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Looking To Grow Your Business?


Are you looking to grow your business this year? Do you have big plans for 2016? Here are our top tips to consider before growing your business:

 

Maintain Customer Loyalty
We’ve found that content customers are more likely to pay on time, so maintaining good customer relations is vital. Although it saves time to have one approach to customer accounts management, individual communication can often bring better results. This maybe more difficult if a company outsources their accounts payable but building strong relationships with key figures could still improve your debt collecting.

 

Do Your Research
Other than when developing your business plan, when was the last time you conducted market research?

Nearly every market faces regular change, whether it be from law and politics or technology and consumer trends, the important thing is to keep up!

Keep an eye on your competitors, conduct some online research and perhaps consider some cost effective customer surveys, most social media platforms or specific websites offer an inexpensive option. If your budget allows instruct a market research agency to conduct a detailed analysis into your market. To save money with an agency conduct your own basic research first and ensure they do not cover information that you already have in hand.

 

Change Is Good
After conducting some market research it may become apparent that your business needs to adapt and change in-line with your market, in order to stay in business. Don’t be afraid to change work place procedures, just because they have been in place for years, it does not make them relevant now. Invest in training staff or purchasing new technologies, revisit your business plan and ensure that strategies are still applicable to your business.

 

Perform A Stock Take
Keeping an accurate inventory is vital for your business. From a customer reference it is more professional to know straight away if you have their desired product in stock. From a procurement perspective it can be more cost effective to order ahead of time before stock levels become dangerously low.

 

Manage Your Accounts
Evolve from one-sided accountancy and consider not only monies coming in but monies going out. Look at timings and review your cash flow at each stage of the month. Plan ahead to ensure you’re not put under cash flow pressure and alternatively seek additional help through business funding.

 

For more advice and to see how we could help your business, speak to a member of the Alliance Commercial Finance team today on 01789 761374.

Let us help you grow your business in 2016!

 

 

Added: 18 Jan 2016 11:30


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