There are five key signs that your business is in serious need of funding! Keep reading to find out what they are and why they MATTER!
“Without continual growth and progress, such words as improvement, achievement, and success have no meaning.”
Wise words and never a truer statement made when it comes to growing a business. However, continual growth is unlikely to happen unless you can back this up with the necessary funds.
There are telltale signs when a business is in need of a financial boost, but sometimes we just need to take a step back from the chaos to see the wood for the trees.
So just what are the costs that might push you into needing funding?
What are the 5 key signs to know when your business needs funding?
Sign No. 1 – You need more Staff
Irrelevant to your business model, having enough staff to meet your business needs is vital. We’ve all been on the receiving end of a business that doesn’t have enough staff. You may have been waiting to be served in a restaurant with very hungry children and not a waiter in sight. Or, standing in a ridiculously long queue at a supermarket with only three people working the tills. Another example is when you’re trying to buy a train ticket from the one open booth, with just two minutes to spare until your train arrives.
It’s pointless having phones ringing off the hook, orders piling up on the desk, and a warehouse full of goods that need to be packaged and sent out the door if you don’t have enough staff to deal with the demand. A successful business needs not just enough staff, but the right staff, that are well trained and motivated. Funding can allow you to hire enough staff to provide the best possible service or product.
Sign no. 2 – you don’t have the right processes
Having the right processes and systems in place is critical for creating an efficient and productive work environment. It’s all about getting it ‘right’. Making sure you have the right people in the right roles, using the right systems and doing things in the right way.
Your business might benefit from a Business Information System which provides analyses that predict future sales patterns. You may see the need for a Knowledge Management System which organises and dissects knowledge and then redistributes or shares it with individuals of an organization. Systems and processes can be costly to implement, but the cost of not having these in place is likely to be far greater.
Sign no. 3 – you aren’t keeping up with supply & demand
Orders flying out the door and having a highly sought-after product or service have got to be the ultimate goal for most businesses. It is, if you are on top of your game, ensuring that you can meet the demands of your client base and have enough stock so that you never run out of your most popular items.
If you get that wrong, it’s likely that customers and clients will get frustrated and take their business elsewhere instead. The aim has got to be satisfying the wants and needs of your target market and customers.
Sign no. 4 – you aren’t Managing customer relationships
As the business grows, so will your customer base. Customers and clients are our bread and butter. If these relationships aren’t nurtured, the long terms effects can be costly. If, however, managed well with a decent CRM system in place, it’s possible to keep track of all past business, any current work in progress and potential future work that may come your way via this client. Having a decent CRM system in place helps you to build and maintain meaningful relationships with your customers and clients.
Sign no. 5 – you aren’t able to Expand and grow
The world of business can be cutthroat. Unless you have a business model that will reinvent the wheel, businesses need to constantly investigate possible new areas of expansion in order to survive and grow. This might involve expanding your current product portfolio, considering higher advertising costs to get to a wider market, moving to a larger new property or looking into building renovations to meet the space needed for increased stock and staffing.
Recognising and acknowledging that your company will benefit from the help of a cash injection through funding is the first step on the road to growing it to its full potential. Yes, this comes at a cost. But in a crowded marketplace, isn’t that just par for the course?
Where to find a cash injection?
Running a business is hard. It’s hard when to know what to do next. When you do know that, figuring out how to get to the next goal is even harder.
It takes thought, strategy, planning and sometimes luck needs to be on your side. That being said, my expertise is in growing and funding businesses – so if you are a business owner that’s looking for a cash injection, don’t hesitate to get in touch today.
