Having a business does not mean offering products and services and simply waiting for the money to fall into our pockets. It is essential to implement processes to establish prices, plan growth strategies constantly, and make effective negotiations with customers, suppliers, and partners to achieve positive results.
These three fundamental aspects can turn average entrepreneurship into a profitable, scalable company with national or international projection. Transforming your business into an outstanding company is not an easy task; it requires economic investment and a willingness to delegate its operation. The owner of a scalable business cannot be in front of a counter, do the accounting, and generate expansion projects.
Resorting to financing is a strategy that can help you consolidate your company’s growth and have a reliable source of capital to invest. To begin your search for resources, use the business loan calculator of your choice to know the characteristics that a loan granted to your company would have. A lack of capital should not limit a business with potential.
Practical tools to analyze business actions
Digital tools can be your best allies. The main objective of technology is to make people’s lives more accessible, and business is no exception, mainly to optimize costs and time. Meet three indispensable platforms for your company:
- Project managers: What can’t be measured can’t be evaluated. Make sure you plan all your strategies on Asana, Trello, or Podio. Generate action plans and constantly monitor your projects.
- Pricing software: Establishing competitive prices with a good profit margin is difficult, especially when you have more than one product or business line. Using software like Competera, Revionics, or Pros for your company, you will have indicators, data, monitoring, and price optimization.
- Budget managers: Money is vital for every business. Make compelling and measurable budgets. You Need a Budget, Mint, or Goodbudget are excellent digital tools for your company.
How to properly use a business loan calculator
Finding the right financing is one of the most important tasks. The process begins with analyzing your company’s needs, then it requires budgeting, and after that, raising capital. When this phase begins, it is practical to resort to digital tools, access lenders’ websites, and use their business loan calculator to know the characteristics of a loan without the need to go to physical locations.
Research online lenders, choose a loan calculator, and enter the amount you want to apply for. Also, choose the estimated monthly payments and interest rates you aspire to. The system enters the data and displays the options closest to the characteristics you want. Go through this process on several pages, see the big picture and identify if you are ready for financing.
Techniques and commercial knowledge to know how to negotiate effectively
You already have digital tools to improve your budgeting processes, project management and to establish fair prices. You have already measured your real possibilities of accessing financing; now it is time to improve your negotiation techniques so that your company can obtain beneficial agreements.
Take into account the following tips to achieve adequate negotiations:
• Master all the information relevant to the negotiation
Negotiating means generating alternatives that satisfy both parties; if you do not have the necessary information, you will never be able to offer all available resources. Prepare yourself before a negotiation; study the information, context, and the other party.
• Negotiation generates benefits for everyone
If you are empathetic during the negotiation, you will understand your counterpart and work for both to achieve positive results. The best agreement is the one that all sides want to sign.
• Develop your social skills and project a good image
Listening and being sensitive, precise, and empathetic are fundamental during negotiations. Trust yourself in your knowledge and qualities, and project it; we all want to deal with people who know what they want.
The global economy needs reliable, profitable, and scalable companies to recover from the crisis caused by the covid-19 pandemic. Investing in your company’s growth is betting on your talent and that of your team. Remember that the best allies during decision-making are numbers; make them your advisors. Don’t wait any longer; get financing and make your business stand out from the rest.