The end of the year is approaching, and that means small businesses are thinking about which goals will be most integral to their evolution in 2018. They obviously want to grow but experience has taught them that this is only possible if you focus on a select few specific areas. This is the time to figure out which problems are most responsible for holding them back, which strengths are most responsible for their success, and which solutions are most likely to work out.
But as they examine the first initiative, business owners realize that their biggest problems all have at least one thing in common: Their solutions all require more time and money than what was available in previous years. Without more time to concentrate on certain efforts and more funding to balance out an unstable financial cycle, history is bound to repeat itself and inhibit growth.
Here are 3 major problems small businesses cannot afford to ignore:
1. BAD REVIEWS
Loyal customers are your best salespeople, since the average shopper trusts the opinion of friend or a family member far more than some stranger trying to sell something. So if a band of loyal customers have this much power, you can only imagine what happens when a business creates the opposite: an angry mob of disappointed customers. Businesses can no longer let customers go unsatisfied due to problems with a clear solution. But unless you’re comfortable losing a couple nights’ worth of sleep every week, it’s nearly impossible to take care of unsatisfied customers while handling your usual day-to-day tasks, like making sales.
2. NOT ENOUGH EXPOSURE
Speaking of public opinion, a common concern of small business owners is “Do enough people know about my company?” They know their products or services are highly useful but question whether or not the average shopper is even aware that these products or services exist. No business owner wants to imagine someone failing to find something that fits their needs despite using conventional methods that should, by all means, lead this person to their desired destination. This is why it is the goal of countless small businesses to increase exposure and accessibility in 2018 so they never have to worry about being nowhere to be found following a relevant Google search.
WHAT’S STOPPING YOU FROM SOLVING THIS?
You don’t need to be a huge, extremely wealthy business to solve these problems. As long as you are consistently earning solid revenue and have a reliable customer base, solutions are most likely within reach thanks to alternative business financing companies like United Capital Source. We offer funding programs designed to give you the time to solve lingering customer issues and/or secure the tools required to maximize exposure.
Think about it: The main reason you can’t keep every single customer satisfied is because you need to pay your bills at the end of the month. Customer-related issues are more of a long-term investment but with the right small business funding program, you could transfer your focus from making sales and other daily tasks onto fixing these issues without jeopardizing your ability to cover regular business expenses.
As for exposure, the first step to obtaining it is to accept that you’re not an expert. You need to hire the right help, which is usually an in-house social engagement specialist or an outsourced digital marketing team. United Capital Source specializes in funding programs for the expenses and budget associated with both investments.
3. CASH FLOW EXTREMITIES
Some clients of United Capital Source don’t use business funding to cover major investments. They instead use the funding to smooth out their cash flow so they can create enough capital to invest back into their businesses. Without extra funding, their businesses would grow weaker during slower months, and any boosts in revenue they experienced afterwards would be reserved for offsetting this damage. They are unable to stay competitive when sales are down and cannot set the stage for a strong performance when the busy season rolls around. Another common scenario is a periodic increase in day-to-day expenses while revenue decreases or remains the same. The lack of predictability prohibits businesses from making an accurate financial forecast and capitalizing on crucial opportunities for growth.
Lines of credit are ideal for rough patches because your payments would be negligible when you don’t have a balance and you could use the lack of customer activity to focus on marketing, inventory, or renovations. If your unstable cash flow is caused by slow-paying clients, factoring can shorten your business cycle from 30-90 days to almost immediately after an invoice is processed, allowing you to plow more money into your business at a faster rate and keep profit margins high by taking care of regular expenses right away. While decreases in customer activity might be unavoidable, improving your cash flow prevents your business from being inactive at any point and fosters good relationships with vendors or suppliers, who will most likely offer rewards for early or consistent payments.
YOU CAN’T MOVE FORWARD WITHOUT BREAKING FREE
Skeptics might scoff at these three problems and say they aren’t as detrimental as doubling productivity or expanding your catalogue. What they don’t understand is that you can’t do any of those things if you are being held back by burdens you do not deserve. At United Capital Source, we will work with you to gradually eliminate each burden one-by-one while developing a stable budget that keeps you in position for your next investment. Stop ignoring your problems and let our business financing experts give you the funds and instructions necessary for maintaining 100% customer satisfaction all year round.