“Small Business Trifecta” Key to Success in 2024

Businesses that master operations, customer relationships, and finance are more likely to succeed and thrive, research shows.

November 30, 2023, Houston, Texas—Leading invoice funding company Charter Capital says small businesses should focus on three key areas going into the new year: dependable operations, positive customer relations, and mindful financial management. Additional coverage of the topic can be found in “3 Keys to Succeeding in Business: Operations, Relations & Finance,” which is now live on charcap.com.

The report contends that businesses should go into the new year with a plan to create more scalable and dependable operations, which will set a strong foundation for growth. Strategies such as implementing helpful technology, developing a business continuity plan, and leveraging automation may all play a role. The company draws on McKinsey research, which indicates that at least 30 percent of activities in 60 percent of jobs can be automated, and notes that businesses must keep a critical eye out for opportunities to automate to empower teams to work more efficiently or produce more without becoming overburdened as their companies grow.

Because happy and loyal customers stay with a company longer, spend more, and refer more clients, improving customer relations is the second component of the trifecta. Brands are encouraged to develop loyalty programs, proactively solicit customer feedback, and improve customer care response times to advance in this area.

“Naturally, mindful financial management is a key component to business success, too,” explains Joel Rosenthal, Co-founder and Executive Manager at Charter Capital. “While most business leaders recognize this, many still make decisions reactively rather than proactively.”

Accurate cash flow predictions lay the groundwork for proactive decision-making, Rosenthal notes. This allows businesses to identify potential issues and budget accordingly. Leveraging best practices to boost cash flow, such as shortening customer payment windows, invoicing immediately after goods or services are delivered, and automating payment reminders, will help.

Invoice factoring can also bridge cash flow gaps and help businesses ramp up as needed,” Rosenthal continues. “It’s a flexible funding solution that can be set up in advance and leveraged as needed.”

Those interested in learning more about invoice factoring or who would like to request a complimentary quote may do so by calling 1-877-960-1818 or visiting charcap.com.

About Charter Capital

Headquartered in Houston, Texas, Charter Capital has been a leading provider of flexible funding solutions for the B2B sector for more than 20 years. Competitive rates, a fast approval process, and same-day funding help businesses across various industries secure the working capital necessary to manage daily needs and grow. To learn more, visit charcap.com or call 1-877-960-1818.

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