Secrets to growing your minority owned business in 2018
Regardless of the type of minority owned business you are running, increasing your customer base should always be the goal. Increasing sales of your products or services is a necessary part of keeping your business growing, thriving, and turning a profit. There are some basic steps to growing your business during 2018 which can make the difference between success and failure.
Review Your Business Goals
One of the first steps you should take is to review your business goals. It is important because you want to see how you have done meeting those goals. If you have milestones that were missed, determine the reasons why and decide what steps you can take to correct them. Then set new goals so you will be ready to move forward.
Review Internal Processes
Regardless of how we try to make sure we are doing things in the most efficient manner, chances are we are overlooking some streamlining possibilities. Whenever you are considering growing your business, you should review your internal processes and make sure they are not holding you back. Payroll, marketing, sales, and customer service functions should all be reviewed before you begin developing new business to prevent problems. This type of review should also help you determine how many, if any, new staff members you may need as you grow your business.
Hiring Decisions Matter
One of the most important decisions you will make for your business growth is your employee base. Making last-minute hiring decisions because of an influx in business can prove costly. When you set your business goals for 2018, have an idea about additional staffing needs and act accordingly. Remember, there are various tax credits available to many employers who hire certain persons for their business including veterans.
Interact with Customer Base
Anytime you are considering growing your business is a good time to reach out to your customer base. Whether it has been weeks or months since you last heard from them, getting feedback about their experience with you can be invaluable as you work towards growing your customer base. This is also a good time to inquire as to how their business is going and ask for referrals to potential new clients. Remember to thank them for their past business and do not forget about these people — over time, they could provide you with significant leads to other business.
Examine Your Business’s Financial Health
Every business has financial challenges, regardless of the size of their business, the length of time they have been in business, or the industry where they do business. While dated, an article in Forbes Magazine highlighted the unique challenges faced by minority-owed businesses. While this piece was originally written in 2012, today, you can still find studies that show this trend has not changed much in nearly a decade. The Minority Business Development Agency (MBDA) tracks these trends and they show that minority-owned businesses continue to create jobs faster than their counterparts but still lack the access to their needed capital. This is where you should consider turning to Capstone Capital Group for help.
Capstone understands every business has unique financing needs. We also understand to continue to grow your business you need access to capital. This is one of the many reasons we offer diverse products — to meet the diverse needs of our customers. We understand in some cases, factoring invoices may be an option that can help you keep regular cash flow, but we also know that occasionally, a business will require working capital to launch a new product line, bid on a contract, or expand their facilities. We encourage small and medium sized businesses to contact one of our professional representatives today and let us review your current business goals and see if we can help you with the financing necessary to meet those goals.