Tips That Can Help Your Small Business Grow
June 13th at 3:25am Published by sharpshooteradmin
Many small business owners dream of growing their business. Sometimes the objective is to increase self-sufficiency, sales, and profitability and sometimes it’s about survival. A larger business may have fewer external risks such as competition or fluctuations in the market or technology.
A more established business can also secure funding from traditional funders such as banks, that require healthy cash flow, collateral, a good credit score, and impressive business history. New small businesses that can’t satisfy these requirements utilize online funding options with alternative funders like SharpShooter Funding.
We believe that small businesses make the Canadian economy tick. Most businesses in Canada are small-sized and employ most of the private workforce. They pay taxes and nurture local economies. Whether they need money for stopgap solutions, repairs, maintenance, an emergency, or growth, they can turn to us for fast and flexible funding options. Here are some tips that can help your small business grow:
#1 Improve Efficiencies
New small businesses that improve their efficiencies have fewer cash flow problems. Every little bit adds up.
- Control expenses by eliminating unnecessary expenditures
- Ask your staff to look for discounts and make fiscal disciple a priority for everyone
- Get the best prices from your suppliers by renegotiating and asking for discounts as your company grows and places more orders
- Have vendors compete for your business by placing bids
- Periodically review your business relationships to see where profitability can be increased
- Find a balance between maximizing your revenue and maintaining valuable business relationships
Even if your business has made efficiency a core value, it’s possible to run into unexpected expenses. For example, you may have lost supplies due to an accident or theft. Perhaps key equipment was damaged and needs urgent repairs. Maybe your sales are unexpectedly lower, or a customer needs more time to pay their dues.
If you’re waiting for your regular funding to kick in and need small, fast, low-risk, and flexible funding to bridge the gap, then you apply for bridge funding at SharpShooter. Whether your current liabilities have grown too high, or you need to buy more supplies to prepare for a busy season, this option can help you. We accept 75% of our applicants and the funds are provided within 24 hours. You can easily apply online on our website.
#2 Collect Your Receivables More Effectively
Smaller businesses can be more vulnerable to late payments from clients. However, there are ways for you to improve your accounts receivable turnover ratio.
- Send your invoices on time with regular polite reminders once the account is past due
- Train your staff in the latest accounting software to invoice more effectively
- Add early payment bonuses and late payment fees to the contract to motivate timely payments
- Carefully extend credit to new clients who don’t pass credit or reference checks
- Accept multiple payment options
If your customer hasn’t paid on time, and you need fast funding to meet your operational costs, then you can apply for a short-term funding at SharpShooter Funding. This sum can be paid back anywhere from three to 18 months. Apply for an amount that you feel comfortable paying back because short-term funds can be more expensive.
Alternatively, if you have credit issues and a short-term cash crunch that doesn’t affect your operational costs, then consider applying for a merchant cash advance. Here are some of the benefits of a merchant cash advance (MCA) when you apply at SharpShooter Funding:
- Unlike funding, an MCA doesn’t affect your credit score because it’s unregulated
- It’s based on your future sales and approved very quickly, even if your business is new
- It’s a fixed price funding so interest won’t accumulate and get out of hand
- An MCA doesn’t require collateral, so your assets aren’t at risk
- You can pay more back when business is busier and less when sales are slower
Be wary of accepting an MCA from a creditor that doesn’t show you the APR or the expected monthly payment amount. Because such issuers aren’t bound by law, they can charge interest rates over 100% and put your business in a bind.
#3 Plan Your Growth
To propel growth, your business should improve its market reach. Developing a good website and having a marketing budget that targets your market can help. You can improve your brand loyalty by offering discounts and increase sales by seeking referrals.
Business expansion isn’t without risk. Without proper planning, your product quality may decline, you could be overwhelmed with work unless you have a good team to delegate management duties to, or your business may suffer from increased turnover with employees at odds with the business’s new direction.
You could also suffer from cash flow problems as your growth outpaces your capital. For companies that have been in the business for over three years, have over $20,000 in average monthly bank deposits, $3,600 in average daily balances, and a credit score of over 620, we offer business expansion funding after assessing your short and long-term objectives.
To help your business grow, you can spend this funding on office space, staffing, training, marketing, equipment, working capital, and inventory orders.
You may also apply for long-term business funding at SharpShooter. This is available in amounts up to $250,000 and provided to small businesses for a period of anywhere between three to ten years. To qualify, you must have a personal credit score of 620, and your business must be at least 12 months old with $120,00 in annual revenue.
Although long-term business funding requires plenty of paperwork, the interest rates are lower than short-term funding options, and the repayment schedule is manageable. Moreover, it improves your credit score.
At SharpShooter funding, we also offer franchise funding services to businesspeople that want to expand their franchise stake or establish a branch of their own. Remember, between 1,200 to 1,300 franchises are operating in the country, generating nearly half of all retail sales. If you believe that others can replicate your business’s system of success, then considering franchising.
These are some tips that can help your business grow. For further tips, tricks, trends, and insight, please read more of our blogs by visiting our website. By staying organized, ambitious, and proactive, you can take your thriving business to the next level. For fast, reliable, and transparent funding, apply at SharpShooter Funding for the capital that can sustain your business’s growth.