Businesses, whether, large or small, well seasoned or start-up, will come to a point in time in which they desire to grow.
: to become larger : to increase in size, amount, etc.
: to become better or improved in some way : to become more developed, mature, etc.
Let’s explore some basic questions to help shape your path toward growth.
Do you have a strategy for growth?
How will you define growth?
- Increasing sales,
- Increasing customer counts,
- Improved customer service,
- Customer retention rates,
- Customer diversification?
What is your timeline to achieve your goals?
What type of resources will you need to accomplish your strategy?
- Human resources
- New capital
- New technology
- New markets
- New products
- New relationships
How will you measure growth?
What metrics or analytics will you use to measure your progress?
Do you have a data collection method?
Do you have sufficient systems?
- Storing data
- Analysis tools
- Distribution tools
How often will you measure this data?
Do you understand what currently drives your business?
Who are your customers?
- Do you understand the needs of your customers?
- Can you deliver products or services which fulfill those needs?
- Do you stay in contact with your existing customers; provide updates, provide additional service?
- Are there additional markets for the products and services you provide?
- Do you have methods of prospecting for new customers?
Do you generate enough revenue? enough income, enough cashflow?
Are you efficient in your use of existing capital?
Are you using the right types of capital?
Though, not an exhaustive list, we hope, ” 14 Questions to help fuel your business growth”, provides you the insight to focus your strategy toward growth. We stay committed in our goal to assist small and medium businesses achieve their goals.
Whether your needs include replacing equipment, upgrading equipment, or acquiring new equipment for growth, Pelagic Capital Corporation is here to help with all of your equipment financing and leasing needs. Having prior funded hundreds of millions of dollars of equipment we understand the ins and outs of getting you funded.
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