5 Important Resources a Small Business Needs to Grow
Your business is now legit and ready to go big time. Problem is, you’re really small with just a small idea and bootstrapped resources available in your own backyard. You know you want to go up but don’t know how to go about it.
1. Cash to fuel your business
Sooner or later, funds become the main need. This is important if you want to set up a new branch, want to expand your product line, or need to produce your product in much bigger volumes. For some, this may include expanding overseas and dealing with a whole new set of variables, regulations, and challenges.
You have to figure out what you need. Let’s say you face the possibility of having to fill an order quickly. That needs a whole lot of cash almost immediately. A Business Loan may be in order for you especially if you don’t have tax returns instantly available or if you need your loan to be unsecured.
You may want the flexibility of paying your loan through giving a percentage of every credit card transaction. That way, if business is slow to start; your loan payments aren’t unnecessarily heavy. For such a situation, a Merchant Cash Advance comes in very handy. Up to a total of $300,000 can be made available very quickly and easily and works comfortably with your cash flow.
2. Qualified people to help administer your business
People are your best resource but what people are we talking about?
You need to first look at people who work directly for you. This is especially true when your business grows. You cannot afford to have people who slow you down or cause losses repeatedly. This is why you need a very reliable administrative person. A background in administrative work only, isn’t sufficient. What’s needed here is the ability to grow and adjust to changing business realities. We’ve all heard the excuse, “That’s the way we’ve been doing it for years.” In a world that keeps changing faster and faster and technology getting developed and introduced at a much faster clip, your admin person has to be able to more than keep pace. Truly, the administrative assistant can even act as a de facto supervisor to other people you may have and constitute part of your company’s solid foundation.
Then there’s the accountant. Not all of us have been blessed with practical mathematical skills that help a business moving forward. If you can’t keep track of your receipts, whether these are for purchases or your own sales, an accountant is especially useful to make sure that you’re not spending more than you earn and that you know where your money is actually going.
It’s actually important that the accountant is mentioned right after the administrative assistant because these two people need to work together closely and effectively. In fact, if you’re fortunate enough to find someone who can do both these duties and is really trustworthy, you have someone you should keep for the life of your business.
3. Scaleable distribution channels that work for you
The distribution channel is something some people forget due to the traditional model of a brick-and-mortar business. Build a place of business and people will come. That has always been the idea and, in some cases, it works well. However, with each passing year, there are more and more players in any given industry that people have to find a unique selling proposition to stand out, making use of all available marketing channels to grow the business.
Part of the selling proposition is the distribution channel. If your product is out there, people will know about it and may want to buy it. The question here is how do you get “out there”? Try to setup reseller partnerships with similar businesses that can benefit from selling your services to their existing customer base. You can set referral incentives, profit sharing or consider white labelling your services under their brand.
4. Leverage the latest technology to help you automate simple tasks
This is the age of technology and we should leverage the latest advances to help automate your business to increase efficiency and competitive advantage. This goes beyond using word processors or spreadsheets. There are now applications that can aid in accounting or billing tasks, help you queue content for social media feeds, or monitor Internet traffic. While you may be averse to giving too much power to computers and technology, know that technology is available to help your business. It is okay to avoid their use but not knowing about what’s out there just doesn’t make sense.
5. Become the best version of yourself
People tend to neglect personal skills when they think about resources for growth. Many started getting into their businesses with an education focusing on one thing. New knowledge is then needed with the growth of the business endeavour. This takes a bit of humility – admitting that you don’t know everything – but it also involves a firm belief in oneself.
Can an old dog be taught new tricks? You have to believe so and invest in yourself by enrolling in some courses that will improve possible weaknesses. Do you fear public speaking? Enrol in a course since it will help you deal with presentations to potential customers. Clueless about web marketing? There are people that can teach you that or people you can hire to fulfil such tasks. Do you think it’s time to get into franchising? Go ask the experts and put together an expansion plan.
Fortunately also, there are tons of resources now available online to help an entrepreneur, especially when it comes to being a more effective and efficient leader in your own business. Face it, if your people don’t feel they are being properly led or if they don’t see a future in your company, they will leave.
You really need to just look at it this way: Since it’s your business, investing in yourself is investing in your business and beginning with a financial advantage is a must.
Or call 1300 760 930 to speak with one of our friendly Lending Consultants now.