5 Steps To Approaching A Wholesale Grocery Distributor With Your Product Line

Posted on by Amanda Levine

There are quite a few hoops you will need to jump through when it comes to marketing your product line and successfully getting it into retail grocery locations. This doesn’t have to be a difficult process, though, if you are first able to understand the process in its entirety.

When you are ready to get your product out into the market, you are going to need to understand the best way to approach a wholesale grocery distributor with your product line. In this article, I will discuss five steps to help you be successful in your approach.

 

1. Determine your profit margins.

Wholesale grocery distributors care a great deal about profit margins, so you really need to determine your profit margins and what you are willing to adjust while still turning a profit. Put forth some research on what some similar product line margins are in order to figure out if a similar profit margin will, in turn, work out for your personal product.

Take the time to analyze your local area wholesale grocery distributors and their profit margins in terms of products that are similar to yours and compare them to what your own might be. You are going to want to make sure this is something you are willing to negotiate and adjust accordingly, not only without breaking the bank but also while successfully turning a profit.

2. Plot out a marketing strategy.

You will also need to chart a successful path in marketing through the wholesale grocery distributor’s existing customers. When you are able to plan a direct course of action, you can more successfully market your product to customers already shopping in their stores. Customers grow familiar with the products that are on the shelves of the stores that they frequent, and when you offer them a brand new product, they may or may not opt to buy it at first.

You need to make sure that your product line stands out to the existing customer. Plan to make the packaging of your product line engaging and as vibrant as needed for the product to catch your potential customer’s attention and inspire curiosity about what your product is, how it works and why they may want or need it.

3. Manage your expectations.

You need to also put some serious consideration into the fact that not everyone is able to find wealth or success overnight. Successful product sales take hard work, patience and a tremendous amount of faith and dedication in your product line.

Keeping that in mind, you also need to understand the possible need to pay onboarding fees or other costs. It takes money to make money, which is why you need to be a little willing to make some investment if you want to successfully launch your product line and get it into retail stores via wholesale grocery distributors.

4. Balance confidence with flexibility.

When you approach a potential wholesale grocery distributor, you need to make sure that you are clear and concise in terms of what you are looking for and what your profit margin is compared to what they are used to working with. Be ready also to negotiate those terms. The more flexible you are when it comes to working with a distributor to get your product into grocery stores, the more likely they are to pick your product up and work with you.

When approaching potential distributors, ensure you show you are passionate about your product. Be enthusiastic and demonstrate your true confidence in your product line. This will better assure them that they should work with you and that this venture will generate success for both parties. The more confident you are—while maintaining flexibility—the more successful you will communicate to the wholesale grocery distributor the appeal of your product line.

5. Investigate your distributor’s processes.

Finally, when it comes to finding the perfect wholesale grocery distributor whose partnership is going to work in your own personal best interest, you need to make sure that you investigate how the company runs and whether it will be a good fit for your product.

Ask other product developers who have worked with the wholesale grocery distributors you are considering and see their opinions about the distributor and their process. Interview wholesale grocery distributors about what you are curious about, figure out their profit margin and if it is something you are willing to work with and research your competition to determine what made them successful and how you can generate your own success.

A better understanding of the entire process will help you see it through to the end.

Working with wholesale grocery distributors does not need to be a complicated process. But you need to make sure that you understand the process in its entirety in order to figure out what hoops you need to jump through and which ones you can avoid completely.

If getting your product line into grocery retail stores is going to be your best bet in generating successful sales, these are some of the best strategies for you to consider in order to first thoroughly understand the process.

This is a guest post from Mr. Checkout. Mr. Checkout is a national group of Independent DSD Distributors, Full-Line Grocery Distributors and Wagon-Jobbers. They represent products in over 60 major retailers and manage 13 industry associations with over 150,000 independent retail members. Distributors, Wholesalers and Retailers turn to Mr. Checkout to find the best selling products, learn which categories are trending and discover what is the next hot new product.

