Following These Five Tips is Essential to Successfully Expand Your Company
Posted on October 20, 2020
At Fund Control, we have been providing innovative solutions for construction lenders and other companies for many years. In that time, we have grown our business steadily. If you are considering increasing your lending business, consider these five tips to help you get there. Then contact us at 800-625-5972 to learn more about the fund control software we can provide.
- Know Your Plan Inside and Out
- Focus On the Long Term
- Be Honest – Even if it Makes You Look Bad
- Listen to Your Customers
- Use Technology to Your Advantage
Most business owners want to grow their business, but if they simply sit back and wait for it to happen organically, they could be waiting a long time. This is why business owners should have a vision for their company. Create a path toward the goal you have in mind. Remember that this path is not likely the final draft – you may get off track time and time again. However, if you have a game plan in place, you will know right away that you’re off track – and have a good idea of how to get back on track.
One of the biggest obstacles between you and a larger company is your sharp focus on what you’re doing today. Yes, you need to focus on today’s clients and borrowers. But you also need to schedule time beyond simply handling the day-to-day operations. This will enable you to have time to plan for the future – and act on those plans.
If you are a smaller lender, then you are bound to experience a growing pain or two as you increase your business size. If something comes up and your clients have a negative experience as a result, own up to it. Tell them what happened. Be honest. The damage has already been done – the best way to impress the client at that point is by showing you are an honorable company. Likewise, do not take on more work than you can handle. Be honest with your clients – and yourself – about what your capacity is.
It is important to listen to your customers or clients at every step of your growth. Even if it’s negative and not pleasant to hear, it will help you. Take all comments and critiques into consideration and make changes if you see fit. If you repeatedly hear customers say that one aspect of your company is too complex, or they are missing features somewhere else, focus on improving that before you move forward with growth.
Today it can be easier than ever to expand your business, thanks in part to innovative software solutions that can help increase productivity, reduce risk, and boost communication. At Fund Control, we are eager to talk to you about how we can help with your construction loan business.