Getting a small business “off the ground” can take some time, especially when you are trying to determine the best way(s) to gain business growth. Funds are limited but you know something must be done to take the business to the next level. Crowdfunding is an option, or you could expound upon other great business ideas to incorporate into your daily operations. Here are a few tips on how to gain business growth for your small business.
How To Gain Business Growth For Your Small Business
The journey of taking your startup to higher heights begins with creativity…and funds, of course. You could always tap into your personal savings, apply for a business loan, or generate funds through crowdfunding and other creative ways to raise the money you need to sustain a growing business.
Never heard of crowdfunding? It is a newer method of raising funds by requesting people to donate towards your business/cause. Crowdfunding has raised billions of dollars for a large number of businesses within the last few years and is fairly simple to manage.
First, select the crowdfunding platform that you would like to use and set the financial goal that you are trying to reach. Once the financial goal has been set, ask people to contribute. Consider providing your business plan under the About section, so people crowdfunding you know where their money is going. After contributing, provide the donor with an inexpensive business-related token of appreciation to express your gratitude.
Tip: Increase your donations by creating tiered rewards for donors. The person who contributes more receives a better gift.
Consider a Working Capital Loan
Unlike standard loans from banks, a working capital loan will help get the funds you need for business growth within a short amount of time. Best of all, the standard, lengthy application process is eliminated when you have been in business for at least 6 months, and you won’t have to provide a spectacular credit score or ridiculous collateral. Consider applying for a working capital loan in the near future and jumpstart your business growth.
Increase Cash Flow
Stimulating business growth can also be done through an increase in your company’s cash flow. Of course, there are a few ways that this can be done, with one of the most popular ways being the offer of additional products or services to customers which compliment what your business currently sells.
Offering a discount to clients that pay for goods and services upfront for a duration of time also works! Let’s admit it, if any of your customers request to purchase merchandise in advance for the next 12 months, you will be jumping for joy!
Reach For Endless Possibilities
Created on the foundation of SPAN Enterprises, a small business founded in 2009 with a single product and core belief in endless possibilities, PayWow is a testament of how perseverance and business growth can lead to long-lasting success. We provide single-digit employers with an all-in-one payroll and compliance solution. Using PayWow means you’ll spend less time crunching numbers, which allows you to focus on what’s really important – your business! Sign up for a free account today and let us help you take control of your small business payroll.