Small businesses needn’t adhere too closely to the size descriptor that loosely defines them. Any business with a defined customer base or a successful product will eventually feel the need to reach out and expand! This process can be complex, but rewarding – and there are many different directions in which a small business can grow. No matter how you decide to go about it, access to capital is a critical factor in the assessment of any decision to expand or diversify. If your small business needs help finding the financial resources to support new growth, Merchant Advance can help.
Introducing Something New
Is it time for your business to introduce a new product or service into the existing marketplace? Allotting the right resources to research and development will be a key goal. Effective market research should help your business build a picture of customers’ needs and desires, their location, and the habits that might influence the success or failure of a newly designed product. Businesses should focus available resources on the creation and distribution of effective surveys, questionnaires, online polls, focus groups or other generators of feedback and data.
Finding the Right People
Small businesses can be significantly influenced by the strengths of the teams that contribute to their success every day. In fact, in a recent survey, team composition was cited as one of the key factors for determining small business success. Hiring additional employees, or searching for the right candidates to make your business more efficient, profitable, safe and customer-friendly can be considered a form of expansion. Go into the process with the right resources so as not to create a drain on your cash flow during periods of training or transition.
Expanding Your Reach
Can your business benefit from physical expansion or movement to a new location in order to reach new customers? This type of transition can be particularly challenging from a logistical perspective, and especially dependent on having the proper funding in place to ensure a smooth start for your expansion and a minimum of disruption to your existing one. You may also consider the value of expanding your existing sales channels or moving market into the digital or e-commerce space: an investment in growth that, while less tangible than a new location, opens up your business to customer interest across the vastness of the internet.
Upgrading Your Core
Certain tools, machinery, technology and infrastructure are central to the operational success of many small businesses. Short-term funding can provide the financial impetus needed to update these critical components, bringing your business up to speed with the latest trends in your industry or field of choice.
These are just some of the ways that merchant advance funding can help spark growth and expansion in small businesses of all types. We are proud to be able to help Canadian small business owners find the financial resources they need when it’s time to reach higher, stimulate business growth and achieve even greater things.