As a small business owner, you probably long to see your business grow. You anticipate success on that horizon. This is certainly a good goal. However, keep in mind, if your business grows too quickly, you could encounter more problems than had you stayed small. Growth is good—as long as it's of the sustainable kind.
Fifty percent of small businesses close their doors within the first three years, and this is large because they don't understand how to navigate their growth. We've thus compiled a list of tips for small businesses looking to grow the right way!
Slower is better. We've all heard the saying slow and steady wins the race; business is no exception. Rushing, rolling out products before they're ready before your team is ready can spell disaster. You want to build a reputation of quality and value, go too fast and you could very well be sacrificing this.
Don't be afraid to pivot. Pivot is a word used more and more often—and for good reason. If your company has been following a course and yet that course is not producing results, then it's time to make a change. You cannot be afraid of change; this is what will help you grow productively.
Having help is okay. The owner of a small business is often under the assumption that they have to try and do as much as they can themselves. This isn't always the best course of action though. Hiring help, people with expertise in certain areas can make you stronger and thus poised for positive growth.
We love working with small energetic companies that are on their way up. Our loan programs can provide you with the resources necessary to get to that next step and to cultivate sustainable growth. With short term loans and lines of credit, for instance, you get cash to expand your office space, buy new equipment, even hire more help. Call today and let's get started.