All relationships benefit from care and attention. It’s the same with your small business – and what better day of the year to show your enterprise some love?
Justin Brady, Sales and Marketing manager of OnDeck Australia explains five ways to shower your business with love, and help it go from strength to strength.
1. Let your customers know they matter
Customers are critical to every business. No customer, no business. It’s that simple. But in the cut-and-thrust of a busy working week it’s easy to take customers for granted.
There are simple and low cost ways to let your customers know how valued they are.
Pick up the phone, give your key customers a quick call just to check in. It shows you care. And it can also deliver valuable business intelligence that you can capitalise on.
Or, email a monthly newsletter that shares industry intel or advertises your latest specials. It is a low cost way to stay top of mind with clients and deepen the relationship.
2. Show your employees some love
Your team is at the heart of your success, and you cannot afford for your people to feel unloved.
A simple intranet email of thanks or other tokens of gratitude can go a long way to encouraging the best from your people – including their loyalty.
When you have the time, think about setting a date with your team. A “lets-down-tools” lunch or dinner can be a cost-effective way to reward your team and show your appreciation. Even a simple morning tea to hand out some awards can make your top performers feel special.
3. Give your business what it needs to grow
Small business owners can be uncertain about increasing the capital investment in their business. But many OnDeck customers have found that investing in plant and equipment to expand business output has been the factor that has driven growth.
Don’t be afraid to help your business achieve its full potential by upscaling. You could be surprised at the rewards to yourself and your business.
4. Nourish your business’s need for funding
Funding is critical for any business. And the good news is that you don’t have to go cap in hand to friends and family or second mortgage your home to secure the funds your business needs.
OnDeck’s technology-driven approach makes loan applications. The online application takes minutes to complete and all we need is 6 months of your recent business bank statements. From here, our bespoke KOALA Score credit assessment algorithm drives a turbo-charged funding decision. Applications for our unsecured Lightning Loan can be assessed in as fast as 30 minutes, with funding up to $150,000 delivered to approved applicants in as little as two hours.
5. Show yourself some love
When was the last time you enjoyed a break from the business to rejuvenate and recharge?
OnDeck research suggests many small business owners could be in serious risk of burnout by not taking sufficient breaks from their enterprise.
Our survey confirmed that one in three (34%) small business owners in Australia take less than four weeks leave each year. One in seven (14%) can’t remember the last time they took a break from the business.
Research shows that employees tend to be more productive after taking annual leave and are less likely to require sick leave[1][2], and many employers actively encourage their staff to use their leave entitlements.
Yet small business owners often don’t allow themselves the same break from the businesses that their employees benefit from.
Funding can be the solution to taking a well-earned break. Small business owners surveyed by OnDeck agree that additional business funding would provide the means to take a holiday, for a variety of reasons:
- 66% would feel confident the business has funding in place to handle any unforeseen costs during the owner’s absence
- 31% say funding would pay for additional or temporary staff
- 20% would use funding to engage an interim manager to step into the owner’s role
Have a think about it. I would encourage all small businesses to take regular breaks from their business to recharge, re-energise, and gain a fresh perspective. It can benefit you – and your business, and help you fall in love with your enterprise all over again.
[1] https://hbr.org/2016/07/the-data-driven-case-for-vacation
[2] https://d-nb.info/1097755169/34
Prepared by OnDeck Capital Australia Pty Ltd ABN 28 603 753 215 (“OnDeck”) for general information purposes only. Content may belong to or have originated from third parties and OnDeck takes no responsibility for the accuracy, validity, reliability or completeness of any information. Information current as at February 2023. You should not rely upon the material or information as a basis for making any business, financial or any other decisions. Loans issued in Australia are subject to the terms of a loan agreement issued by OnDeck. Loans are subject to lender approval. OnDeck® is a Registered Trademark. All rights reserved.
