- Growing your customer base or pounding the pavement to get more customers. You can achieve this by actively working on referrals, cold-calling potential clients, networking, advertising in local papers, or trade publications. You can create a website; work with a professional to expand your web presence.
- Grow your share of wallet instead of working on increasing your customer base, work on your existing customer base and gaining more business from them
- Offer new products or services – by expanding the services you provide or the products you sell you can grow your business, both by obtaining new business and having an expanded offering for your existing customer base.
These are the just three of the many ways you can grow your business to the next level.
The challenge you may face with all of the above suggestions is that all three require cash flow to be able to achieve success.
It’s important to plan for cash flow for growth. If you are just building your business or wanting to take your business to the next level chances are you don’t have a lot of extra money in the bank just waiting to spend on expansion. Likely you are working hard to stay afloat with your finances.
A viable option may be to seek to finance your expansions. Two ways you can do this are:
- Traditional banks: usually requires you to have assets and great financial stability, with a good credit score.
- Alternative financing: You can arrange short term or longer term financing options such as factoring, accounts receivable financing, etc. This option is an option if you don’t have the necessary stringent requirements that the more traditional financing companies require.
Financing can put money into your pocket to make it possible to grow your business
This blog is brought to you by the Moss team at Liquid Capital, contact them today to see how they can help you grow your business http://www.moss.liquidcapitalcorp.com/.