If you are looking to scale your business in North America, this article may help you. With its vibrant entrepreneurial ecosystem, access to capital, and a culture that celebrates innovation, North America has fostered an environment conducive to scaling up businesses of all sizes and industries – from startups that have rapidly grown into global giants to established corporations that have expanded their reach and impact.
Here are four tips that may help your growth ambitions:
1. Use innovative trade financing solutions to scale your business fast
One of the key ways businesses can scale up is by embracing innovative, technology-based solutions like APTF. Unlike traditional trade finance models, APTF leverages a logistics-intensive process that allows the company to assume full control over goods at the manufacturing site and delivery to the SME client. This approach gives businesses, in particular SMEs, much-needed flexibility and adaptability in today’s challenging economic environment and supply chain complexities.
Firstly, it provides financing for small and medium enterprises (SMEs) to procure goods from international suppliers, utilising inventory in transit as collateral. This enables SMEs to expand their operations and compete on a global scale. Secondly, APTF minimises cross-border trade risks through a unique approach that encompasses oversight of the entire logistics process, coupled with cargo insurance. By mitigating potential risks, it creates a secure environment for businesses engaging in international trade.
It also improves cash flow by accurately valuing goods in transit and shortening the purchase-to-sale cycle. This particularly benefits SMEs catering to larger corporations with high customer demands. Lastly, APTF enhances SME competitiveness in the global marketplace by providing access to financing, reducing risk, and optimising cash flow.
2. Leverage Technology
Embracing technology is no longer a choice but a necessity. It can help you streamline operations, reduce costs, and enhance customer experience, giving you a competitive edge.
In fact, 56% of CEOs have reported that digital improvements in their firm have led to increased revenue.
Look for software and tools that are scalable, align with your business requirements, and can support your growth trajectory. When it comes to scaling and reaching the next level of growth in your business, Customer Relationship Management (CRM) software can help you manage customer interactions more effectively, while an Enterprise Resource Planning (ERP) system can streamline your business processes.
Utilising e-commerce platforms, digital marketing tools, and cloud-based services has become a vital strategy for businesses aiming to reach a wider audience and increase their market share. By streamlining operations and providing more accessibility to customers, these technologies have proven to be a significant driver of business expansion in the digital age.
3. Understand and Adapt to Your Market
A deep understanding of your market is vital when looking to scale your business. This includes knowing your customers, competitors, and industry trends. Regular market research can help you stay informed and make data-driven decisions.
However, understanding your market is not enough; you must also be able to adapt. The American market is dynamic and diverse, so your business should be flexible enough to adjust to changing consumer demands and market conditions. Experiment with different strategies, services, or products and see what works best. Engage with your customers and use their feedback to improve. Keep an eye on your competitors and learn from their successes and mistakes.
4. Have a steady stream of working capital
In the first point above, we discussed Trade Finance as a solution to scale your business fast in North America. But, what if a business could fund the entire end-to-end of its business cycle?
What if we told you that this is possible?
From Trade Finance right though to Invoice Finance, your business can access much needed working capital no matter what stage of the business cycle you are on.
Receivables Finance is a great way to scale your business and accelerate growth in new markets. Providing flexibility and freedom to grow, Receivables Finance enables businesses to release working capital that is otherwise tied up in outstanding receivables.
Here at Accelerated Payments, our offering is unique. Often, many businesses cannot get funding from traditional financial institutions due to the strength of their balance sheet. In contrast, our offering shifts the credit risk from our clients to its debtor/buyer, enabling us to assist a broader range of potential clients. In 2021 alone, more than 45,000 businesses in the UK used Receivables Finance as a vital tool to support a steady stream of working capital.
Why we are different
Unlike traditional financial institutions, here at Accelerated Payments, there is no requirement for a personal guarantee, long-term contracts, or onerous paperwork. We keep it simple and help businesses around the world to accelerate the payment of their unpaid receivables. This has also proven to be hugely beneficial for businesses who trade with lengthy payment terms.
Ultimately, scaling up in North America involves navigating a complex and ever-changing business landscape. However, with a well-thought-out strategy, the right resources, and a willingness to adapt, more firms can reach new levels of success.
