How To Grow Your Small Business: Financing Your Dream
Before we begin, we want to wish you a big congratulations if you are reading this blog post! Hopefully, it means that your small business has passed the tests of time and you are ready to move to the next level. Most businesses go out of businesses with the first several years so the hard part may be ending, but the ability to grow and scale is your next big challenge. Here are a few tips, strategies and tactics to get you going, and hopefully, create new opportunities for your business.
Evaluate Your Finances
This point may not be new to you, but it is still vitally important when you are looking to grow your small business. Growth will definitely be halted if you are not properly managing your finances. It is too easy to let bills, budget and funds slip through the cracks when you are focused on what you can do to get to the next level. Before you go anywhere, you need to ask yourself these financial evaluation questions:
- How is your industry performing in the economy?
- Is your existing cash flow enough or is more capital required to grow?
- What are your business risks? If the risks occur, what is the financial hit your business can expect?
- If you need more capital, what do you need it for? Is it to be used as a cushion against risk or do you have specific budgeted tasks in mind?
- How do your finances work in with your business plan?
Once you have answers to these questions, you can begin to figure out how to manage your finances for growth going forward. Bankers Healthcare Group (BHG) has a list of financial services that provide a good list of options for your small business to evaluate, such as:
- Commercial Working Capital meet a range of financial needs with competitive rates and flexibility in terms.
- Credit Card Financing that not only provide competitive rates but also enhanced rewards on business purchases so more cash flow goes back into your business.
- Insurance Solutions are finances that help protect you against a variety of risk factors when growing your business.
Set New Goals
You have already achieved many of your goals since you are in a position to start a growth strategy. This means it is time to reset your business plan goals quarterly and long-term. Knowing what you do about your target customer and industry, create measurable and achievable goals with hard deadlines. If you fail these goals before the deadlines, analyze why the goal was not achieved and make changes to your business so these failures will not occur again.
Revamp Your Marketing Plan
Now that you are entering a new growth phase, it is time to restructure your marketing plan with your goals and finances in mind. Instead of spreading brand awareness and reputation being the center of your efforts, your marketing should evolve into other goals that can help influence lead generation, customer retention and more. Try expanding to new platforms or try out different ad spend. You now have the stability to experiment with different marketing efforts and discover what works for your brand.