It’s not uncommon for small and mid-sized businesses to rely on business systems that may have been suitable in the past, but are no longer up to the job.
Instead of supporting the business and helping it elevate to the next level, such antiquated systems actually serve as a barrier to growth, and can eventually even threaten the business’s very survival.
To help avoid that nightmare and get on track for sustained success, we’re highlighting 3 key business systems that you can improve or add with a business loan now, rather than later when the costs may be higher and the damage to your business’s profitability and reputation may be significant — perhaps even permanent.
Work Execution System
Chances are that your work execution system is more an ad hoc mix of emails, spreadsheets, documents, and even plenty of good old fashioned paper. However, as noted above, while these tools may have been suitable when your business was brand new and it wasn’t feasible (or strategically wise) to invest in a more sophisticated system: that was then and this is now.
Today, all growing businesses – including and especially small and mid-sized operations – need a robust work execution system that streamlines and automates processes, uses business rules to trigger certain actions (e.g. contact a customer, start a project, etc.), and perhaps most importantly: provides a centralized repository to capture and organize various “work objects” that can include everything from detailed plans to simple emails. Indeed, the last thing you or anyone on your team wants is to spend hours searching for information, or realizing that it’s gone for good because the person who last had it is no longer employed!
Customer Database System
While your appreciate all of your customers, you know that “not all customers are created equal”. Some are more profitable than others, some are more engaged than others, and some are more influential than others. What’s more, some customers have fallen off your radar screen (a.k.a. “lapsed customers”), and getting them back is vital; especially since it costs less to re-engage an existing customer than it does to add a new one.
A sophisticated customer database system gives you the actionable, real-time intelligence you need to track your current and lapsed customers, and determine the best way to reach them (i.e. through email, social media, phone, etc.).
Your Cybersecurity System
On what seems like a daily (or even hourly!) basis, the headlines blare of yet another data breach at a retailer, e-tailer, consulting firm…and the list goes on. And in almost all of these cases, the breach was preventable.
Now, there’s no bulletproof way to stop 100% of malware, Trojans, and other scary advanced threats. But just like the lock on your office door, there is a way to significantly reduce the risk of being victimized by cyber criminals – and that way is to invest in a robust, up-to-date cybersecurity system that includes both protection and detection technologies.
Remember: today’s cyber criminals are actively targeting small and mid-sized businesses, because they know that they’ll face less resistance compared to enterprises. And given that the costs of cleaning up a data breach can easily exceed five figures – not to mention the reputation damage and potential litigation that could drive it past six figures –investing in suitable cybersecurity now vs. later qualifies as a “no brainer”.
Get the Funds You Need to Invest in Your Business
At Mulligan Funding, we pride ourselves on helping small and mid-sized business owners across the country get the funding they need to invest in their business; whether it’s to improve their work execution system, purchase a sophisticated customer database, protect their data with strong cybersecurity tools, or anything else. And unlike conventional bank loans, we impose absolutely no restrictions on how the funds can be used. After all, who knows better that your business needs to succeed and thrive than you?
Call Mulligan Funding at 855-326-3564 to discuss your financing options today!
The information shared is intended to be used for informational purposes only and you should independently research and verify.
Note: Prior to January 23, 2020, Mulligan Funding operated solely as a direct lender, originating all of its own loans and Merchant Cash Advance contracts. From that date onwards, the majority of funding offered by Mulligan Funding will be by Loans originated by FinWise Bank, a Utah-chartered Bank, pursuant to a Loan Program conducted jointly by Mulligan Funding and FinWise Bank.