How to Choose an Order Fulfillment Partner for Your Ecommerce Store

Posted on by Amanda Levine

Your business is doing really well – orders are coming in about as fast as you can ship them! Revenues look good, and the future looks bright. But you’re exhausted, and so are your employees. Shipping is really wearing you down.

This happens to a lot of eCommerce store owners. It’s really exciting when orders are coming in quickly and shipping out in high volumes. However, rapid growth creates logistical problems that need to be solved. That’s where third-party order fulfillment comes in.

But how do you actually choose an order fulfillment partner? It’s a daunting task, after all. Letting another company handle your inventory and directly impact your customer’s brand experience can be nerve-wracking.

In this article, we provide six steps to choose the right order fulfillment partner for your eCommerce store. That way, orders can go out automatically and you can rest knowing that talented professionals are helping you eliminate grunt work from your life.

1. Determine if you need to outsource order fulfillment.

Outsourcing order fulfillment is a big commitment. It’s not something to be done lightly, and should only be done when there is a good business case for doing so.

In general, outsourcing order fulfillment starts to make sense once you’re shipping more than 100 orders per month. In fact, when orders are really coming in fast, having someone else ship for you can actually save money.

Of course, it’s not as simple as 99 orders per month – do it yourself, 100 orders per month – farm it out. The signs that you need help are a bit subtler and more subjective. A few that come to mind include:

  • If your customer base is growing fast with no sign of slowing down.
  • You’re unable to ship orders out quickly and accurately.
  • You and your team are overworked.
  • Your business just generally feels complex.
  • Shipping fees are piling up.
  • You are out of physical storage space.

Any of the signs above are clear indicators that it’s time to hire some help.

2. Decide how many warehouse locations you need.

Deciding you need an order fulfillment partner in the first place is an important step. The next important step before even making calls is to decide how much help you need.

If your store is barely over that 100 order per month threshold, you will likely want to pick one warehouse for a small, tight, simple operation. There are a few reasons for this. First is that when you send inventory to your fulfillment center, you can ship it in bulk all to one place at a time. Splitting inventory shipments between too many warehouses can become very expensive. Additionally, if something goes wrong with order fulfillment, you know exactly who to call.

If you have lots of orders, you may want multiple warehouses – either multiple within a country or multiple across the world. The key here is that you will want to make sure that anywhere you have a warehouse, you have at least decent order volume going out. It’s a complicated trade-off that you will need to calculate: too few warehouses and shipping can be slow and, when traveling long distances or especially internationally, expensive. Too many warehouses and freight, storage, and other overhead fees will pile up.

After a careful cost-benefit analysis, if you find you need multiple warehouses, there are two ways you can go about it. You can either find a fulfillment partner with multiple locations that work for you, or you can find multiple fulfillment partners with different warehouses. In the latter case, you will likely want to manage all your warehouses and inventory with an inventory management software like NetSuite, ChannelApe, Skubana, or QuickBooks Commerce.

3. Review service offerings.

There is one other consideration you will need to weigh before reaching out to warehouses. You will need to decide what services you need.

There is no shortage of order fulfillment partners that can handle small, lightweight, ecommerce-friendly items. However, if you have items that are hazardous, fragile, perishable, or require refrigeration, you will need to do some additional research. Additionally, if you run a store where you have a high SKU-to-order ratio, you may need a specialized partner as well. (For example, apparel companies with clothes in various sizes and colors often benefit from finding a fulfillment partner that specializes in apparel fulfillment.)

You will also want to consider value-added services as well. Many order fulfillment partners offer kitting and assembly, customization and personalization, and even refurbishment services upon request. If that’s an important part of your business model, make sure you have a partner that can support your needs.

4. Find online reviews and check references.

The next step is to compile a list of order fulfillment centers which can meet your company’s requirements. Don’t focus too much on cost at this point, as most fulfillment companies do not publicly display rates. (The pricing model is hard to communicate simply online, and you’ll see why in the following section).

