What do small businesses hope for in 2017? It probably isn’t much different than other years, except maybe for the addition of a small business friendly president since it is an election year. What about in the day to day? What do you, as a small business, expect or want to see, through the rest of 2017.
Increased Profits
This one is a given, but the path to the prize is not always the same. Will this come through new marketing efforts, cost cuts, or simply new business growth? Who knows, but this is definitely one that is on every small business wish list every year.
But how does one work to ensure profits? Remember that cash flow is king. Take steps to make sure customers pay in a timely manner. This means billing every month on time and following up when the accounts become delinquent. On the cost side, manage your inventory, staff hours and other expenses. You don’t want money going out the door faster than it comes in.
Awesome Customers
What business doesn’t want new customers? Not every new customer is a good customer though, and for new customers to be profitable, you have to retain the old ones as well. Keep the awesome customers you have by going above and beyond, and this will help new ones to come as well. If a customer is spending more money that he costs, either directly or indirectly, he is a good customer.
Gaining customers is the natural way to run a growing business. Make sure you are handling your current customers well before trying to gain more of them. Remember, a bird in the hand is worth two in the bush. Build a reputation for good service and word will spread.
Stellar Employees
A business cannot run without employees, and it cannot run well without great employees. In 2017, small business owners want the best of the best, and that means they must be competitive. The new wave of workers requires flexibility in addition to benefits and pay, so the best way to get the cream of the crop is to offer what they are looking for. If you don’t, another business will.
“Candidates with job-relevant work experiences, a college degree and do things that advance their job knowledge and skills are safer bets than those without these characteristics,” says Dr. Steven Lindner, executive partner of The WorkPlace Group, a “think-tank” provider of recruitment services for companies ranging from small, fast growing businesses to multinational Fortune 500 firms.
The Edge Capital can help you achieve these and any other items on your list by hooking you up with the perfect lender for your needs. Our extensive network of lenders offers a broad range of small business financing options to fit most any situation.