Your company might have started life as a fun side-project, but there’ll come a time when you’re ready to step up and make your business bigger in scope than it currently is. To do this, you’ll need three things: ideas, energy, and money. The first two things will come naturally; the third is more problematic. Indeed, for most business owners, it’s that aspect that often causes progress to stall. But remember: though it can at times seem impossible, there can always be money to be found when it comes to growth. Just check out some of our ideas below, for instance.
Check the Books
You will have a strong idea about how well the company is doing, but do you know it down to the last penny? If not, it’ll be reviewing your books to determine just how much money you have at your disposal. If you don’t fully understand finances, then have an expert look at your figures; they’ll also be able to tell you whether diverting your cash to fund growth is a good idea or not.
Your Existing Supporters
If you’ve built your company up from the ground, then you certainly haven’t done it on your own. You’ll have had some loyal customers helping you every step of the way; might they also be able to help you take your business to the next level? By offering incentives to donate, you can generate a lot of money through crowdfunding sources. It might not be enough to fuel all of your expansion plans, but a well-executed crowdfunding campaign can bring in some much needed, useful cash, and at the same time allows you to cement your relationship with your customers.
Your Own Finances
You’ll likely have already used some of your own money to get your company up and running. Why not grow your business using your personal finances, too? Benefits of this approach include keeping control of your company and keeping your business cash-flow high. If you don’t have the money in your savings account, look at hard money loans, and pay back the money over time. And remember the more of your money that you put into the business, the easier it becomes to get money from other sources, too.
Your Untapped Resources
You might not like the idea of being too reliant on your business finances to fund your business growth, but there is a way to use your business to self-grow without compromising your cash-flow: it’s called tapping your untapped resources. For example, if you have unpaid invoices, then sell them to a third-party, and use the money to grow. Alternatively, if you have vacant desks in your office, rent them out, and divert the money your growth fund.
Make the Hard Choices
Finally, remember that business is all about hard decisions. If one area of your business is currently taking up much of your cash, it might be time to pull the plug and use the money elsewhere. It might seem like a hard decision, but what really matters if whether it’s the right one.
What’s your favourite way to grow your business?