Once you have a list of company names, perhaps 10 good candidates, look for reviews on neutral third-party websites such as Trustpilot, Google Reviews, or G2. Pay attention to the average score, but also the negative reviews as well. Pay attention to what people say about communication, delays, damage, and surprise costs – these are some of the biggest things that can go wrong in order fulfillment.

When you’ve gone through the publicly available information, it might also be a good idea to email customers whose names you see in case studies and testimonials. You may or may not receive a response, but checking references is a good way to find out the details that just don’t make it into online reviews sometimes.

5. Request quotes.

Once you’ve narrowed down your list to a few good potential order fulfillment partners, it is time to request a quote. This process is quite straightforward.

What is a little less straightforward is how order fulfillment companies handle pricing. Generally speaking, there are four types of fees. There are pick-and-pack fees and postage fees. Both are applied to each individual order, with the former representing labor costs for the warehouse and the latter being based on how heavy a package is, where it’s going, and how fast.

Account fees and storage fees are separate from per-order fees. Account fees vary a lot, but are usually not expensive. Storage fees vary based on how much inventory you are keeping in the warehouse.

Lastly, some value-added services like kitting, assembly, refurbishment, and others are priced separately since those require more manual labor.

When you receive quotes, you will want to forecast your sales volume and potential need for value-added services and use the quotes provided to estimate your all-in cost. You will not necessarily want to choose the cheapest warehouse, but the all-in cost should at least be competitive.

6. Pay extra close attention to red flags.

The quote request process is also your best chance to evaluate the company for yourself. A lot of red flags can come up in the selling process before you sign any agreements, so here is a small list of things to look out for:

  • Infrequent or poor–quality communication
  • Long-term contracts or complicated rules
  • Complicated pricing or nickel and diming
  • Low-quality software
  • Poor returns process

If you see any of these red flags, it’s best to find another partner. Order fulfillment is complicated, but the right partner should make it feel straightforward between their expert account reps, their easy-to-understand pricing model, and their useful software.

Final Thoughts

Finding an order fulfillment partner for your eCommerce store is a long process. However, doing your due diligence can really pay off in the long run. Nothing can make eCommerce feel effortless quite like having a partner who will handle shipping for you!

Overwhelmed by all the work that goes into setting up an eCommerce store? Check out Fulfillrite’s free eCommerce/Shopify checklist. It lists everything you need to know to get your store up and running.

Need help fulfilling your orders? Click here to request a quote from Fulfillrite.

About the Author

Brandon Rollins is Director of Marketing at Fulfillrite. His main areas of expertise are online marketing and supply chain management. He also writes for Weird Marketing Tales.

5 Questions to Ask Your Manufacturer for Better Margins

Posted on by Amanda Levine

Your company should always be working to increase its profit margins as your business grows.

For owners of product-based companies, one of the best ways to increase your overall profit is to take a look at how you can cut back on your manufacturing costs. Saving money on the production of your inventory allows you to increase your profit margin on each item sold.

While many companies jump straight to raising the prices of their products to save money, this may not always be the wisest move. Instead, there are a number of considerations to keep in mind to improve your company’s profitability by reducing costs from the manufacturer’s side.

On the other hand, you don’t want to use an untrustworthy manufacturer or produce a cheap yet poorly-made product that won’t stand the test of time. When choosing a manufacturer or looking to increase profit margins with your existing manufacturer, consider the following:

Top questions to ask your manufacturer to improve profit margins

Choosing the right product manufacturer can make or break your company’s potential success.

If you own a product-based business, be sure to ask your manufacturer the following questions:

