Setting Your Business up for Growth

June 25, 2020
Average Read Time: 3 minutes

You have a great product or service, a loyal customer base, and a team of hard-working employees. Your company is successful, and business is good. What would happen if your product or service experienced a massive increase in demand? Is your business model scalable? Would you be able to keep up?

Keep reading to learn about our five business growth tips to begin making big strides in your growth forecasting based on real business data.

Enable Digital Payments

With more shoppers preferring digital payment options, businesses should take note and offer a plethora of payment options, like mobile, online, ACH, credit, and debit. Not offering your customers different ways to pay can mean losing the customer altogether. The solution? Investing in a fintech tool that supports several different payment options.

Automate Your Finances

Skip the time spent manually processing, tracking, and issuing invoices when you can automate it with a single fintech tool. Automating accounts payable/receivable activity can help reduce costs and time. It also streamlines and simplifies complex tasks and processes, reduces manual errors, and can expedite payments with tools like e-invoicing.

Invest in Technology

Implement scalable technology platforms that grow with your business. Outdated technology can hurt your operations—from supply chain and cost inefficiencies to security risks. Look for financial tools that will integrate with your business and your enterprise resource planning (ERP) tool.

Elevate Payroll and Expense Tracking

Monitoring expenses, including payroll, is critical for your growing business. Tapping into services that automate control over your expenses helps you better understand how money is being spent. When you use a service like EmployeePlus PayoutsSM to adjust payroll frequency, you're leveraging a powerful tool to attract and retain the best workforce. It's a great service to offer gig workers or service industry employees.

Tap into Data

One of the biggest benefits of using a robust fintech platform like MerchantE is the rich customer data it captures. When fintech is integrated into your ERP system, you can look into customer patterns to identify the best ways to grow your business. Imagine being able to predict cash flow trends based on historical transaction data. You could eliminate the guesswork in growth forecasting.

We hope these five business growth tips help you elevate your growth models and plans.

 

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