What does it actually mean to grow a business? Every small business owner has his or her own definition of how to most effectively ensure a prosperous future, with each definition involving their many different responsibilities as team leaders. It’s common for business owners to wish they could devote an equal amount of time to each responsibility only to realize this is a surefire recipe for watching their passion burn out. After one such experience, a business owner realizes growth is only a possibility when the majority of his or her attention is dedicated to a select few responsibilities.
It is within these areas that the most promising opportunities for growth arise. Figuring out where to invest your time in order to achieve growth will ultimately tell you where to invest your funds as well. Here are some suggestions for determining what element of your business is most deserving of your time and money:
A business owner is constantly looking to form partnerships with new clients or business partners capable of increasing revenue. These relationships could help you land an expensive but highly-lucrative project, advertise a manufacturer’s new product at your location, or receive special deals on vital equipment or inventory items. While your employees are selling directly to customers, you are selling your business to influential entities in your industry that have the potential to enhance your reputation and open up a whole new avenue to success. It’s during these times that all the time you spent pitching and trying to raise capital early on comes in handy.
If you truly know your industry, you’ll know which relationships will be most beneficial in the long-term and therefore should be taken advantage of whenever the opportunity to do so comes up. Using your business’s available funding to pay for these investments, however, would likely jeopardize your ability to cover regular expenses over the coming months. This is when it would be wise to consider yet another partnership, this one with an alternative business financing company like United Capital Source. A small business loan with our signature flexible terms could allow you to make the necessary purchases and then gradually pay off the debt via the short and long-term results of your investment. We offer various funding programs specifically tailored for investments designed to increase supply and/or demand, regardless of the time frame involved.
Strength In Numbers
As your company grows, your success will rely more and more on your team. This is why it’s important for business owners to play active roles in recruiting. You built your business and know how your industry works better than anyone, therefore only you can tell when someone has the tools to mesh well with your team, maintain a solid work ethic, and formulate strategies that adapt to your customers’ ever-changing needs. Marketing your company to prospects on social media, combing through resumes, conducting interviews and training new recruits takes up a great deal of your time but you won’t feel confident hiring someone unless you are absolutely certain he or she can be trusted.
Compromising so much of your time increases the risk of operations slowing down, and it’s going to be at least a few months before the new employee starts contributing to your revenue stream. United Capital Source specializes in helping companies prevent these two outcomes from jeopardizing cash flow with working capital loans tailored to your business. We can give you the means to run your business smoothly during this process and pay off a higher percentage of your debt as revenue grows to new heights.
Evolve And Adapt
You are the mastermind behind the products or services that first took your company off the ground but the competitive environment has likely changed dramatically since then, so you must consistently develop new visions to keep customers satisfied. This requires extensive market research, collaborative innovation, and of course, investing in whatever is necessary to bring your vision to life. You might, for example, have to buy rare and expensive ingredients for new menu items or brand new, heavy-duty landscaping equipment for larger projects.
These investments are likely time-sensitive, meaning they must be completed just in time for the launch of your new menu or the project’s start date. Banks will take approximately four to six months to distribute funding but at United Capital Source, we can approve loans in 24-48 hours and distribute funding just a few business days later. You could secure your purchases with plenty of time to prepare them for use. Investments of this nature also typically do not produce returns right away but our funding programs can spare you from large repayments until your finances return to stability.
What Better Time Than Now?
As a former small business, we know just how many circumstances can interfere with your desire to grow. It never seems like the right time and you have no idea what the future holds. Our job is to clear these obstacles and make it as easy as possible to make the improvements you need to stay competitive. If you choose us to finance your business’s next major investment, we will make sure you always have money available to pay your employees and bills each month, even if revenue should reach its lowest point of the year. Growing a business means working with United Capital Source, where we refuse to let healthy businesses lose customers when demand begins to soar!