Getting your small business off the ground is just the tip of the ice bag. The hard work goes into gaining a foothold in the market and growing your customer base. That’s why many entrepreneurs start with a great idea, but a few years down the line, their startups go bust. Many reasons contribute to this, like poor marketing strategies, lack of product demand, and inability to adapt to changing market needs.
But the top reason is the lack of small business financing. Many businesses hit moot because their owners struggle to obtain working capital loans to float their enterprises through the ebbs and flows of the sales cycles. Luckily, alternative lenders like Camino Financial are closing the lending gap by helping merchants understand what a working capital loan is and how it can help them strengthen and grow their businesses.
Cash is the “fuel” that helps your business to grow. Without proper funding, your business wallows into a crippling cash crisis. That happens when you select the wrong types of lenders.
For instance, you’ll struggle to obtain growth capital from traditional lenders. They require an excellent credit profile, long trading history, and substantial business revenues. Then, bureaucratic, paper-laden application processes and lengthy approval timelines. That puts your business on the path to failure if you need cash quickly.
That’s why you need to partner with the right online lenders that can provide business financing within a short call to cover a cash crunch, buy inventory, cover payroll, and keep the everyday business operations running smoothly.
Press releases aren’t for the big guys anymore. Today, small businesses can use modern digital marketing tools to harness the power of press releases and achieve phenomenal growth. A press release helps your business make the news, grab attention, increase brand awareness, create a community, have better visibility, increase traffic, and attract more customers.
Work with local reporters, bloggers, social media influencers, and even your own email subscribers and social media accounts to issue press releases and announce business events without spending a fortune. Use press releases to announce new product launches, business projects, community events your business is involved in, and other business events.
Ditch time-consuming and less efficient manual systems and embrace tech changes to grow your business faster. From installing cutting-edge inventory management systems to modern POS systems, there are many ways modern software systems can help you streamline your business operations.
It takes money to make the switch, but such costs can be met with a working capital loan from a reliable lender.
Going digital is a great way to expand your geographical reach and grow your customer base with little overheads. PR Newswire reports that nearly 50% of small businesses don’t have a website. With a Blue Corona study showing that 80% of customers research companies online, you are sitting on a growth opportunity if you don’t have a business website. These are people looking for products or services like yours!
Start by building a professional, mobile-friendly website. Then leverage social media and other digital marketing strategies like content marketing, email marketing, and digital ads to drive traffic to your website.
Hosting events around your business is a great way to grab attention, expose your brand, increase foot traffic to your business, and build relationships. Start with grand opening events, customer appreciation events, and business anniversaries. Again, sponsor and participate in community events to build brand awareness and raise your business profile.
Listening to your customer complaints is a great way to retain existing customers and gain new ones. Have a way to get customer feedback so that you can understand their needs and evolve your products and services to meet those needs better.
Take both positive and negative feedback seriously, and use that to improve your products and services.
While it won’t be easy to implement these strategies, it’s doable with reliable business financing. Take advantage of working capital loans from online lenders to fund your growth strategy and keep your business running smoothly. They come with an easy application process and short approval periods.