All in Planning
Many elements are vital to a growing company’s success. A financially-astute leader is one. A confident and motivated sales team well-versed in a company’s product and service line is another. But starting and growing a business requires more than employees with extensive functional skills and appropriate personal characteristics.
Before you go down the path of seeking capital from outside your business, identify any other ways of raising capital. For example, do you have any savings (either in the business or you personally) that you could use? If you have unused assets in the business (machinery that’s not used very often, buildings or excess stock you could quit), then weigh up the advantages of selling these first.
Cash flow – the lifeblood of any business. The aim of any business owner is to have more cash in than is going out. You’re in business to make money, and one of the most effective ways of doing this is to examine your cash flow and look for ways to improve it.
