Agility is the secret spice for successful businesses across the globe.
Economic factors keep changing, and technological and geographical disruptions can even leave the most successful businesses struggling. The pace of this evolution has picked up in the last decade, and sometimes it takes just a couple of years for entrenched business models to get usurped by innovative forces. The key to remaining profitable while facing changes is to stay ready and willing to pivot your business to adapt to the new business environment.
Here are three examples of how Small Business With Small Capital changed their existing models to match the changing demands of their target customer groups. Crest Hill Capital helped them with merchant cash advances to adjust their business models:
Dine-in to Catering
The restaurant business is very profitable but also notoriously competitive. Running a fully staffed kitchen and renting an expensive location can result in standing costs that must be met even when the foot traffic is low. To make sure profits remained steady, one of our clients set up a fine-dining catering service for corporate events. This allowed him to open up a secondary revenue stream to ensure low season or changing diner behavior didn’t affect his bottom line much.
(Chris used our cash advance to set up an outside kitchen and hire a van for his catering business).
Physical Storefront to Ecommerce
The massive explosion in online shopping led 63-year-old Joanna to finally jump into the virtual marketplace and tread ahead of her competitors. Not a digital native, she opted to use a professional agency to get her craft store online.
(Joanna used Crest Hill cash advances to hire a digital marketing agency to build her website, run her social media assets, and paid marketing campaigns).
Accounting Office Goes Online With SaaS-Based Financial Services
Many services, such as accountancy, financial consulting, and bookkeeping can be done entirely online. In fact, putting these services online can help companies expand their customer base outside their cities. One of our clients did just that! James and Susan turned their accounting and bookkeeping business into an international service provider by shifting their operations online. They shut down their expensive office and worked from their home offices to save costs and positioned their brand as a subscriber-led service for foreign companies transitioning to the US market.
(We helped James and Susan hire a brand consultancy and digital marketing firm to recalibrate their business outreach and attract international clientele).
If you have a business idea in mind that can keep your profits stable in the long run, don’t wait to implement it. If a lack of capital is the sticking point, then call us at 1-800-828-0452 to understand the details of our cash advance products. We have helped thousands of small businesses over the last few years and will undoubtedly be able to help you too!