The million dollar question: How to scale a product based business? Part of the answer is ensuring you have the right amount of inventory and that it’s properly managed – although there’s much more to it than that. To keep cash flow healthy while maintaining adequate inventory levels you may need to utilize inventory financing.

Scaling a product is a crucial step in growing your business. It involves increasing production, expanding your customer base, and maximizing revenue. If done successfully, product scaling can help businesses achieve significant growth and establish themselves as leaders in their industry. To effectively scale a product, businesses must carefully manage inventory, optimize production processes, and develop effective marketing and sales strategies to reach a wider audience. However, scaling a product can be expensive and risky, requiring significant investment in inventory, marketing, and distribution. This is where Kickfurther can help.

Kickfurther can help you get the funds you need (at an affordable price) for inventory. With no immediate repayments, no debt, and upfront capital, you can use Kickfurther’s platform to fund up to 100% of your inventory. Get back in the driver seat as you scale your business to its fullest potential. 

Here are 10 ways to prepare your business to scale and grow. 

10 ways to get your business ready to scale and grow

Scaling a business can be an exciting, but daunting prospect. As you look to expand and grow, it’s important to have a plan in place and make sure you’re ready to handle the demands that come with increased sales, customers, and operations. In this guide, we’ll explore 10 key ways to help get your business ready to scale and grow. From developing a scalable business model to building a great team and leveraging technology, these strategies will help you prepare for growth and position your business for success. 

#1. Have a clear business plan: A clear business plan outlines your goals, strategies, and tactics for achieving growth. It should include financial projections, market analysis, and a timeline for milestones and benchmarks, helping you stay focused on your objectives and improve your ability to make informed decisions. 

#2. Identify unique value proposition: To stand out in a crowded market, identify what makes your product or service unique and valuable to your target customers. Focus on your strengths and communicate your value proposition clearly in all your marketing and messaging. By clearly articulating what sets you apart from competitors, you can attract and retain customers, improve pricing power, and inform product development decisions. 

#3. Build a strong brand identity: Your brand identity should reflect your values, mission, and personality. Invest in branding elements such as your logo, colors, typography, and tone of voice to create a cohesive and memorable brand that resonates with your target audience. A strong brand identity can help your business stand out, increase customer loyalty, improve pricing power, make marketing efforts more effective, and create sustainable competitive advantage. 

#4. Develop a robust supply chain: A strong supply chain ensures that you can meet demand while maintaining quality and efficiency. Build relationships with reliable suppliers, monitor inventory levels, and optimize logistics and shipping processes. Developing a robust supply chain can improve efficiency, inventory management, quality control, risk management, and supplier relationships, all of which can contribute to increased profitability and long-term success.

#5. Invest in product development: Continuously improving and expanding your product offerings can help you attract and retain customers. Conduct market research, gather customer feedback, and invest in research and development to stay ahead of the curve. Investing in product development can help your business stay competitive, increase revenue and profitability, improve customer satisfaction, establish a strong brand identity, and protect valuable intellectual property. 

#6. Create a customer-centric culture: A customer-centric culture means putting your customers first in all aspects of your business. This includes providing excellent customer service, gathering feedback, and using data to improve the customer experience. Creating a customer-centric culture can improve customer satisfaction, build a positive reputation, improve understanding of customer needs, increase revenue, and provide a competitive advantage. 

#7. Optimize your pricing strategy: Pricing can impact your sales, profitability, and market position. Conduct market research, analyze your costs, and experiment with different pricing models to find the optimal price point. By optimizing your pricing strategy, you can increase revenue and profitability, improve competitiveness, provide insights into customer behavior, improve customer satisfaction and loyalty, and enhance brand image and reputation.

#8. Leverage technology: Technology can help automate processes, improve communication, and enhance the customer experience. Invest in software and tools that can streamline operations and support growth. Leveraging technology to scale your business can increase efficiency, improve accuracy, enable faster response times, provide better data analysis, and overall enhance the customer experience. 

#9. Build a great team: A great team is essential for scaling a business. Find ways to attract and hire  talented individuals that share your values and vision. Provide ongoing training and development opportunities to keep your team motivated and engaged. Building a great team can increase productivity, foster innovation, improve customer service, increase employee satisfaction, and enhance company culture. 

