Thinking outside of the box is key to any good entrepreneur’s skill set in building their business and scaling up.
Here we will discuss several new and innovative ways to scale and grow your business that will throw out the old ways of thinking when it comes to scaling.
Investing in your Business’ Future
Scaling up and building up your business can be a painstaking and expensive task. Short of securing sizeable financial backing from outside investors, you’ll essentially need to either invest your own money or, in the most likely scenario, attach a business loan from a trusted lender.
When considering a significant investment in building your business, you’ll first need to determine the necessity, the cost, and the return on the investment you hope to achieve with the expense to pitch to your lender. They’ll have quite a few questions that need to be answered before you’re considered for lending.
The next step is to secure a lender, and knowing your credit score api will help you understand the feasibility of the loan and the amount you’ll be able to obtain to reinvest into your business. This will allow you to recognize your strengths and leverage yourself to the lender when the time comes to pitch your idea.
Most trusted lenders will help you through the process and guide you through making sound financial decisions. The best thing to do is be realistic about your expectations and what you want to do as a business owner.
Thinking Outside the Box with Marketing Solutions
Gone are the days of SPAM emails campaigns and mailers as a primary lead generator. These hokey methods of a lead generation hit more junk folders and trash cans than anything else. It’s just not adequate, and it’s time you need to consider something more cutting edge.
One of the newest ways to connect directly with your customers is to enroll with the text message marketing agency Community.
This marketing agency gives the client a personalized phone number that you can supply your customer base with that will engage them in friendly conversations via text and provide them with product recommendations that match their wants and needs.
This proven software will also track lead conversations and stats within Salesforce, Shopify, and other customer relationship management applications, so you know what is working and what is not. It also allows you to group your customer base into different segments, to maximize the return on your investment by customizing the offerings they will see based on specific key metrics.
This is by and large one of the most compelling new marketing tools out there today, and it also drives excellent customer service by promoting a personal relationship with your customers.
Invest in New Facilities
Is your space holding you back from growing? Unfortunately, small businesses often grow faster than their space, which handicaps entrepreneurs from realizing their business’ true growth potential.
Whether you’re in the retail space, warehousing, or even in an office setting, having ample space for inventory and staff is a must to maintain growth. This is why it is essential to plan and invest in ample room for growth in the next year, two years, or five years.
Of course, with this comes to some challenges. Affordable real estate can be tough to find in the current market, and obtaining financing can be lengthy. This is why a bridge loan could be right for you.
This short-term lending option can be beneficial for you to move with the velocity you need to lock in that perfect commercial property when the time comes. Bridge loans come at slightly higher interest rates but allow you to pounce in today’s fast-paced real estate market and will give you some flexibility while working toward a permanent financing solution.
This allows you to keep up with your growth without being restricted in the short term by long closing terms and cumbersome financing processes.
Up Your Game with a Streamlined Billing System
We all know that dealing with accounts payable and accounts receivable can be a painstaking and time-consuming, not to mention a mundane, task. Unfortunately, many small businesses do not have the capacity to support a full-fledged accounting department leaving the entrepreneur to add this portion to one of their many hats on the rack.
There are many different ways this can be automated to make bookkeeping much less of a burden. While there are many forms of small business software, accounting software ought to be at the top of your list to cut down your time spent pushing paper and turn your focus to growth.
Settle.com is a start-up that has solved a lot of these problems for small business owners. They have solutions for both bills paying and invoicing accounts receivable, both of which give you the tools to streamline your accounting duties, saving you time and money.
They offer a cool feature that will remit funds to you, and their team will collect on your behalf from your customers. This is exceptionally cutting edge as it outsources almost all of your time spent on collections and accounting.
Another benefit to this service is from a cash flow standpoint. You’ll receive funds sooner, so you never have to be anxious about settling up with a customer before your next inventory bill is due. This alone is worth the price of admission.
Conclusion
There are always ways to think outside the box when it comes to growing your business. Don’t get stuck doing the same old tired things and expecting different results. Instead, consider some of these options when it comes to taking the next big step in your business. And don’t forget to invest in security solutions like identity governance and administration, so you can minimize risk and ensure compliance.
