Job losses have started to reverse, and sales are up in some industries. It may be time to think about getting a business loan The fallout from this recession has made many businesses fail, but if you’re still standing that’s actually good news for you. All those customers will have to go somewhere else, and you’re in a unique position to actually expand your business as the economy starts to recover.
First, Your Business Model
Take a hard look at your business model with an eye to expanding your reach to customers both online and offline. Make no mistake even if you are a local business you should have an online presence. Outsource the creation of your site, if you have to, and make sure it has the features that will attract people to your door and make them loyal customers. You’ll want to take a look at the best ways to do business and include technological upgrades that can help you steam ahead against the competition. In terms of investments, technology is by far the cheapest, as it is a one-time expense that pays back dividends thereafter.
Second, Your Location
Reassess your location. Are you reaching the demographic you need to reach where you are? Moving a business is tough, but this recession has provided a unique opportunity for small businesses to expand their base of operations by buying commercial property while it is discounted. If you want a better locale, now is the time to get it. That may mean taking out a commercial loan and putting funds aside for moving and promotion of the new location.
Another great way to expand your business is through hiring. The rule of thumb is that hiring is always last, but this year might be different. With new federal incentives for hiring, your business can easily hire people and get 6.2% of the wages paid in a tax break for hiring in 2010. You do have to make sure your hire falls within the criteria for the Hiring Incentive to Restore Employment (HIRE) Act. This can help you expand your business and give someone a chance at a great job too!