We know that change is inevitable, and a new year is the right time to assess your current business model.

Launching your business is just the start. You and your team need to constantly look to see what else you can do to serve your customers better.

There may be some tell-tale signs that you need to switch things up:

You are not finding any new customers

If you have gone through your customer base a few times and cannot find any new products and services, it is time to change tack. To find new leads and referrals, you may need to change your business model to see other opportunities.
Do some research in the market. When you understand what people need, you can open yourself to new opportunities.

You do not differentiate yourself from your competitors

Very few businesses can be 100% unique. However, you need to see what will make a customer choose you over the next guy. Is it customer service, a faster turnaround time, or the added value they get when dealing with you? Find these elements and ensure your customers know about them.

Your competition is doing a better job than you

It is always a good idea to have a look at your competitors. Experience their service. Buy something from their deal with their call center. Get to experience what your customers deal with, and then implement the good things in your business.

The funding is lacking

It is tough to manage payments, VAT, taxes, and salaries as a small business when the money is not pouring into the bank. Your business model may need to be restructured to ensure you have more cash flow. Other opportunities may require funding, business loans, or products like Selective Invoice Discounting.
To keep up with the competition, you can look for assistance in the form of new business partners that can bring capital and new ideas.

Whatever your need, you can find solutions that can fit your requirement. Most of the time, being open to new ideas, thoughts from your team, and some help from a trusted advisor, you can re-invent your business for a fantastic new year.

Check out this inspirational story of how a small start-up from Cape Town is taking over the canned Craft Beer market.

Speak to our team to find out more about how we can support your business with alternative funding options. Get in touch with us on 0861 93 93 93 or email us on info@bizcashscf.co.za or contact us here.

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