Business is going well. You’ve developed a loyal customer base and figured out how to effectively juggle the multiple responsibilities you face as the owner of a trucking business or any business for that matter. You’re able to keep your accounts current. Employee satisfaction is high and vendors are willing to increase your lines of credit. You feel proud of yourself and you’re ready to take your business to the next level.
That’s great! You should feel a real sense of accomplishment. Building a trucking business is no small feat. However, before you decide to expand, first consider these four important business elements.
1. A Strategic Plan
We’ve all heard the old saying, “Rome wasn’t built in a day.” The same can be said for a successful business expansion. Opening up a new location, offering more services or simply carrying a greater selection of products requires a detailed plan and realistic goals. A strategic plan will help you know where your business is and where it’s heading. It will help you clearly define what you want to achieve, set a timeline for achievement, and determine who is responsible for getting the ball to the finish line. To build an effective plan for growth, check out these online resources:
As you know, your business location is key to its successful operation and overall growth. The location, size, code restrictions, customer traffic patterns, and even parking opportunities can have a drastic impact on your bottom line. Before you decide to expand, consider your company’s needs, customers, employees, and necessary equipment. Also, decide if expansion or a second separate location best suits your goals. Do you want to relocate entirely or just add on to your current location? Is it smarter to purchase a space or continue to rent? Finally, how will you compensate your customers for the growing pains they will experience as you expand?
No matter how big or small your business growth goals, you’ll need additional funding for expansion. Equally important to your strategy plan is how you intend to fund your growing establishment. A key factor to continued success is keeping expansion monies separate and liquid. There are always unexpected changes and unforeseen costs that will require fast funding. If you’re looking for fast funding, we offer a smart, simple solution to improve your cash flow. From covering immediate expenses to building working capital, we can help you make the most of your company’s money. Our financing will fit your company’s needs because we custom-tailor our programs to fit you. It’s a quick and simple process. You’re approved in just hours and have access to funding within days. Yes, there’s always the option of a small business credit card or personal line of credit, but both of these impact your personal credit score and may require putting your personal assets on the line. If you’re ready, it takes just a few minutes for a funding advisor to pull together your customized funding options. When you’re looking for a loan, our working capital products might be the solution for your business.
4. Your Market Share
You know you’ve got a loyal customer base, and you’ve implemented a stellar marketing plan to cultivate new customers. However, what’s your real market share? Knowing what your competition is doing and the growth of neighboring businesses can help you understand how much growth is possible. The knowledge of your market share helps you ask questions regarding performance that you may have previously ignored.
The potential growth and expansion of your business is an exciting and promising time. Making sure you have all of the important factors in place makes for a smoother and more pleasant process.
Here at eCapital, we want to enable your business to thrive through greater financial freedom. Let us help you get the funding you need today.
Contact eCapital to discuss your funding options.
Call 888.450.2580 or click to complete this easy quote form.