#10. Inventory to meet seasonal demand: Anticipating seasonal demand and having enough inventory to meet it can help you maximize sales and revenue. Plan ahead for peak periods, monitor trends, and adjust production and inventory levels accordingly. By regularly tracking seasonal demand and ensuring you have enough inventory to meet seasonal demand, you can increase sales, improve customer satisfaction, reduce the risk of stockouts, and improve forecasting accuracy. 

By focusing on these strategies, you can position your business for long-term growth and success. While scaling a business can be challenging, the rewards of increased revenue, market share, and profitability are well worth the effort. Regularly assess your progress and adjust your strategy as needed to stay on track. 

Closing thoughts

Scaling your business requires careful planning and execution. While scaling can be a crucial part of growing your business, it can bring about numerous challenges that can make it difficult to achieve growth, especially for small businesses.

Growing demand for products can put a strain on cash flow, as your business may need to invest in new equipment, hire more staff, or expand your marketing efforts. Meeting demand (seasonal or not) is also an essential part of scaling a business. If you’ve already looked into inventory financing for small business but been detoured by the high costs associated and difficulty of qualifying, a better solution does exist. At Kickfurther we understand the challenges you face as an entrepreneur, and have once been in your shoes. Here’s how we can help you scale your business.

How Kickfurther can help

Scaling a business can present a unique set of challenges for business owners. As demand for your products grows, maintaining working capital can be difficult while trying to fulfill a growing number of orders. Kickfurther funds up to 100% of your inventory costs on flexible payment terms that you customize and control. With Kickfurther, you can fund your entire order(s) each time you need more inventory and put your existing capital to work growing your business without adding debt or giving up equity.

Interested in getting funded at Kickfurther? Here are 3 easy steps to get started:

#1. Create a free business account

#2. Complete the online application 

#3. Review a potential deal with one of our account reps & get funded in minutes

Wondering how to respond to negative reviews? Negative reviews happen, but rather than ignoring them you should acknowledge them in the public and private eye to leave a lasting impression. 

Responding to negative reviews is crucial for businesses because it shows that they care about their customers and are committed to providing excellent customer service. Furthermore, responding to negative reviews demonstrates that the business is responsive and takes customer feedback seriously. This can help build trust with customers and improve the overall perception of the business, but can take time away from doing what you love most – growing your business. 

How do negative reviews impact a business?

Negative reviews can have a significant impact on a business, especially in the age of online shopping, where consumers rely heavily on reviews and ratings to make purchasing decisions. Here are some ways in which negative reviews can impact a business:

• Decrease in sales: Negative reviews can deter potential customers from buying a product or using a service, leading to a decrease in sales and revenue.
• Damage to brand reputation: Negative reviews can damage a business’s reputation, as they are visible to a wide audience and can harm a business’s credibility and trustworthiness.
• Impact on search rankings: Negative reviews can also impact a business’s search engine rankings, as search engines take into account the number and quality of reviews when determining search results.
• Difficulty in attracting new customers: Negative reviews can make it challenging to attract new customers, as they can be a turnoff for potential buyers.
• Legal and compliance issues: In some cases, negative reviews can lead to legal and compliance issues, especially if they contain false or defamatory statements.

Therefore, it’s essential for businesses to address negative reviews quickly and effectively by responding to them and addressing any concerns or issues raised by customers. By doing so, businesses can mitigate the impact of negative reviews and maintain their reputation and credibility.

Should I respond to negative online reviews, and if so, how should I approach my response?

