent specialized manufacturing and farming equipment, planes, heavy machinery, software, and more, we have secured millions of dollars in funding – sometimes from our own coffers.