How to Minimize Payment Risk as you Grow your Business

payment risk

As an entrepreneur who is managing growth opportunities, you should first make sure that you are able to mitigate the associated risks.  For example, how do you really know that your new client can afford to pay you and pay you on time?  If your new client is a large, publicly-traded company, its financial statements are readily available online for you to review.  Chances are that you should have no problem being paid and being paid on time.  However, if you sell to small and medium-size private companies, how can you gauge your customer’s ability to pay?  Today, we will consider two ways to minimize the payment risk associated with a new client; especially when you have limited information about their financial situation.

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3 Strategies for Business Growth

To build a business strategy for a company’s intensive growth, you need to attain maximum results with minimal risk. This means that, if you want your company to grow at a fast pace, you will want to start small. Taking one step at a time can help you make more calculated decisions for your business.

Now, let’s talk about three strategies that can help you achieve business growth.

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How Acquisition Can Grow Your Business

Acquisition is one way many companies have been able to grow their business. Yahoo! is a perfect example of a company that constantly reaches out to new markets with this method. They’ve acquired blogging platform Tumblr, photo storage website Flickr, and video ad company Brightroll.

It is important to keep in mind though that the success of an acquisition depends on its terms, whether or not it is a good culture fit, and the scope of the acquired company’s audience. No matter what strategies you decide to implement for your own acquisitions, make sure they’re right for your company.

Now, let’s talk about some acquisition-based growth strategies you can get started with. They are called horizontal, backward, and forward strategies.

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Diversifying your Market for Business Growth

Diversifying your market can broaden your target audience and give you greater presence in your industry.  When a business comes to a certain point in its growth, diversifying its products and services as well as forging new alliances can go a long way. To help you get started with planning your own business growth, here are three ways to go about it.

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