Running a small business is rewarding, but it can also be very challenging. Do these three simple things to prepare for change, improve your current situation, and make sure to keep your small business running smoothly no matter what.
Monitor Trends
Make a conscious effort to stay current on changes in your industry. The pace of technological change has increased, and early adopters of new trends get a head start that can be crucial for the future of your small business. You can consider using the following ways to stay up to date:
- Trade shows
- Local chambers of commerce
- Social media groups
- Industry newsletters
- Industry podcasts
Build Your Selling Skills
Sales are the backbone of a business and a fundamental skill for any businessperson. Building your selling skills can have an immediate impact on your bottom line. There are many books and YouTube video tutorials about sales. You can also get started with these tips from experienced salesmen:
- Ask questions to uncover objections: Prospective buyers tend to hesitate to express their thoughts openly.
- Answer prospective buyers’ objections with stories: Storytelling is more compelling than bare facts.
- Use empathetic statements to foster rapport with the other person: These statements rephrase information the other person told you previously. For example: “So, you haven’t decided which plan to purchase.”
Keep Tabs on Your Cash Flow
Running out of cash can spell the end of your small business, so it’s important to always keep an eye on the amount of money moving in and out of your business.
Factoring is a great alternative to improve the cash flow of your small business. When you factor your accounts receivable, you sell them to a company (or factor) to get money quickly rather than waiting 30 or 60 days for your customers to pay you directly.
At ACS Factors we are able to advance cash on receivables for companies anywhere in the US.
We are located in Upland, California, and have many clients in the distribution and logistics corridor which includes Ontario, Riverside, Fontana, Jurupa Valley and Moreno Valley.
Reach out today by email (info@acsfactors.com), telephone (909-949-5599) or through our social media accounts on Facebook, Twitter and YouTube to learn more about the benefits of turning your invoices into immediate cash!
