Can foreign markets and market uncertainty impact your business? You bet. In this global economy, moves across the globe can affect your own Main Street, USA.
And with more uncertainty ever, from tariffs to trade to mixed signals, global markets and our own are in a constant state of flux.
So what can you do to protect yourself against these seemingly invisible winds of change?
First, realize that market fluctuation is not necessarily a bad thing. For example, staffing tends to go up as your customers are afraid to hire staff long-term. Also, as a small business, you can move and adapt faster than your bigger counterparts. Now, let’s look at five growth strategies for staffing firms contemplating change.
5 Growth Strategies You Should Consider
1) Make sure your lending is in shape.
Access to credit can tighten in times of global uncertainty, with lenders wary of investing or over committing. Therefore, establishing a relationship with a trusted financial partner – before a need arises – is a great strategy for growth. At Madison, our funding grows with you, and scales with you too
2) Remember, your clients are impacted, too.
Don’t forget that they are running businesses too. Any cut in customer business can go from a blip to a problem in a very short time. For this reason, you need to make sure to have contact with your best clients and see how they are doing, and, in return, let them know what you are seeing in your business landscape. Forge great relationships with your clients, and you’re poised to grow.
3) To that extent, make sure your customer service is on point.
The quality of customer service and operational excellence will differentiate you from your competitors.
4) This leads to our fourth strategy, which is to make sure that you are at your peak operationally.
This is not the time to downsize on, for example, technology. If anything, with technology, automated billing, back office services and other great tools, you can streamline your activities, and stay focused on growing. This strategy cannot be overstated.
5) Get a trusted advisor.
We’ve already mentioned the value of a trusted partner in financing. But you also can certainly use the insight of someone who has been through these markets before, and been able to succeed. At Madison, we have 20+ years of experience specific to staffing. Our business intelligence and business advice can help you navigate your course wisely.
Madison Resources – Your Strategic Funding and Back Office Partner
Contact us today, and see how we can help you develop these five strategies, and many others, that can turn uncertainty into a strategic victory.