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According to Network Capital’s Nguyen, “being able to reach the right target customers through the right mediums at the right time, is the first step to expanding your business into new markets”

While this may seem pretty intuitive, it’s true. In order to successfully scale a business, SMEs must ensure they are doing all the fundamentals and possess the stamina to see it through. With this in mind, Think Business Loans, explains the best ways to grow your business in 2020.

4ED4A980-1367-4548-9284-3CBE142D6E3E Created with sketchtool. Add new products and services

While this may sound like the simplest solution, it can be a challenge to execute. It’s important to figure out which products and services are in high demand from your customers and how much they would be willing to pay for them.

The best way to achieve this is to conduct thorough market research before you commit to investing in a new product or service. Once you have the answers you need, your business can focus on the increased consumer demand for specific services and products – the profits of which will help grow your business in the long haul.

4ED4A980-1367-4548-9284-3CBE142D6E3E Created with sketchtool. Research the competition

Another way to help expand your business is to research what your competitors are doing and ‘get inspired’ from their successes. Look at their online strategy and see how they are best targeting your customers.

Once you have found the best campaigns, with the highest engagement, try to emulate those in your own marketing strategy. If it’s working for your competitors, then it’s likely to work for you!

4ED4A980-1367-4548-9284-3CBE142D6E3E Created with sketchtool. Look into commercial lending

At the end of the day, expanding your business costs time and money. Whether you’re looking to purchase new assets or additional property, it’s vital to have the funding you need to help your business grow.

At Think Business Loans, we understand the urgency for commercial loans in the quickest possible time. That’s why our iFunds technology can check your eligibility instantly, showing you the best available options so you can make a quick decision on your finances.

Our lending managers also work hard to ensure you get the money you need in the quickest possible time and will help keep you updated throughout your application process.

If you would like to know which rates you are eligible to apply for, get in touch with our team today.

Jessica Court

Jessica Court

Jessica Court graduated from the University of Portsmouth in 2017 with a bachelor’s degree in Media Studies. She has previously worked within the In... Explore Author