Running a business is not an easy undertaking. There are a lot of variables and expenses that one has to factor in. It is done to make sure that sustainability, along with profitability is possible. As businesses grow with time, so do their running cost and expenditures. Hence there is always a need to manage finances properly; otherwise, liabilities can quickly pile up and drain your resources. According to the World Bank Group and their International Debt Statistics of 2018, nearly $536 billion as debt to low and middle-income countries in 2016. You can see from this picture clearly that development and further progress does come at a hefty price. That is why, for any business no matter what their size, they must seek to sustain their profitability in the coming years. It is thus necessary for them that they are always on the lookout to increase their revenues through various means and cut down on their cost and incurred expenses. In this post, we would like to share with you ten effective ways through which you can offer nourishment to your business’ needs regarding further growth and expansion. So let’s take a quick look at each one of them.
There are times when you need to develop a new project, start a new product line, or invest in R&D that can offer you the breakthroughs you were looking. However, during these times, many investors are unable to help you funnel in funds, and most of them back out. During these times, an affluent individual might come to your help by providing you the capital that you need for your next big hit. These are known as angel investors, and all they seek in return from you is either ownership equity or convertible debt. To get their attention; however, you need to connect with them regarding your bid idea and pitch them its possible return for the future in an attractive manner.
Bundle Your Offers
Bundle offers are great for increasing revenues since many of them are interrelated with each other either in the installation phase or share a similar manufacturing process. A great example is of AT&T, where they offer you bundle packages for a landline phone, internet connections, and cable TV services. They save tons of money by giving you a complete package all at once so that their team doesn’t need to visit your house for each separate offer. Plus they save on wiring and installation cost as well.
It is one of the great ways to increase your sales figures. Cross-selling usually involves selling products to customers who buy a related product of yours that goes well with another. In the case of P&G (Procter and Gamble), they might ask you to buy a toothbrush if you buy their oral care products such as their Oral-B toothpaste. Since one of their products is related to another one, hence they can use this cross-sell strategy to make more sales.
The primary difference between crowd and cloud is a medium to generate funds. Domains like Kickstarter.com are a great example of cloud funding, where the majority of the funds are through the internet and online users. Crowdfunding, on the other hand, takes into account hundreds of to various platforms, so it is all up to you decide which ones suit your needs and matches them perfectly. In the end, no matter which source of public funding you use, the idea is to keep your own cost and expenditures to the minimum while utilizing resource gathered from the crowd.
Get Professional Help
There are many professionals and highly qualified institutions that can help you manage your funds and further invest your capital for higher returns. However, professional assistance such as FundThrough can help you make much better decisions compared to the ones you make by yourself.
Another great way to generate tons of amounts of cash in quick succession is by hosting a special event or getting a sponsor. Facts do not need to be directly related to your offered product or services. For instance, in third world countries, big multinationals often host live match streaming events for fans of a particularly popular sport in the country. They bring in big crowds and sell loads of tickets for the show by acquiring an arena and broadcast a live match on a big screen. There are tons of similar opportunities like these available for many businesses to try out for themselves to significant effect.
Redesigning Workflows for Greater Efficiency
At times the most exceptional solution to all of your problems is not just waiting for you on the outside, but in fact, you need to take a more in-depth look on the inside. With time businesses become more efficient with what they do. A revolutionary breakthrough in your production process that substantially lowers your cost can also be an excellent element for increasing your revenues in the longer run. Hence a review or a redesign of your workflow that removes mundane and irrelevant tasks from your daily operations can be seen as a cost-saving benefit.
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Small Business Lending
While you are on the lookout for getting your finances in order, the chances are that within your locality or community, a small business unrelated to your line of work may also be looking for a loan. You can thus lend money to them and charge them with interests. The chances are that whatever sum of money you borrow, you might secure it with an asset of some sort that has considerable value. We don’t like to put forward ideas that can have a negative connotation. However, a business can be tough to run so exceptions can be made, keeping sure that no ethical boundaries crossed.
Treat Your Loyal Customers Well
Business with loyal customers and those who buy in bulk periodically seldom go begging for investments. It is because client retention at their organization is quite well looked at and monitored accordingly. As a company, you should develop the means to reward your loyal customers and bulk buyers through various benefits. It allows them to get addicted to your hook and rarely do they ever think of switching to another provider.
While the mastery of this art may take considerable effort, nevertheless it can help you get away with many obstacles in a single go. They are professionally trained to maneuver the customer into buying a more expensive model against a cheaper one by pitching its brilliant features and constantly bombarding with them the benefits of buying the latest model. With upselling, in your organization, there are chances where you can apply the same technique and offer your customer the premium product or package even when all they need is the basic one. Again we apologize for our straightforwardness, but running a business can be like this at times.
We hope that by reading this post, you were able to understand better the various means of improving your business’ chances to move ahead with time. Seeking nourishment for your business’ growth is only natural for any entrepreneur who wants the venture to stay alive in the long run while maintaining its allure and profitability at the same time. For more questions regarding the topic, please feel free to let us know of your feedback in the comment section below.