Start-up founders and business owners are often focused on how to grow their business.
While venture capital is a, relatively, well-known method of raising funds to fuel growth, there are additional ways to expand businesses.
How to Grow A Business
Before we move onto the finance-focused solutions that offer realistic alternatives to venture capital raising, it’s important to understand the foundational business tools you should be working on and mastering to future-proof your business’s growth.
Cultivate Strong Client Relationships
All businesses rely on the quality and quantity of their client (or customer) relationships to sustain them. While having access to the working capital you need to expand is important, without an underlying business focus on building strong relationships with your clients, your growth strategy is likely to fail.
Resourcefulness is a vital skill to master when looking to grow your business. From understanding how best to utilise the assets already in your possession to moving towards more streamlined operations, there are often many ways in which companies can better position themselves for success through shere resourcefulness.
Join a Community
Communities are beneficial not just for the individual but for businesses as well. A community provides more than just support. It can help to create invaluable partnerships in your industry and provide opportunities to learn and improve. The type and level of formality of the business community you join is up to you.
Focus on Brand Authority
In today’s economy, there is no lack of access to competitors for your clients. Establishing strong brand authority in your market or industry is indispensable. Investing the time, effort and money in soliciting word-of-mouth referrals or recommendations, creating brand awareness and ensuring your company’s authority will go a great way to building the foundations for business growth.
It doesn’t matter whether you’re an early stage start-up or an established business that needs to take it up a level, growing businesses requires hard work. There are no financial solutions, venture capital or otherwise, that can replace the need for hustling and working when it comes to growing your business.
ScotPac Solutions to Help you Grow Your Business
Here at ScotPac, we work with businesses of all sizes who are in need of expansion funding. We understand the obstacles facing a company that needs to grow but doesn’t have access to the capital it needs to do so. With our many customisable business solutions and diverse range of products, we work collaboratively with our clients to explore the best ways to help their business move to the next level.
Invoice finance allows growing businesses to unlock the somewhat hidden value in their as-of-yet unpaid invoices. As a business, you’re likely to have a sizeable amount of outstanding invoices to clients/customers. While normally the value of these invoices is inaccessible, invoice finance allows you to access the value prior to the accounts being settled.
With ScotPac, we can ensure you have access to up to 95% of the value of your not-yet-paid invoices to help fund the growth of your business. Of course, every business is different. That’s why we recommend you get in touch with our specialist team today to explore if invoice finance is right for you.
One of the key impediments to being able to grow a business is funding the new equipment and machinery needed to expand or increase production. Instead of turning first and foremost to venture capital, which is certainly not the best solution for all companies, asset finance can be an excellent alternative.
Asset finance allows businesses to access the capital they need to fund either new or pre-owned assets. With loan terms that suit your needs and enable your business to invest in the necessary equipment sooner rather than later, you’ll be best positioned to expand your company.
Trade finance is another effective capital solution that can help supercharge your purchasing power and thus grow your business. In a nutshell, trade finance covers a range of different financial products to help businesses carry out trade between one another. In all trade, and especially in international transactions, there are some inherent risks. Companies with access to trade finance are better positioned to both buy and sell the goods they need to fuel their growth.
Due to the nature of this capital solution, we recommend getting in touch with the team here at ScotPac. Through our one-on-one consultation we can best identify the trade finance solution that best suits you.
Business loans can be a highly effective way for a business to acquire fast funding to ensure ongoing growth. As the largest non-bank lender across Australia and New Zealand, there is no one better positioned to help you find and access the right business loan for your needs. If you’re looking for how to grow a business, make sure to speak to us today.
ScotPac – why us?
No matter how large or complex your business, our increased and ever-expanding range of products are just about guaranteed to offer businesses looking to grow with a selection of financial solutions. We’re specialists in growth and success and can’t wait to use our knowledge to assist your business.
Our tech-enabled experiences are constantly evolving as technology improves. From our quick application process to partner portal, we leverage the benefits of tech to ensure you’re able to leverage the assets and strengths of your business.
We’re reputable and proven.
Our new clients don’t have to take our word for it. With many success stories, 5-star Google reviews, and past case studies, you can rest assured that when you turn to ScotPac to help grow your business, you’re turning to the experts.