No business owner ever said, “Let’s shrink to success.” Business growth is an important aim. Indeed, it is critical to survival, but it also empowers innovation, makes employee development possible, helps retain satisfied customers, enables expansion, and strengthens its position in the marketplace. And business growth requires good financial stewardship and positive cash flow. As Joel Peterson, Chairman of Jet Blue Airways said, “If you’re out of cash you are out of business.”
What are the Measures of Business Growth?
Business growth is more than a simple wish. It can be measured by increases in:
• Sales revenue
• Company value
• Number of customers
• Number of employees
It is important for a business to set business growth goals that are most critical to them and to work on balancing the goals of the business.
What are the Drivers of Business Growth?
Businesses, unlike dandelions, don’t grow by themselves. It takes:
• People with ability and motivation.
• Well-defined and solid growth strategies.
• Business processes and organizational infrastructure that enable growth.
• Enough funding to make growth possible.
How Get Funding to Drive Business Growth
One of the biggest challenges for business owners is to secure the funds to grow their businesses. Here are some commonly used means to secure the financing for business growth:
• Traditional bank loans. Business owners have many choices among banks and credit unions to secure this type of funding.
• The Small Business Administration (SBA) offers low-interest loans for businesses through their partner lending institutions. These loans may come in the form of SBA 7(a) loans or SBA Microloans.
• Business lines of credit provide a revolving means of using cash for any purpose and at any time.
• Equipment financing.
• Invoice financing.
• Commercial real estate loans.
Seek Expert Financial Assistance
Small businesses can achieve business growth with expert financial assistance. Contact Alternative Capital Source, with offices in Fort Worth and Irving, TX. We offer a wide array of excellent business loans and financing options to fit your unique needs.