  • What are my payment terms and are discounts available? One of the top questions to ask your manufacturer is what your payment terms are. A lack of cash flow can make it hard for some businesses to keep up with their invoices, so it is important to know how much time you have to pay your manufacturer for the goods. Generally, invoices must be paid within 30, 60, or 90 days. Some companies may offer a discount for paying in advance or charge late fees for failing to pay on time, so find out what your manufacturer’s payment terms are. You’ll also want to know the manufacturer’s minimum order quantity (MOQ), turnaround time, and down payment requirements. Knowing these conditions and terms up front can save you money in the long run.
  • What will my total costs be and are they subject to change? Before you contract with any vendor for your product manufacturing needs, you should have a complete understanding of the total costs from start to finish. You’ll also want to ask about any relevant fees and how to avoid them. In addition to knowing your total cost, it is important to know whether or not your manufacturer may increase your cost and under what circumstances. Find out how the company determines the need for potential price increases and how much notice you will receive of any changes. Will prices increase with inflation? If a supplier raises their costs, will yours increase too? Finding out these key details upfront is a wise move, especially when comparing potential manufacturers.
  • What is my expected gross margin? Once you know the potential costs for ordering your products, you can begin to calculate your expected gross margin using sales projections. It is important to know and monitor your product’s gross margins. Gross margin is used as an indicator of the health and profitability of your business. To calculate your gross margin, simply subtract the total cost of goods sold (COGS) from your company’s total sales or revenue and then divide by the total sales or revenue. Gross margin is expressed as a percentage. For example, if your company had total sales of $750,000 in a given year with a total cost of goods sold of $250,000 – the gross margin would be 67%. It is important to note that the cost of goods sold includes more than just the manufacturing cost but also the shipping, packaging, fulfillment and staffing costs.
  • Are there any volume incentives? Like many other types of companies, product manufacturers are often able to provide a discount for bulk production orders. With volume incentives, the more product you order, the lower the price per unit. Even if you don’t have the money up front for such a large production order, inventory financing through a company like Kickfurther can help your business get the funds you need to take advantage of these bulk discounts. Volume incentives can go a long way towards increasing your overall profit margins and steer your business on the path to success.
  • Are they keeping up with technological advances? It is important to ensure that the manufacturing company you have chosen for your business is taking the steps needed to remain competitive in the market. Technological advances mean that the product manufacturing industry is changing all the time, and new technologies can greatly affect the way that manufacturers do business. Ongoing advances in software, automation, equipment, and other aspects of production can greatly improve your profit margins. Always make sure that you are staying up-to-date on industry developments and regularly comparing your manufacturer against the competition in order to take advantage of the lowest possible production costs for your company’s products. Choosing a company that keeps up with technology and seeks to keep costs low can save you thousands of dollars over the lifetime of your business operations.

How Kickfurther can help grow your business

Kickfurther exists to help small businesses achieve the growth of their dreams. Inventory financing on the Kickfurther platform gives small businesses an alternative way to fund their inventory purchases without the need for purchase orders or traditional bank financing.

Instead, Kickfurther uses a marketplace of investors who help fund your inventory on consignment, giving you the flexibility to pay back your balance as you receive sales revenue.

This process allows developing businesses to fund their inventory purchases upfront through community backing and keep up with increasing customer demand in a cost-effective way.

Using a company like Kickfurther for inventory financing allows you to cover the costs of producing and maintaining a large enough amount of goods in stock to remain profitable.

Wrapping up

Asking the 5 questions listed above can help ensure that you see the best possible profit margins and net revenue from your product-based business without cutting corners. The better your profit margins are, the more cash flow you will have available to invest back into your business. The most successful companies are those who are always seeking to increase their profit margins and cut costs in every possible area of the supply chain from production to order fulfillment. It is important to continuously evaluate your company’s vendor relationships, including your product manufacturer(s). Saving money on production is key to increased profits.

When you need an influx of capital to fund your product-based business’s inventory, consider using the Kickfurther crowdfunding platform to cover your qualified business expenses.

Join more than 800+ inventory financing success stories and get started with a free business account today.

Top 5 Ways to Get Your Product in Front of Retail Buyers

Posted on by Amanda Levine

Want to know how to sell to retail buyers? Independent entrepreneurs often have a tough time breaking into the retail market. It can be hard to get your product in front of the buyers who can make or break your business. Don’t give up though; there are plenty of ways to get your product in front of retail buyers. Here are five of the best tips.

How do I get my product in front of a buyer?

There’s no doubt that getting your product in front of a buyer can be a challenge. With so many products on the market, it can be difficult to know where to start. However, there are a few things you can do to increase your chances of success. 

