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Funding for independent businesses: future-proof your business

Independent business owners are constantly facing a variety of challenges and obstacles on the road to success. A staggering 15 independent high street stores on average have been reported to have closed every day in the first six months of 2016.

So how can you future-proof your business for growth?

Create a strong online presence

A recent study has shown that 29.9% of independent business owners in the UK found ecommerce to be one of the biggest threats to their high-street store. We previously discussed the benefits that an online presence has on your business as Britain has the highest online revenue in Europe. In the study business owners said that the best way to future-proof their business was to build an online presence. It’s now more important than ever to have a professional mobile responsive website, but this can require a significant amount of investment of both time and money. If you’re taking payments online or face-to-face, a business cash advance – which is an alternative method of funding for independent businesses – could provide you with enough funding to either create or improve your online presence.   

Know your ideal customer

Although an online presence expands your market reach, it is just as important to grow your business offline, so think about expanding your business into other geographical areas. You’ll already understand who your “ideal” customers are, so research ways of attracting a new audience by introducing either existing or new products and services. You can even test the water by opening a pop up store first to create awareness of your brand and review how well the area receives it.  

Embrace technology

Try new strategies, what may have worked for you in the past may not work for you today. If your business has been established for more than three years, the market could be a different place than it was then. Get to know how new technologies such as biometrics and automation could affect your business and understand the trends in your industry to stay ahead.

These essential updates that will make your business stand out from the rest all come with a cost. Recent research indicates that 35% of small and medium-sized businesses in the UK still find accessing finance from banks a challenge. This has therefore led to 60% of SMEs being concerned about their ability to finance long-term growth.

A business cash advance could be an ideal solution to help you future proof your business. Quick Capital provides quick and simple funding for independent businesses who take card payments. Request a quote or talk to one of our friendly advisors on 0800 3777 402.  

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