November 6, 2013 Thank goodness that small business owners are thick-skinned and resilient. In the last few years, Canadian business economy has seen a bevy of hospitality towards small businesses and their persevering owners. In order to be as prepared as possible for the future, we’ve compiled some suggestions.
1. Keep your employees up to date with the daily goings-on of your business. This can be important in their active involvement with tasks. If they feel like they’re positively contributing to big picture ideas, they’ll be more likely to help out in unexpected ways.
2. Communicate openly and network with others in your industry – don’t be at a disadvantage by being out of the loop. We’ve found that some of our most successful merchant advance and small business loan clients have been transparent with their fellow business owners regarding clientele and seasonality peaks. Stay in touch!
3. Employee retention. As you’ve probably discovered, training and educating employees is a headache at the best of times. Surrounding yourself with loyal staff can be invaluable to your business and its’ future growth. Treat them well, and they’ll reciprocate the favor.
4. Use your happiest customers as promotion. Even if they tell 2 or 3 friends about their positive experience with you and your business, it’s extraordinarily helpful. Implementing coupon programs are added incentive to your existing customers to stay loyal to your brand.
5. Expansion. If you’re considering expansion or relocation, ensure that you’re properly educated about the demand for your product or services in that area. Do your research and don’t be caught by surprise! 6. Have extra cash on hand. Merchant Advances and small business loans are extraordinary products for small businesses who require quick and easy access to capital. Having extra cash on hand is never a bad thing, as you never know when situations that require your immediate financial attention will arise. Preparation is key! [feather_follow]