Customer relationships are vital to all businesses, big or small. If you have been keeping up with this series, you will know how essential it is for businesses to maintain existing customers. For a quick refresher, why not have another look at the previous articles on ‘Why Keeping Customers Is Important’ and ‘Building Customer Loyalty: Top Tips’?
However, as we have touched on, this can involve a number of expenses, such as subscribing to a CRM (Customer Relationship Management) service or implanting a rewards scheme. You really want to get started on building your customer loyalty and retaining your existing customers, but your cash flow is a bit tight at the moment. What can you do if you don’t have the funds available right now? Well there are several options available, such as:
Start a Reward Scheme Using a Cash Advance
Cash advance loans can provide up to €500,000 over a maximum of 12 months. Cash advances have a number of benefits, with repayments being made as a portion of your daily credit/debit card sales. This means that the repayments are flexible and work with the natural ebb and flow of your business. GRID offer a number of cash advance options; our GRID Express Cash Advances would be especially useful if you are just looking for a boost in cash flow.
The GRID Express 6 option allows you to access up to €25,000 for a 6-month term. Depending on the strategy you have decided to implement to maintain your existing customers you may not even need this much. Reward schemes are reasonably cheap to implement and can quickly show a return on investment if done right; it is mainly the initial rollout and promotion of this scheme that you would require funds for. However, the cash advance option only works if your business has a credit/debit card machine. If this is not the case, you may need to look at other options.
Free Up Your Cash Flow Using Invoice Financing
Another great option is invoice financing. GRID’s Invoice Finance facility allows you to access a percentage of the money tied up in the invoices you've raised. A benefit of this option, is that you can have the advanced cash in your account by the next working day. This allows you to put the cash to work instantly, so you can stop losing customers and start creating regulars. Invoice financing can improve your cash flow allowing you to put your money to work in a CRM (Customer Relationship Management) system. Most CRM systems will allow you to set up and automate your e-mail communication, making it easy to keep up communication with your customers.
A huge benefit of GRID’s finance options is that they are an immediate solution. Should you choose to work with us, your application can be approved within 24 hours. This means that you can get to work straight away and boost your customer relationships!