If you are looking for ideas to improve your business, scale, and drive additional revenue, you may be considering your options. Deciding which changes to move forward with and how much capital to allocate to these ideas can be both difficult and time-consuming.
Consistent improvements to your business are vital for success and can help you stand out from the competition in an ever-changing competitive marketplace.
Here are 7 ideas and tips you can implement that may be able to deliver the results you need to improve your business performance.
1. Invest in Your Marketing Assets and Brand
Taking the time to invest in your online and offline marketing channels to develop a consistent and uniform message will help solidify your brand’s presence in the marketplace.
Implementing uniform marketing materials can include selecting certain colors, fonts, and designs that represent your brand or business the best. Developing a consistent image will increase awareness of your brand and help consumers recognize and remember your business amongst the competition.
Additionally, businesses should begin to measure and track the results of their marketing efforts. For instance, using free tools such as Google Analytics can help you understand how people are finding your website or phone number. Do consumers find your business through referral programs, advertisements, or search engines?
Understanding which channels bring in customers can help you understand where you need to double-down on your marketing efforts and also identify which channels may not be as effective as they had originally seemed.
There are many marketing firms and freelance designers that can help you create a marketing brand guide and help you streamline your branded presence. If you need capital assistance to hire resources, let us help connect you with a free quote for funding.
2. Incentivize and Motivate Your Employees
Employees play a critical role in the success of your business, from dealing with customers and vendors to managing day-to-day operations. If you are looking to improve employee productivity, sales volume, or overall business performance, consider the implementation of an incentive program.
It is also important for managers to know and understand what motivates their employees to work smarter. Some common low-cost ideas that can help motivate employees include:
- Make the workplace more enjoyable. This can include company events or lunches provided by the company.
- Reward employees. Small bonuses or an extra day of paid vacation can help motivate employees.
- Workplace flexibility. In these times, consider allowing them to work from home on certain days or determine their own hours.
- Provide internal growth opportunities. Providing promotions or mentoring to employees can make them feel cared for by their employer.
Also, consider implementing a bonus structure for employees that exceed certain goals. A financial incentive may also allow you to recognize certain employees that showcase management or leadership skills, making them an even stronger asset. If you need help funding these tactics, we can give you a free funding quote to help make these incentive programs a reality for your business.
3. Stay on Top of Industry Trends
One downfall of many businesses throughout the past decade is the inability to stay on top of market trends such as the dramatic growth of online shopping or contactless options.
Regardless of your industry, it’s vital to stay on top of trends that may have both a direct and indirect impact on your business. In order to stay informed, consider subscribing to industry newsletters or joining trade groups that represent your business.
Local organizations may also be able to provide you with additional insight into the areas you serve. Being on top of industry trends for your vendors and customers can also help provide you with insight into what is taking place in their marketplace.
Attending trade shows and conferences is another great way to stay in touch with industry trends. If cash flow is inhibiting your ability to stay in touch with the industry, consider a free funding quote and let us help you get ahead of the curve.
4. Study Your Competitors
Competitors may offer you one of the most valuable resources possible: the ability to study and understand certain risks or programs they are utilizing in an attempt to increase their market share.
For instance, if a competitor in a similar industry invests in a new piece of equipment, they have likely conducted an abundance of research on which piece of equipment to purchase, including the cost and overall return on investment.
Another great example of studying your competitors is examining their online reviews, which can serve as a great resource for understanding how you can improve your product or service. For example, if you and your competitor both manufacture backpacks, read the most negative reviews of their products possible. Negative reviews can provide a wealth of information on what issues in quality or service consumers experience with a competitor’s product. These pointers can serve as a great resource for your business to improve its own offerings.
5. Know Your Strengths and Weaknesses
Many business owners have a tendency to do all management-related tasks themselves. From bookkeeping to sales and accounting, consider outsourcing certain tasks of the business that you may not view as a personal strength.
For instance, if you have stellar performance as a salesperson but aren’t the greatest bookkeeper, consider outsourcing your bookkeeping to a third party. Outsourcing tasks that are time-intensive and aren’t a personal strength can help you focus and scale on your strengths.
6. Consider Growth Opportunities and Investments
It is likely that as your knowledge of a certain industry grows, you will notice certain shortcomings and opportunities available in the market. For instance, you may notice that there is a certain product or service customers ask for yet you or your competitor are all unable to currently provide since it may require additional capital or resources.
Purchasing certain capital investments and hiring additional employees to offer a product or service that is currently unavailable can not only increase your bottom line but also provide you with certain advantages over your competitors. Let us help you with a free funding quote to help set your business apart from the competition.
7. Competing at Scale
One of the largest factors that can impact a customer’s decision is price. Depending on the nature of your market, you may be losing out on certain sales due to cost-aware customers flocking to competitors that manufacture products or sell services at a lower cost due to their larger capacity and purchasing power.
Scaling your business to compete at certain price points may allow you to increase your overall profits. This can include investing in more efficient machinery, cutting certain expenses, purchasing items in higher quantities, and optimizing the delivery of your product or service.
If you need funding to help achieve economies of scale and bulk pricing, let us give you a free funding quote today.
Entrepreneurs and managers that are looking to scale their business need reliable access to working capital. Whether you’re interested in investing in new equipment, expanding your facility, or simply need extra cash flow to cover payroll, a working capital loan could be the right solution to help you improve your business.
Businesses may be approved for a loan from $5,000 to $2 million within as soon as a few hours, with access to the funds as soon as the day after approval*.
Getting a no-hassle quote from Mulligan Funding will never impact your credit, giving you the opportunity to shop for the best terms and rates possible. To get started on your free quote, click here or call Mulligan Funding at 855-326-3564 to discuss your financing options today¹!
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.