Based on recent studies, many UK small businesses are facing challenges to accommodate their growth in today’s post COVID-19 world. Business owners can be debt averse and are reluctant to apply for a business loan, especially if debt costs or interest rates are too high. Taking out a small business loan can also be a bad idea if the amount offered is too small and repayment terms are unfavourable.
With that in mind, we are going to look at some ways that today’s SME’s can fund expansions without getting new loans:
Boost Sales- there are many ways for small businesses to enhance their overall sales. One of the most important things to do to increase sales is to generate new leads. This is something that many businesses struggle with and hiring a professional marketing firm can make generating leads possible even for start-ups.
Get Creative- to increase sales and fund your next expansion, you need to get creative. Cross-selling is a strategy to encourage customers to buy a few items to complete the outfit. SME’s may create multiple product packages that enhance value for their users and consequently increase sales. Ensuring repeat sales is important and small businesses can achieve this by keeping clients happy. Repeat purchases should maintain residual income that can help to fund the growth.
Increase Prices Gradually- slow, gradual increases of prices will help to increase revenue. Rising operational costs, depreciated values and inflation make gradual price increases a good solution. Keep price increases at less than 10%. For high-value projects, price increases should be less than 5%, because they are more noticeable to clients.
Improve Cash Flow- by simply identifying losses, businesses can get more money available to them. Audit recurring expenses to identify where the money is leaking out. Accountants can identify cost increases and put the whole business back in control. Another way to boost cashflow is by following up on any unpaid invoices. Instead of selling account receivables to collection firms, it is better to set up a system for quick payments. This should encourage clients to pay early and it’s not necessary to hunt clients down. When money is tight, businesses should renegotiate their monthly leases and costs. Expenses like outsourced services, utilities and rent are things that can be renegotiated.
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To learn more about how we can help you market your products or services, generate leads and increase sales more effectively than ever, contact Sales Drive today!
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