Three Things You Can Do to Grow Your Small Business Today
As a team of entrepreneurs and members of the local business community, we know first-hand the remarkable number of challenges facing small business owners. This is particularly true during the first few years of starting a business; approximately 78% of small business fail within their early years. Need finance advice for small businesses? Here are three things you can do to start growing your business today.
Finance Advice for Small Businesses You Can’t Afford to Ignore
From investing in a sound business strategy to knowing which assets to leverage—and how to leverage them—our fee only wealth management firm has these financial planning tips for business owners:
Keep your eye on the capital
With the echoes of the Great Recession still lingering in the financial sector, access to capital can get difficult, especially for small businesses. That means obtaining or ensuring access to capital is one of the soundest pieces of financial advice for small business owners we offer.
Here are three reasons you should consider accessing money for your small business:
- You can prepare to expand your business by acquiring another company, launching a new product, adding new services, and even hiring new employees.
- It offers you the flexibility to refinance older debt at a lower rate.
- It allows you to establish a line of credit just in case. You never know when you may need the liquidity a line of credit can provide when it comes to meeting operations obligations like payroll or petty cash needs.
Invest in your workforce
Instead of hiring a part-time employee like a marketing strategist or attorney, try retaining an expert in the field instead. Some of the best benefits of hiring a consultant are the expertise and dynamism they bring to the table.
Remember that consultants work with potentially hundreds of other businesses; their perspective and advice has been informed by all of these interactions, thus enabling your business to benefit as a result. Trusting an expert in best practices will save you time and money in the long-run. For example, working with a alternative business lending provider instead of a traditional financial advisor can not only help you grow your business but your personal legacy as well.
Keep your startup team slim
One of the most common missteps small business owners make is to get caught up with grandiose ideas of renting a large building space or investing too much in finalizing a concept or service. Some of the best finance advice for small businesses always involves getting feedback from your customers.
When starting a business or launching a new product, market research is crucial; this means that you’ll likely have to go back to the drawing board about some aspect of your business at some point. To refine your vision by testing it with consumers, develop a prototype and launch it in smaller markets. During these test periods, be sure to get customer feedback so that you can adjust your services or products accordingly.