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?
Below are action areas with potential to significantly improve your business. Implement any or all of these changes diligently and you’ll put your business in position for increased success.
1. Improve Your Marketing Assets
All of your marketing materials should reflect a consistent look and brand message. If you did signs one year, your website another and brochures at some other time, they may not even look like they came from the same company.
Besides getting all your materials synchronized, updating the design can strengthen your message and image. This is equally valuable when it comes to vehicle markings, mailers you send out and the ads you run.
At Mulligan Funding, we practice what we preach. We recently redesigned our website with a new look and user-friendly features. It even includes a fresh logo and colors. We hope you like the new look!
2. Upgrade Your Current Facility
Upgrading your building can pay off big, especially if you’re in a trend-based industry like retail or food & beverage. Updating your shopping or dining area can improve your image as well as the comfort and experience of your customers.
If you have 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.
There are a lot of ways to expand your operations. You might expand your product line, services, purchase additional vehicles or add another location.
If your business is already profitable and you can manage the people and equipment to accomplish the goal, expansion can be a great choice for your business. It expands the customer population you serve and, by its very nature, gets you more business.
4. Start or Expand Employee Incentive Programs
Implementing financial incentives and recognition programs for employees can have several positive effects on your business, such as: Increased productivity, a higher level of customer service, better employee attitudes and culture, lower attrition and a superior experience for your customers.
When using incentive programs, structure them to focus on your business goals. Monitor active programs carefully so you can make adjustments as necessary.
5. Enhance Existing Resources
Repairing struggling or out-of-service equipment may allow you to expand your product line or increase your current level of production. Vehicles getting needed body or engine work will keep your team on the road and leave a better impression on those who see them.
Professional training on how to most efficiently use tools and machinery, sell more effectively, utilize proper customer service techniques, etc. raises your staff’s skill levels, driving improved business results. You can also cross-train employees to cover additional responsibilities during peak periods, vacation coverage or sick time.
These actions have the potential to substantially improve your business. 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 22, 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.