Yes, it’s generally a good idea to respond to negative online reviews. Doing so can show that your business values its customers and is committed to addressing any issues or concerns they may have. Here are some tips on how to approach your response:

• Respond promptly: Respond to negative reviews as soon as possible, ideally within 24 hours. This shows that you’re actively monitoring your online reputation and care about your customers’ experiences.
• Apologize and empathize: Start your response by acknowledging the customer’s negative experience and expressing empathy for their frustration or disappointment. Apologize for any inconvenience caused and assure them that you’re committed to resolving the issue.
• Offer a solution: Provide a clear and specific solution to the issue raised in the review. This could include offering a refund, replacement, or a discount on a future purchase.
• Keep it professional: Keep your response professional and avoid getting defensive or confrontational. Remember that your response will be visible to a wide audience, so it’s important to maintain a positive image of your business.
• Follow up: After providing a solution, follow up with the customer to ensure that the issue has been resolved to their satisfaction.
• Learn from feedback: Use negative reviews as an opportunity to learn and improve your business. Take the feedback into consideration and use it to make changes that can prevent similar issues from happening in the future.
• Keep it real: Be professional, but be real with customers. It’s okay to admit fault, but do what you can to make it right. 

By following these tips, you can effectively respond to negative online reviews and show your customers that you value their feedback and are committed to providing a positive experience.

How quickly should I respond to negative online reviews?

It’s important to respond to negative reviews as quickly as possible, ideally within 24 hours. This shows that your business is attentive to customer feedback and takes their concerns seriously. If you can’t respond within 24 hours, be sure to respond within a reasonable time frame. Delayed responses can be perceived as indifference or a lack of concern, which can further damage your business’s reputation. If you need time to provide a thorough response, consider acknowledging the review and that you are doing the necessary research to provide a solution or resolve the issue. 

How to handle negative reviews that contain inaccurate or misleading statements

Negative reviews that contain inaccurate or misleading statements can be frustrating for businesses to deal with, as they can damage a business’s reputation unfairly. Here are some tips on how to handle such reviews:

• Investigate the claim: Before responding to the review, investigate the claim made by the reviewer to determine its validity. If the claim is false, provide evidence to support your response.
• Respond professionally: Respond to the review in a professional and respectful manner, even if the review is unfair or inaccurate. Keep in mind that your response will be visible to a wide audience, so it’s important to maintain a positive image of your business.
• Provide evidence: If the review contains inaccurate or misleading statements, provide evidence to support your response. This could include receipts, order numbers, or other documentation that proves the reviewer’s claim to be false.
• Offer a resolution: Even if the reviewer’s claim is false, it’s still important to offer a resolution. This could include an apology for any inconvenience caused or a discount on a future purchase.
• Flag the review: If the review violates the platform’s guidelines, such as containing defamatory or false statements, flag the review for removal.

By responding in a respectful and constructive manner, you can mitigate the impact of negative reviews and maintain your reputation and credibility.

Best practices for responding to negative reviews

A negative review can be an opportunity to show your customers that you value their feedback and are willing to go the extra mile to make things right. Here are some best practices for responding to negative reviews: 

• Remain calm: It’s natural to feel defensive when reading a negative review, but it’s important to remain calm and professional in your response. Avoid using language that is confrontational or aggressive.
• Acknowledge the complaint: Start your response by acknowledging the complaint and expressing empathy for the customer’s experience. This shows that you take their concerns seriously and are committed to addressing them.
• Offer a solution: Provide a clear and specific solution to the issue raised in the review. This could include offering a refund, replacement, or a discount on a future purchase. Make sure your solution is actionable and realistic.
• Take the conversation offline: If the issue is complex or sensitive, it’s best to take the conversation offline. Provide contact information or a direct message option for the customer to continue the conversation privately.
• Keep it short and sweet: While it’s important to provide a thoughtful response, it’s also important to keep it concise. Avoid rambling or including irrelevant information, and focus on addressing the issue at hand.
• Follow up: After providing a solution, follow up with the customer to ensure that the issue has been resolved to their satisfaction. This shows that you care about their experience and are committed to providing excellent customer service.

Can negative reviews be removed?

In general, it’s not possible for a business to remove negative reviews on Amazon or most other platforms unless the review violates the platform’s terms of service. However, there are a few situations where a negative review may be removed:

• Violation of platform’s policies: If the review contains inappropriate or offensive language, violates the platform’s review guidelines or terms of service, it can be reported to the platform for removal.
• Fake reviews: If a review is suspected to be fake, it can be reported to the platform for investigation. If it is determined to be a fake review, the platform may remove it.
• Error in review: If the review contains factual errors or incorrect information, it may be possible to contact the platform and request a correction.