Develop a retail pitch strategy & plan

Make a list of potential buyers and know how to contact buyers for retail stores. Once you’ve identified your target buyer, it’s time to start making a list of potential retailers. Try to be as specific as possible, and include both online and brick-and-mortar stores. 

Then, craft a personalized pitch. Buyers receive countless pitches every day, so it’s important to make yours stand out. Take the time to customize your pitch for each retailer, highlighting why their customers would love your product. 

Once you have your pitch in place, you can come up with a strategy and plan for how you will get your products to the right people. 

Identify your target audience 

Do your research. It’s important to understand the needs and wants of your target buyer. What type of products do they typically purchase? What are their pain points? Knowing this information will help you tailor your pitch and increase your chances of success.

Traditional media

Although digital marketing has become increasingly popular in recent years, there are still many benefits to using traditional media to get your product in front of buyers. For one thing, traditional media outlets tend to have a larger audience reach than digital channels. 

Influencer marketing

By partnering with influencers who have a large following on platforms like Instagram and YouTube, you can reach a wider audience and build interest in your product. In addition, influencer marketing can help to create a sense of authenticity and trust around your brand. 

Blogger outreach / collaborations

If you’re looking to get your product in front of potential buyers, then blogger outreach and collaborations are a great way to do it. By working with bloggers who have an engaged audience, you can get your product in front of people who are interested in what you have to offer. Additionally, bloggers often have influence within their niche, so if they give your product a positive review, it can help to increase interest and sales. 

Find the right distributor

There are a few resources that can help you find the right distributor for your product. The first step is to identify your target market. Once you know who your target buyer is, you can start to research distributors who specialize in reaching that market. You can also look for distributors who provide the type of distribution channels that you’re interested in, such as online retailers or brick-and-mortar stores. 

Finally, be sure to check out the terms of each distributor to find one that offers favorable terms for your business.

Use social media 

Most businesses today have some presence on social media, but many are still unsure of how to use it effectively to reach their target audiences.  Start by identifying who you are  trying to reach with your product or service. Once you know this, you can start to narrow down which social media platforms they are most likely to be active on. Then you can start creating content that will resonate with your target audience. This means posting engaging photos and videos, as well as helpful blog posts or articles.

Be unique

By offering something that no one else does, you’ll be able to capture the attention of potential buyers and stand out from your competitors. Of course, being unique doesn’t mean that you should try to be weird or different for the sake of it. Instead, focus on what makes your product special and highlight that in your marketing.

Provide analytics data

As any successful business owner knows, data is essential for making informed decisions about your product or service. By analyzing data, you can gain insights into who your buyers are, what they’re looking for, and how to best reach them. But with so much data available, it can be difficult to know where to start.one way to make sense of it all is to use analytics data to get your product in front of potential buyers. 

By tracking data such as web traffic, social media engagement, and online reviews, you can identify which channels are most effective for reaching your target audience. You can then use this information to adjust your marketing strategy and ensure that your product is seen by the people who are most likely to buy it. 

Make sure you have the products you need – when you need them 

As a business owner, it’s important to make sure you have the products you need – when you need them. That’s where inventory financing comes in. Inventory financing is a type of loan that allows you to purchase inventory upfront, so you can get your product in front of buyers right away. 

This can be a great way to grow your business, because it gives you the working capital you need to buy inventory in bulk and get your product out there. 

Other tips for pitching your product to retail buyers

Before you start pitching your product to retail buyers, there are a few things you should keep in mind.

Again, it’s important to have a clear and concise elevator pitch that highlights the key features and benefits of your product. You should also be prepared to answer any questions the buyer may have about your product, including price point and minimum order quantity. It’s also helpful to have visual aids, such as photographs or product samples, to help the buyer visualize your product in their store. 

Finally, be sure to emphasize why your product is a good fit for their store and what sets it apart from the competition. By following these tips, you’ll be well on your way to making a successful pitch to retail buyers.

