This blog was last updated on December 17, 2020.
You’ve heard the expression, “If you keep doing the same things, you’re going to get the same results.” So, what are some options to consider if you’re looking to improve your business?
Below are five action areas with the potential to significantly improve your business. Implement any or all of these changes diligently and you’ll put your business in a position for increased success.
1. Invest in Your Marketing Assets
All of your marketing materials should reflect a consistent look and brand message. For example, if you invested in signage one year and a new website design and brochures another year, each of those materials may not look uniform or project the same messaging.
Besides synchronizing all of your marketing materials, updating the design can strengthen your message and brand recognition. To start, make sure any traditional marketing materials such as mailers you send out or even the overall look of your storefront aligns with your digital efforts such as any paid advertisements you run as well. Improving your brand consistency will be helpful for customers and even increase their familiarity with your brand.
2. Upgrade Your Current Facility
Upgrading your building or space can pay off big, especially if you’re in a trend-based industry like retail or food and beverage. Updating your shopping or dining area can improve your image as well as the comfort and experience of your customers. Additionally, for restaurant owners, it may be beneficial to look into expanding your operations with an outdoor dining area. Adding an outdoor section can not only increase your capacity, but it can also be helpful for guests looking for a bit more elbow room.
Alternatively, if you own a medical practice or auto repair shop, improving your waiting area with appealing and more comfortable furnishings can give you a competitive edge over others in your area. Other accommodations guests may also enjoy could include expanding the size of your waiting area, offering virtual appointments if possible, or even simply keeping the space tidy with complimentary hand sanitizer for customers.
3. Expand Your Product, Service, or Location
There are several ways to expand your operations and improve your business. Depending on your business, you could consider expanding your product line or services as well as adding a new location. Plus, if you don’t already have an online presence, expanding your business offerings with an online store or website could help you improve your operations as well.
If your business is already profitable and you can manage the people and equipment to accomplish the goal, expansion can be a great choice to take your business to the next level. It expands the customer population you serve and, by its very nature, helps drive more business to your company.
4. Start or Expand Employee Incentive Programs
Implementing financial incentives and recognition programs for employees can have several positive effects on your business. Making these improvements to your business can often lead to:
- Increased productivity
- A higher level of customer service
- Better employee attitudes and company culture
- Lower attrition
- A superior experience for your customers
If you choose to implement an incentive program, try to structure them around the big picture goals for your business. Once your incentive program is up and running, be sure to monitor them carefully so you can make adjustments as necessary to better benefit your business.
5. Enhance Existing Resources
If your business is currently operating with outdated or unreliable equipment, repairing or replacing machinery is a great way to improve your business. Having the tools you need to get the job done well is critical for not only general operations, but it can also position you to expand your offerings as well.
In addition to taking a close look at your equipment, don’t forget to consider your employees, too. Investing in employee training or other skill-building opportunities can not only improve your business and your team’s skill set, but it can also help you grow your existing team into a stronger group of employees. Depending on your business, you might find it helpful to cross-train an employee in multiple areas or invest in courses for them to learn a new skill.
Whether you’re interested in investing in new equipment, expanding your facility, or simply need extra cash flow, a working capital loan could be the right solution to help you improve your business. With a working capital loan through Mulligan Funding, the funds can be used for any business purpose1 and the process is fast, too*. 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.