In general, it’s not advisable for businesses to try to remove negative reviews simply because they are negative. Negative reviews can provide valuable feedback and can even help build trust with potential customers when the business responds in a professional and helpful manner. Instead, businesses should focus on addressing the customer’s concerns and providing excellent customer service to ensure that future reviews are more positive.

Tips to using online reviews to improve customer experience

By using online reviews to inform business decisions and improve customer experience, businesses can build trust and loyalty with their customers, leading to increased sales and positive brand reputation. Here are some tips for using online reviews to improve customer experience:

• Read and analyze reviews: Regularly read and analyze online reviews to identify common themes or issues that customers are experiencing. Use this feedback to improve products, services, and customer service processes.
• Respond to reviews: Respond to both positive and negative reviews in a timely and professional manner. Thank customers for positive feedback and address any concerns or issues raised in negative reviews. This shows that you value customer feedback and are committed to providing excellent customer service. Responding to reviews can also help boost your online presence through Google and keyword searches.
• Use reviews to inform marketing and sales strategies: Use positive reviews in marketing materials and on the business’s website to build trust with potential customers. Use negative reviews to identify areas for improvement and adjust sales strategies accordingly.
• Encourage customer reviews: Encourage customers to leave reviews by sending follow-up emails or offering incentives for leaving feedback. This can help increase the volume of reviews and provide a more accurate representation of the customer experience.
• Take action on feedback: Use customer feedback to make meaningful improvements to products, services, and customer service processes. This demonstrates to customers that their feedback is valued and that the business is committed to continuous improvement. 

How Kickfurther can help

As you grow, negative reviews are inevitable. Understanding how to handle them can help keep your brand respectable and real. Afterall, we are all just humans and mistakes do happen. As your business grows, small business inventory funding can help improve cash flow and inventory supply. You may hesitate to utilize funding or financing because it can take away from profits and sometimes ownership too, but rest assured that Kickfurther allows you to maintain full control. Plus, our platform offers funding that’s up to 30% lower cost than comparable options. 

Closing thoughts

Negative online reviews can have a significant impact on a business, as they can influence a customer’s decision to purchase a product or service. It is important for businesses to monitor their online reputation, respond promptly and effectively to negative reviews, and take steps to address any underlying issues that may be contributing to negative feedback.

Perhaps negative reviews are the result of a lack of inventory or delayed shipments. This may be a red flag that you need to utilize inventory funding to ensure you can fulfill orders in a timely manner. Kickfurther funds up to 100% of your inventory costs on flexible payment terms that you control. Our unique funding platform can fund your entire order(s) each time you need more inventory, so you can put your capital on hand to work growing your business without adding debt or giving up equity.

Interested in getting funded at Kickfurther? Here are 3 easy steps to get started:

#1. Create a free business account

#2. Complete the online application 

#3. Review a potential deal with one of our account reps & get funded in minutes

Over the years we’ve seen movements that empower women, embrace diversity, and educate on inequalities. A truly beautiful thing – but the challenges that some are facing, such as women entrepreneurs, is heartbreaking. Thankfully, women are resilient and have all that it takes and more to succeed. And for that, there’s great potential for women business owners. If you’re a female entrepreneur you may be wondering. . . How do I register as a woman owned small business? How to find grants for women-owned businesses? What qualifies as a woman owned business? 

By definition a woman-owned business is owned and controlled by 51% or more female citizen(s). To register you’ll need to check local regulations. In recent years, there has been a growing recognition of the importance of supporting women-owned businesses, not just as a matter of fairness and equality, but also as a matter of economic growth and job creation. Governments, organizations, and corporations have launched initiatives to support and promote women-owned businesses, recognizing that empowering women entrepreneurs can have a positive impact on society and the economy as a whole, with Kickfurther being one of them. 

Searching for inventory financing for women entrepreneurs? You’re in the right place. Keep reading to unlock valuable intel and support systems for women owned businesses. 