How Kickfurther can help grow your business

As any business owner knows, inventory is essential for keeping the doors open and the lights on. But stocking up on inventory can also be a major drain on finances, especially for small businesses. Kickfurther offers a unique solution to this problem: inventory financing. 

With Kickfurther, businesses can apply for loans of up to millions of dollars to finance their inventory. 

The best part is that the money can be in your account in as little as 24 hours, so you can buy inventory with no delays. Whether you’re just starting out or you’ve been in business for years, Kickfuther can help you grow your business by giving you the capital you need to stock up on inventory.

Wrapping up

Retail buyers are inundated with products, so it can be difficult to get your product on their radar. However, if you follow the tips we’ve outlined in this blog post, you will give yourself a better chance of being successful. Consider which of these tactics would work best for your product and start putting together a plan today. 

Best alternative lending options for startups

Posted on by Amanda Levine

Startups often struggle to secure funding and as frustrating as it may be – you can understand why. Traditional forms of financing are not exactly designed for financing. From their strict requirements to high cost, startups may need to find alternative lending options. But, do startup alternative lending options exist? 

What is alternative lending?

Alternative lending is an out-of-the-box way to secure funding. It’s highly sought after by startups because of its unique requirements and flexibility. While there’s a degree of risk involved, it can help startups get the funds they need to grow their business. As a startup you’ll need to determine which alternative methods of financing are legitimate and which aren’t. If something sounds too good to be true, it probably is. Try to stick with well-known platforms such as Kickfurther for alternative lending options.

Do alternative lending options exist for startups?

The days of depending on banks for small business loans are long gone. With the rise of technology and startups, alternative funding options are becoming more available.

One popular option is crowdfunding, which allows businesses to raise money from a large pool of investors. For example, sites like Kickstarter and Indiegogo allow businesses to post campaigns and solicit donations from the general public. 

Another option is microlending, which involves borrowing small amounts of money from a large group of people. This type of lending typically has a lower interest rate than traditional loans, making it a more affordable option for startups. In addition, many startups are now turning to venture capitalists for funding. 

While this option requires giving up equity in the company, it can provide the capital needed to get off the ground. 

Lastly, for inventory funding or working capital, you can use platforms such as Kickfurther. Kickfurther connects brands to a community of backers who help fund inventory on consignment and give brands flexibility to pay that back as they receive cash from sales. As a bonus, it’s much cheaper than traditional forms of inventory financing.

As you can see, there are a number of alternative lending options available for startups. With a little research, you should be able to find the perfect option for your business.

Common reasons why startups seek alternative financing

Startups usually have a shorter track record than established businesses, which can make it difficult to secure traditional forms of financing such as bank loans.

 In addition, startups often have yet to generate a steady stream of revenue, making them a riskier investment for lenders. 

As a result, many startups seek alternative sources of financing such as venture capital or angel investors. These investors are typically more willing to take risks on new businesses, and they can provide the necessary capital to help a startup get off the ground.

In addition, startup lending alternative options can help a startup reach its full potential by giving it the resources it needs to grow and scale quickly.

Examples of best alternative lending options

There are a variety of financing options available to small businesses, each with its own set of benefits and drawbacks. Ultimately, the best financing option for a small business will depend on the specific needs and circumstances of the business.

Business line of credit

A business line of credit can give startups access to a revolving line of credit. While this can help cash flow, you’ll probably need collateral to secure the line of credit with.

Inventory financing

Inventory financing can be a good option for businesses with high inventory turnover, as it allows them to free up working capital that would otherwise be tied up in inventory.

Merchant cash advance

Merchant cash advances are a good option for businesses that need funding and can repay the loan using future credit card sales. Merchant cash advances typically have high interest rates, but they offer quick access to capital and flexible repayment terms.

Merchant cash advances are ideal for businesses that have a steady stream of credit card sales, as they provide a quick infusion of cash without the need for collateral. 

Working capital loan

Working capital loans are ideal for businesses that need to cover short-term expenses, such as inventory or payroll. These loans typically have flexible repayment terms and can be paid back over time as the business generates revenue.

