As we kick off the New Year, many business owners are looking back and giving thanks for how far they’ve come since 2019. Yet even though it is still winter, you can still plant seeds to grow your business over the upcoming months.
Step 1: Paying Down Debt
Growing your business means reducing or eliminating as many liabilities as possible. If there is existing debt from a loan or line of credit, make a point of paying down the balance to increase your credit ratings. This will allow you to get better financing when it is time to expand. If your business has debt from multiple loans, consider a debt consolidation program to combine those loans into one manageable payment.
Step 2: Figure Out What’s Attainable and Sustainable
Finding the right way to grow your business can seem challenging. Some business owners are too reserved and do not want to expand as much as their potential allows. Others go “all in” and try to do everything at once, which can result in overextended resources. The former is a case of being cautious, and there is nothing wrong with that, because there will be other opportunities to grow your business in the future. The latter is very robust and ambitious, but comes with a great deal of risk. Ideally, you will want to sit down and assess where your business is, where you want it to be, and where it can actually grow. Look at sales and revenue projections, overhead costs, and other factors to see how you want to grow your business, and the impact on those factors after growth. Talk with your accountant to formulate a growth strategy that will offer minimal obstacles and disruption during the transition.
Step 3. The Right Financing to Grow Your Business
There is no “one size fits all” loan for growing your business. It is also wise to look ahead to ensure you can maintain a healthy cash flow after you achieve growth. Some businesses can use a merchant cash advance to achieve growth from an infusion of debt-free capital. Others need business loans to reach their next big milestones. There are also a number of commercial real estate solutions for businesses that need to expand into larger facilities. Whatever you need to grow your business, you need a team that can provide tailored solutions to ensure success at every step.
At Nanaki Capital, we offer a wide range of financing solutions to help you grow your business and achieve long-term success. Our team will work with you directly to understand your goals so we can create a financing strategy designed so your business can make that next big step. Contact Nanaki Capital today to explore the many options we offer to help you grow your business.