Benefits of being a woman based business

Beyond breaking away from the stereotypes that still haunt the business world, being a woman based business comes with a variety of benefits, including: 

• Access to funding: Many governments, organizations, and corporations have initiatives to support women entrepreneurs and provide funding opportunities specifically for women-owned businesses. 
• Access to networks and mentors: There are many women-focused networking groups and mentoring programs that can provide women entrepreneurs with valuable connections and advice. 
• Improved visibility: Many customers and investors are specifically looking for businesses that are owned and run by women, and being certified as a women-owned business can provide a competitive advantage.
• Enhanced credibility: Certification as a women-owned business can also enhance a company’s credibility and reputation, demonstrating a commitment to diversity and inclusion. This can help attract and retain employees, customers, and business partners who value diversity.
• Unique perspective: Women entrepreneurs may have a unique perspective on business and may be more attuned to the needs of women customers. This can lead to the development of innovative products and services that meet the needs of an underserved market.

What qualifies as a woman owned business?

In general, a woman-owned business is a business that is at least 51% owned, operated, and controlled by one or more women. To be certified as a woman-owned business, the business must go through a rigorous review process that examines the company’s ownership structure, financials, and other relevant information.

To be eligible for certification, the business must meet the following criteria:

• At least 51% of the business must be owned and controlled by one or more women who are U.S. citizens or permanent residents.
• The women who own and control the business must be the ones who manage it on a day-to-day basis.
• The business must be independent and not part of a larger company or franchise.
• The women who own and control the business must be able to prove their ownership and control, typically through documentation such as a stock ledger or operating agreement.

Once a business is certified as woman-owned, it can take advantage of various programs and initiatives that are designed to support and promote women-owned businesses. This can include access to funding opportunities, mentoring and networking programs, and certification as a woman-owned business, which can enhance credibility and reputation.

Getting certified & registering as a women based business owner

There are several organizations that provide certification for woman-owned businesses, such as the Women’s Business Enterprise National Council (WBENC) and the National Women Business Owners Corporation (NWBOC). Getting certified as a woman-owned business can provide a range of benefits and to get certified, you will need to follow these steps: 

• Determine eligibility
• Choose a certifying organization
• Gather documentation
• Complete the application
• Wait for review
• Receive certification

The process for registering can vary depending on the agency or program, so you should research the requirements and procedures for each one. 

What are the challenges faced by women in starting their own business?

One of the biggest challenges women face when starting their own business is access to capital. Due to bias and gender stereotypes, women often have a harder time obtaining funding in comparison to their male counterparts. Women also face additional challenges, such as lack of role models, work-life balance, networking, and gaining access to markets. These challenges can make it harder for women to start and grow successful businesses, but with the right support and resources, women can overcome these obstacles and achieve their entrepreneurial goals.

What resources are available for female entrepreneurs?

There are many resources available for female entrepreneurs that can help them start and grow their businesses. Some resources we’ve chosen to highlight are as follows:

• Funding Sources: Women-owned businesses can access a variety of funding sources, including grants, loans, and venture capital. Some organizations, such as the National Association of Women Business Owners (NAWBO), provide access to funding opportunities.
• Networking Groups: Joining a networking group can help women entrepreneurs build connections, find customers, and access resources. There are many women-focused networking groups, such as Women’s Business Centers, that offer support and resources.
• Mentorship Programs: Finding a mentor can be invaluable for women entrepreneurs, as mentors can provide guidance, support, and connections. 
• Educational Programs: Educational programs can help women entrepreneurs build the skills and knowledge they need to succeed. There are many programs available, including online courses, workshops, and degree programs.
• Professional Associations: Joining a professional association can provide access to resources, support, and networking opportunities. Some associations, such as the Association of Women’s Business Centers, focus specifically on supporting women-owned businesses.
• Government Programs: Government agencies, such as the Small Business Administration (SBA), provide resources and support for small businesses, including women-owned businesses. These programs can include access to funding, training, and business development resources.

Female entrepreneurs that need working capital to fund inventory can join forces with women-alike or women activists at Kickfurther. Kickfurther is a unique platform that allows entrepreneurs to connect with a community of buyers to access affordable funding for inventory. With flexible repayment plans and fast funding times, Kickfurther solves a huge void for the inability to access fast and affordable funds.

