Expert advice on business growth
Business growth can be reflected in many areas, some of which include: sales growth, increase in customer demand, a spike in operations and an increasing need for cashflow to fund growing activities. As your business grows, there comes an inevitable need to fund increase in expenses related to inventory, equipment, staffing and other operating costs.
An increase in customer demand for your business’ product and/or services is a business growth opportunity that needs to be explored for market penetration and expansion. However, with this expansion and increased demand, your business may need additional support to tackle rising issues in the areas of handling increased account receivables, overdue payments from customers, payments due to vendors and suppliers as well as funding huge capital expenditures for machinery, buildings and equipment.
Your business may be faced with problems arising from insufficient funds, misallocation of cash, improper cashflow planning and poor receivables management. To effectively manage the different business needs competing for cash, your business needs to adopt effective cashflow management to ensure a productive and efficient allocation of cash and capital management.
Business growth and expansion explored either through organic means (internal growth) or inorganic means (external growth via mergers or acquisitions) requires adequate planning for success. Organic growth for your business could mean more: product research and development, marketing and advertising, operations, hands on deck, etc., all of which call for extra cash and funding. Inorganic growth on the other hand may require funding to acquire new businesses, assets and facilitate business mergers.
Harness business growth opportunities with Accord Financial
While all the extra activities that accompany business growth may seem daunting, there are effective ways to approach increasing operations, customer demand spikes, cash needs and overall expansion.
1. Seek extra funding for capital needs:
Get access to growth financing solutions from Accord Financial. Whether your business needs cash for capital investment or new equipment leases to support business growth, Accord provides adequate support and funding opportunities to help your business achieve its goals and objectives.
Increasing operations may call for more investment in non-current assets such property, plant and equipment; the Accord Financial team, with vast experience in supporting businesses, specialize in taking your business through a successful growth phase. A wide industry expertise and coverage from the team ensures that your business gets access to equipment financing and other cashflow support needed for business growth.
2. Get support on operating funds management:
Accord specializes in accounts receivable management and also provides funding to aid your payables needs. Focus on operational activities on your growth journey while the professionals at Accord help manage your operating cashflow needs. Our expert team helps manage your growing receivables to prevent against bad debt and losses from customers.
3. Access affordable working capital solutions:
Business expansion may call for increasing inventory needs, or cash pressures targeted towards operating expenses: wages and salary, vendor payables, tools and supplies, rent and leases etc. Accord works with your business to provide small business loans targeted at these demanding business growth needs.
Our team approaches your specific business needs with attention to details, thus offering a quick, simple and flexible solution in providing the funds you need to accommodate business growth and offset payables. Cash locked up in your growing accounts receivable can be freed up by employing the services of the accounts receivable financing team at Accord.