Challenges Facing the Lending Company and Possible Solution

 Attracting new customers

Smart branding is hugely important and with it comes greater recognition, increased business
value and the ability to generate new customers at a faster pace. By attracting customers, Ruel’s
Lending Corp. will give a pro-activity. This means making phone calls, attending relevant
networking events and mastering the various marketing channels that your business has a
presence on.
 Maintaining profitability
Businesses should be looking at their suppliers, premises, production processes and finance
facilities as the ones that were a good fit a year or two ago may no longer be the best solution.
Introducing initiatives such as remote working may enable a business to downsize and save
overhead costs, at the same time as boosting employee efficiency.

 Retaining valuable employees

It is important to remember that salary is a big factor in employees feeling valued. As a business
and its profits grow, so should the salary of its employees. These are the people who are driving
the business forward and its success or failure relies heavily on how they perform. While paying
employees more may cost a business in the short-term, the impact of rewarding them will help a
business make more money in the long run.

 Securing finance
Although business lending is now far more accessible than in previous years, accessing finance
is still a concern. Many SMEs are turned away by their high street bank, but it’s important to
remember that this isn’t the only option. Alternative lenders are there to help and come without
the typical “tick box” mentality, meaning they can provide flexible and customized funding
solutions. Whether a business is looking for a short-term business loan or more flexible credit
with a longer term, there’s a broad range of funding options available.
 Increasing Revenue
It’s common knowledge that every business struggles to drive, maintain and sustain growth. Last
year alone, nearly six in 10 (59pc) SMEs found increasing revenue problematic.
While it’s impossible for businesses to control all the market forces they’re up against, there are
a number of things to do that can help increase revenue. For example, if a business is operating
within a market that is too small to generate the desired profit, offering additional products or
services to increase people’s interest in the business might be something to consider. Businesses
might also want to consider adjusting their pricing strategy, especially if they are facing fierce
market competition. Price is often the most important factor in any purchase for consumers and it
is a difficult balance to strike. While dropping prices too much can harm a brand, raising them by
a noticeable amount could also cause a negative reaction and encourage customers to look at
competitors instead. The best approach to changing your prices is by doing it gradually as slight
price adjustments are predominantly overlooked by consumers.
 Embracing technology
While most businesses have welcomed technological advancements of the past few decades,
there are others who have buried their heads in the sand. Technology plays a key role in
business and there are now software and apps available to make things easier and simpler for
business owners and to alleviate some of the challenges they may regularly face. Some of
these include accounting software packages, marketing tools to help distribute monthly
newsletters and project management tools
 Social media
mistake many businesses make is thinking that they have an online presence just because they
have a website. There is so much more to be done beyond this and while a website was an
essential a decade ago for any business serious about being successful, social media has proven
to be a powerful tool in helping to maximize brand exposure.
Having an online presence means that businesses can engage with a far larger audience, which
could increase profits if they’re able to capture the attention of the demographic they want to buy
their products and services. Brand awareness should be a priority for all businesses and the best
way to achieve this is by being present, informative and consistent.
All self-starters and entrepreneurs will undoubtedly agree that starting a business is hard and
while the SME landscape is clearly a competitive one, with all this in mind, businesses should
rest assured that there is help at hand.