As the weather warms up many business owners decide it’s time for a spring clean. This might mean getting rid of old stock, organising emails, or literally cleaning. However, in a bid to ‘wipe the slate clean’ and set up for the next quarter, efforts to grow the business quickly fall to the wayside. Spring cleaning can feel good, but rather than improving business it can result in a bit of a slump. Instead of a reset, spring should be a time to commit to a growth strategy and prepare to tackle the next big opportunity. So, how can you make the most of this time of year and avoid missing out on growth?
1. Consider a reno or relocation
Nothing says starting fresh like a new look. Updating your office or retail space can bring new life into your business. Just as a reno can add value to a home, studies have shown that retail sales can increase by nearly 50 per cent after renovations. Similarly, it might be a good time to consider relocating closer to your customer base or to a more convenient or trendier location. Of course, there should be a strong business need behind the decision, but the EOFY is the perfect time to consider a change.
2. Invest in new equipment or stock
Tired of staff complaining about the outdated timesheet tech or need to streamline your finances? Investing in new technology, software, equipment or even vehicles can help things run more smoothly and efficiently. If you are ready to adapt and keep an eye out for opportunities – such as buying up additional discounted stock that a supplier is getting rid of, will ensure your profits rise, not plateau.
3. Invest in your employees
One of the biggest challenges for businesses globally is attracting and retaining good staff. Turnover costs valuable time and money and prevents you from running on all cylinders. So take time to invest in your employees. Chat with them about their goals and explore ways in which the business can support them while also gaining from their improved skills and experience. Enabling employers to take advantage of external training, seminars or networking events can fast track your team and your business as a whole.
Embarking on any of these opportunities requires capital but it’s important to remember that debt is a necessity for growth. When businesses don’t have the cash on hand to reach the growth they’re aiming for, great opportunities can pass them by. Online lenders make it easier than ever for new and small businesses to access to funding they need. So don’t your business slide into the slump – start taking advantage of the opportunities around you and make the next six months your best yet.
Daniel Katz, Head of Business Operations, Lending Express