6 Reasons to Expand Your Business in 2021
Now that 2021 is here and COVID vaccines are being deployed, it’s a perfect time to assess your business growth/expansion goals. Expanding your business can sound like a daunting task, especially after the craziness of 2020, but the rewards are plentiful for business owners who get it right.
Here are 6 reasons you should consider expanding your company in 2021:
1. To keep up with growing market demand.
As the economy stabilizes, consumers will be eager to resume their pre-COVID buying habits. As a result, there may be an increase in demand for the products/services your company sells.
2. To increase your expertise and better serve your customers.
When you expand your business, you have the unique opportunity to expand your expertise and serve your clients better – whether that’s adding on a new product/service, expanding your customer service team, or introducing new tools/technologies to improve user experience for your customers.
3. To expand into new markets and attract new customers.
This point goes hand in hand with point #2. When you diversify your portfolio of product/service offerings, you’re likely to attract new customers who are on the hunt for those offerings AND introduce those new customers to your core offerings.
4. To diversify your revenue streams.
Diversifying your portfolio is a good long-term strategy. If 2020 has taught us anything, it's that industry projections can change... and fast. With diverse revenue streams, you avoid the issue of placing all your eggs in one basket. When needed, one area of your business can carry the part that's struggling.
5. To get increased savings through economies of scale.
With an increased level of production comes a proportionate saving in costs. In most cases, the more your company produces, the more money you save proportionally, meaning more revenue AND more savings.
6. To attract new talent.
With a larger business comes more employees and more quality candidates. New talent can give you some fresh perspective on your company and help introduce new processes that may not have occurred to you.
It's a lot to think about. Investing money in your business growth is never cheap, and 2020 has likely already taken a toll on your finances. At Elevate Funding, our specialty is support funding for small businesses. We offer flexibility, a fast turn-around, and best-in-class customer service. We do not provide loans – we provide Merchant Cash Advances (MCAs). Again, an MCA is not a loan – it’s simply a way to get access to your future sales immediately.
The MCA application process is simple and quick, and we are able to fund companies in as little as 24 hours. There are no restrictions on how you use the funds, and we do not check credit (for our standard product), charge outrageous fees, or require collateral.
Transparency and honesty are at the core of what we do. When you select us as your funding provider, you are placing a safe bet on your financial future. We want to see our merchants succeed, and we will do everything in our power to work with you on your specific needs. We know small business, and we’re here to help.
If you need funding and wish to speak to someone now, please call us at 888-382-3945 or click here to send us an inquiry. One of our teammates will get back to you as soon as they are available.