What is the percentage of women-owned businesses?

According to the National Association of Women Business Owners (NAWBO), as of 2021, women-owned businesses represent approximately 42% of all businesses in the United States. This translates to nearly 13 million businesses, generating over $1.9 trillion in revenue and employing over 9.4 million people. Women-owned businesses have been growing at a faster rate than businesses overall in recent years, and this trend is expected to continue. Despite this growth, however, women-owned businesses still face significant challenges in accessing funding, networking, and other resources, and there is still work to be done to support and empower women entrepreneurs. 

What industries are most suitable for women to start a business in?

Women entrepreneurs can be successful in a wide range of industries, and the most suitable industry for you to start a business in, depends on your skills, interests, and experience. It’s important to remember that women can start a business in any industry that they are passionate about and have the skills to succeed in. 

Grants for women

There are many grants available specifically for women entrepreneurs, including: 

• The Amber Grant: The Amber Grant is a $10,000 grant awarded monthly to a woman-owned business. The grant is intended to help women entrepreneurs overcome some of the challenges of starting a business.
• The Eileen Fisher Women-Owned Business Grant: The Eileen Fisher Women-Owned Business Grant awards up to $100,000 in grant money to women-owned businesses that are working to create positive social and environmental change.
• Cartier Women’s Initiative: The Cartier Women’s Initiative is an international business plan competition that awards $100,000 in grant money to female entrepreneurs who are creating innovative and sustainable businesses.
• Women’s Business Centers (WBCs): WBCs are government-funded centers that provide resources and support for women entrepreneurs, including access to funding opportunities.
• Small Business Innovation Research (SBIR) Program: The SBIR program is a government-funded program that provides grants to small businesses, including women-owned businesses, that are working on innovative research and development projects.
• InnovateHER Challenge: The InnovateHER Challenge is a business plan competition that awards grant money to women entrepreneurs who are developing innovative products or services that have a positive impact on women and families.

Are there tax benefits to being a woman-owned business?

In the United States, there are no specific tax benefits for being a woman-owned business. However, there are some government programs and incentives that may be available to women-owned businesses that can help reduce their tax burden or provide other financial benefits. Women entrepreneurs are encouraged to research the programs and incentives that are available in their area and take advantage of the opportunities that can help them succeed.

Additional resources for women entrepreneurs

As a woman-owned business, there is plenty of support and help you can get to achieve your business goals. Fellow women-owned businesses tend to be very collaborative, so don’t be scared to ask what led to their success. There are also many organizations that focus on helping women entrepreneurs, such as National Association of Women Business Owners (NAWBO), Women’s Business Centers (WBCs), SCORE, and Women’s Business Enterprise Council (WBENC). These are just a few resources available, so check out your options and find the resources that best fit your needs and can help you succeed in your business. If you feel as if you’ve been discriminated against due to gender, speak up. Your voice matters for change. 

How Kickfurther can help

As a women-owned business, finding access to funding can be a real challenge and Kickfurther is here to help. By utilizing inventory funding offered at Kickfurther, Kickfurther can help manage your largest expense (inventory) and put you in control of your business, freeing up existing capital that you can utilize to grow your business. With quick access to funding and no immediate repayments, you don’t pay back until your new inventory orders begin to sell. Take a deep breath – financial flexibility is here. With a 99% funding success rate, there is no need to question that Kickfurther can provide the solution your business needs to meet its true potential.

Closing thoughts

While there are many benefits for women-based businesses, there are many challenges that come with being a women entrepreneur. As demand for your products grows, maintaining working capital can be difficult while trying to fulfill a growing number of orders. For an affordable solution that allows you to access working capital quickly, without costing so much it destroys your business, visit Kickfurther. Women deserve equal opportunity. We see your hard work and we’re here to support you every step of the way. Our team at Kickfurther is made of real humans that devote our actions and work to supporting entrepreneurs.

Interested in getting funded at Kickfurther? Here are 3 easy steps to get started:

#1. Create a free business account

#2. Complete the online application 

#3. Review a potential deal with one of our account reps & get funded in minutes