P2P Lending

Another option is to take out a loan from a peer-to-peer lending platform such as LendingClub or Prosper. These platforms connect borrowers with investors who are willing to provide loans at competitive rates. 

Bridge loans

Bridge loans are another option for businesses that need financing for a short-term project or goal. Bridge loans typically have higher interest rates than other types of loans, but they can provide the cash needed to help a business bridge the gap between two financing rounds.

Micro Financing

Microfinancing is an increasingly popular option for businesses with limited access to traditional financing, as it offers smaller loans at more affordable rates.

Business credit cards

Finally, you could also consider getting a business credit card. This can be a good way to access financing, as well as earn rewards that can be used to help grow your business. 

Business credit cards can be a convenient way to finance business expenses, but they typically have high interest rates and fees. 

Which alternative lending option is right for your business?

If you’re a small business owner in need of financing, you might be wondering what your best option is. 

Should you apply for a traditional bank loan, or explore one of the many alternative lending options available? There’s no one-size-fits-all answer to this question, as the right choice depends on a number of factors. For example, if you have a strong credit history and are looking for a large amount of money, a bank loan may be the best option. 

However, if you have bad credit or need money quickly, an alternative lender may be a better fit. With so many options available, it’s important to do your research and choose the lender that’s right for your specific needs.

How Kickfurther can help

If you’re a startup owner, you know that one of the most important things for your business is to keep inventory stocked and available. But sometimes, it can be difficult to come up with the funds needed to purchase inventory outright. 

Kickfurther is the world’s first online inventory funding platform that enables companies to access funds that they are unable to acquire through traditional sources. For companies that sell physical products or non-perishable consumables and have revenue between $150k to $15mm over the last 12 months, Kickfurther can help. With Kickfurther you can fund millions of dollars worth of inventory at costs of up to 30% lower than the competition. It gets better though – you don’t pay until you start making sales. You’ll truly have the opportunity to create a payment schedule that works for your business. You’ll outline expected sales periods to create customized payment terms. With more than $100 million in inventory funded to date, Kickfurther can help you get funded within a day or even minutes to hours. 

Interested in getting funded on Kickfurther?  Create a free business account, complete the online application, review deals, and get funded in as little as minutes!

How to retain talent in your small business

Posted on by Amanda Levine

Small businesses often find it difficult to compete with larger businesses when it comes to attracting and retaining talent. If presented properly though, small businesses sometimes have even more to offer than large companies. From flexible schedules to an unmatched company culture, small businesses can definitely compete with large companies. And in some cases they may even be able to retain talent for less money. Of course, retaining talent is not all about the benefits, but the company too. This means that employees and future employees will need to have confidence in the stability and potential of your company. One way to give them confidence is to pay them on time. In order to do this, you may need to free up cash flow by using inventory funding. Below, we will discuss how to attract and retain top talent and conclude with one of the best kept secrets for inventory funding for small businesses.

How do small businesses attract talent?

Small businesses often have a hard time attracting top talent. They may not be able to offer the same salary or benefits as larger companies, and they may be located in areas with a limited pool of qualified candidates. However, they still have plenty to offer to attract top talent. First, they can offer opportunities. Most large companies started small. Those who were there first often moved up to the top. Second, small businesses may be able to offer more flexibility such as work from home or flexible schedules. Lastly, small businesses can sell the sizzle. Oftentimes, small businesses have some of the best work cultures, which is highly sought after by employees.

By implementing these strategies, small businesses can level the playing field and compete for the best talent.

Why small business talent retention is important

Small businesses are the backbone of the American economy, and talent retention is essential to their success. When employees leave a small business, it can be devastating to the company. Not only does it mean losing someone with institutional knowledge and valuable skills, but it can also be difficult to find and train a replacement. 

High turnover can also lead to a loss of morale among remaining staff members. Finally, replacing an employee can be costly, in terms of both time and money. All of these reasons underscore why talent retention is so important for small businesses. 

By creating a positive work environment and offering competitive compensation and benefits, small businesses can encourage their employees to stay put. In doing so, they can improve their chances of long-term success.

