Is this the year you’re going to grow your business to the point where you feel like you’re really achieving something? Well, it’s probably going to require a healthy injection of money to do that.
Here are some financial options for you to consider if you want your business to grow in 2017:
Look for investors.
If finance is the reason your business hasn’t grown as much as you want it to so far, why not look for investors?
An investor might inject your business with the cash it needs to take on new staff, expand to a new premises or take on bigger and better projects, and all you’ll need to do in return is agree the percentage return you’re going to give them.
Just be careful when asking for investment – for one thing, you’ll need a watertight business plan if you want anyone to take you seriously, and you’ll need to have a particular set of qualities too. However, be wary of anything that sounds too be good to be true, and try to make it your priority to work with an investor who has strategic experience in your industry. That way, you can benefit from their financial support and their advice.
Take out credit.
Alternatively, if you want to grow your business without asking anyone else for advice (or are concerned that someone else will end up calling the shots), why not take out credit? Compare the best deals on business loans to see what’s available to help your small business grow, using the money to invest in the things you simply can’t afford on your own.
Seek a grant.
If taking out credit or seeking an investor isn’t something you’re comfortable doing for your business, you could consider applying for a grant. The US Small Business Administration could connect you with a lender to help your small business grow from strength to strength, with lots of different types of loans and grants on offer.
Reduce your overheads.
On the other hand, finding money to help your business grow could be as simple as just cutting back on the things that you don’t absolutely need to spend money on. For example, does your business really need to be leasing office space downtown? If not, consider moving to a cheaper building, or scale it back further by working from home, in libraries or business hubs.
Unless your business needs somewhere for you and your team to work together all day, every day, you don’t need to pay for it. Similarly, examine your financial records to see how much you’re paying for services and subscriptions each month. You may not need to pay for the premium package for many applications such as Dropbox, Microsoft Office or Skype if your business isn’t using as much as it’s entitled to, so consider downgrading for now.
Don’t lose money!
Another way you can help your business to grow is by ensuring nothing’s going to hold it back. One way that your business might be being held back (or could be in the future) is by scammers and fraudsters. For example – the business checks you write your suppliers can all be intercepted by fraudsters and tampered with, costing your business anything from very small, imperceptible amounts of money to much larger sums indeed. Protect your business by investing in fraud-proof check books like these, and if you accept card payments from your customers, make sure your business is part of a secure card scheme service.
Finally, this option isn’t for everyone, admittedly, and if you want to retain tight control over your business or don’t feel prepared to share it, it’s not something you should consider. However, if you’re happy to share your success, you can also share risk and future opportunities for growth by merging with another company. You could merge with a rival company, for example, working with new customers and learning new methods while you grow your business as part of something larger.