As this year comes to a close, you may already be thinking about what you can help your business. The economy is stabilizing, the employee landscape is changing, and companies are looking for a competitive edge. Here are three tips to help your business grow for 2015:
- Get the Money You Need – now that the worst of the latest recession is over, banks have more money to lend and are once again open to discussions. This is the time to get the money you need to:
♦ Expand by buying a company, expanding your product or service line, or hiring new employees
♦ Refinance higher rate loans with loans at the current, lower interest rates
♦ Establish a line of credit for you temporary cash flow challenges
- Outsource Rather than Hire – Consider outsourcing to independent consultants in areas outside your core business. Don’t take on additional overhead for a fluctuating or part-time position. Outside consultants provide you with perspective and advice gained from best practices of a variety of industries and may be able to provide unexpected insight.
- Stay Lean – Before expanding into a new product or service; test the waters. Sample testing is still the most cost-effective way to expand your business. Don’t expand on a hunch. Testing allows you to determine what products or services your clients and customers need, and most importantly – what they’ll pay for.
The last five years have been challenging for small business. Now that the economy is improving, you’ll have better opportunities to help your business grow if you position yourself correctly. For answers at your fingertips, learn more about NEC’s BizAssure program, or contact Joe Bosse at 636.271.2481. You’ll have access to experts from a variety of areas that affect your business every day.
NEC Insurance is one of the largest independent insurance brokers in Missouri offering business and personal insurance, financial services, and risk prevention. For more information visit www.necins.com or call 636.271.2481.