Once your business has survived its start-up phase then you might be looking at how you can continue to grow it. Accessing finance isn’t always easy. Here are 7 ways in which unsecured business loans can help achieve further growth:
Target other markets
You may be doing well in your current market, but it can often be the right time to start looking at other markets. Introducing other revenue streams can help when your current market softens. So ask yourself whether you can introduce your business to other markets; like schools, businesses or different industry sectors?
Buy another business
It’s common for one business to achieve strategic growth through the acquisition of another company. There aren’t many big companies that have managed to get where they are today without buying another company somewhere along the way. You can use unsecured business loans to acquire another company. Buying another business means expanding market share, resources, economies of scale and ultimately growth.
Take a leaf out of the banking, telecommunications industry and other rapidly changing industries who view other companies in their sector as commodities and stepping stones to bigger market share and more profits.
Invest in technology
Having you got the right equipment and technology in place to make your business more efficient? It is often a growth strategy ignored by businesses. When you consider newer, or at the very least, the right technology, you can expand what is possible to produce and develop. Instead of struggling every day with equipment that fails to maximise your time and workforce, and limiting the extent your company can grow, new technology can mean your business can do more without employing more people.
Diversify
This is an excellent growth strategy as it allows you to access other income streams – because coffee shops don’t just sell coffee! Business growth put simply is an increase in what you already do, but you can always try something different and explore other income streams. This might include expanding into different products, making complementary products or providing services you have identified as being in need by your existing clients.
Develop your sales
Whatever your product you can sell more of them if you increase the time you spend on making sales. The world is full of great products (and equally full of companies offering great products, yet still struggling to survive) but it’s the companies that commit to selling their products better than everyone else that succeed. You can take a leaf out of their boom and expand your sales department.
Use trade shows
Participating in a trade shows can get your product or service directly into the view of potential customers. Customers who are already interested in the products and services you offer. It is a combination of marketing and direct sales. You can select the trade shows that will benefit the demographic and geographical area you are targeting.
Exporting
Have you thought of expanding into international markets? Although it is a commitment in terms of time and finance it can be rewarding, opening up your products to millions of potential buyers.
Your business growth doesn’t have to mean more of the same; pushing people to do more in less time, there are many strategies that can help your company succeed in producing more for less. You can diversify your product, acquire another business, invest in your sales and marketing, target overseas markets or just develop on the technology you are using.
If you are aiming for business growth and deciding how an unsecured business loan can help you achieve this, talk to access commercial finance today.
