2. Has your target audience changed?

2. Has your target audience changed?

What have you learned from the previous financial year? What consumer audiences have responded well to your offering and why? These are some interesting questions that can help you identify what’s working well and what needs improving.

Another angle to look at is what niche audiences you have not yet targeted, which could present a promising business opportunity. If you are targeting too broadly, it can make it harder to offer a competitive product or service. Instead, try to define very specific niche markets that your company is best positioned to help.

3. Have you created new revenue streams?

Sometimes the best opportunities suddenly arise out of nowhere. You launch a product or service and receive feedback from your customers, which opens new opportunities to offer value and generate revenue for your business.

Especially with the social distancing rules during this global pandemic, many businesses have had to reinvent their business models in order to offer experiences that are still relevant online when offline is no longer a possibility.

If you already have some new ideas on how to expand your revenue streams, you might also need additional funding to help revive your business in 2021.

At Lumi, we can help you with flexible business funding in the form of unsecured business loans or short term business loans ranging from $5, 000 to $300, 000. Or if you are looking for something even more flexible a business line of credit will provide you access to ongoing funds when you need them. The advantage with the business line of credit is that you only pay interest on what you actually borrow.

⇐ Предыдущая 1 234 Следующая ⇒