Strategies to retaining talent within your business

Did you know that 73% of employees would leave their job if offered a better opportunity? That’s a scary statistic for any small business owner! It’s no secret that larger businesses have an advantage when it comes to attracting top talent, but there are a few things small businesses can do to make themselves more appealing. Let’s take a closer look.

Offer flexibility for your employees

If you want to keep your best employees, you need to offer them more than just a paycheck. In today’s competitive job market, workers are looking for employers who offer flexibility and a good work-life balance. That means offering flexible hours, the ability to work from home, and unlimited vacation days. By offering these kinds of perks, you’ll make your company more attractive to top talent. And when your employees are happy, they’ll be less likely to leave for a new job.

Have extra perks for your employees

Many workers today place a high value on perks and benefits, such as flexible hours, telecommuting options, on-site child care, and tuition reimbursement. By offering these types of perks, you can make your company more attractive to prospective employees and also improve morale among your existing staff.

​​In addition, you may want to consider implementing employee retention strategies, such as mentorship programs and career development opportunities. By investing in your employees’ growth, you can create a strong sense of loyalty and encourage them to stay with your company for the long term.

Promote employees

One of the most effective retention strategies is to provide opportunities for employees to grow and advance within the company. When workers feel like they are stuck in a dead-end job, they are more likely to start looking for new opportunities elsewhere. But when they have a clear path for advancement, they are more likely to stick around. 

Additionally, offering opportunities for growth shows employees that you are invested in their development, which can further motivate them to stay with the company.

Proper training

There are a number of ways to help retain talent in your small business. One is to provide proper training. Employees who feel like they are constantly learning and developing new skills are more likely to stick with a company for the long haul. 

Incentives for good performance

Another way to retain talent is to offer competitive compensation and benefits. This includes not only salaries and bonuses, but also things like health insurance, retirement plans, and paid time off.

Another way to attract talent is to offer employees a stake in the company through stock options or profit sharing. This gives employees a sense of ownership and can incentivize them to work harder and smarter. 

Encourage feedback and transparency 

If you want to know how to retain talent, one way is to encourage feedback and transparency. Creating an environment where employees feel comfortable giving and receiving feedback helps to foster a sense of trust and mutual respect. It also allows you to identify and address problems early on, before they lead to employee dissatisfaction. 

Culture based on continuous learning

To understand how to retain top talent, small businesses can create a positive culture that emphasizes collaboration, creativity, and professional development. When employees feel like they are part of a team and are given the opportunity to grow, they are more likely to stick around. 

Provide learning and training options

As a small business owner, it’s important to invest in your employees and make sure they have the skills they need to be successful. One way to do this is by providing learning and training opportunities. This can include anything from formal education and training programs to on-the-job coaching and mentorship.

Commit to helping your employees reach their goals

If you want to retain talent in your small business, you need to commit to helping your employees reach their goals. Provide learning and training options so they can continue to grow and develop within the company. And be open to suggestions on how you can improve as an employer. When your employees feel valued and supported, they’re more likely to stick around.

How Kickfurther Can Help

Being able to offer employees a greater degree of flexibility can be a huge selling point for small businesses. But employees and future employees will want to make sure your business is stable. For retail and wholesale businesses, this may mean getting funding for inventory. Kickfurther is the world’s first online inventory financing platform that enables companies to access funds that they are unable to acquire through traditional sources. With Kickfurther you can fund millions of dollars worth of inventory at costs of up to 30% lower than the competition. It gets better though – you don’t pay until you start making sales. You’ll truly have the opportunity to create a payment schedule that works for your business. You’ll outline expected sales periods to create customized payment terms. With more than $100 million in inventory funded to date, Kickfurther can help you get funded within a day or even minutes to hours. If your brand sells physical products or non-perishable consumables and has revenue between $150k to $15mm over the last 12 months, you are a prime Kickfurther candidate. 

Interested in getting funded on Kickfurther?  Create a free business account, complete the online application, review deals, and get funded in as little as minutes!