The early years of a business are the most critical. Most companies are just trying to stay afloat in the beginning stages, but without positive cash flow many will be forced to close their doors.
When it comes to raising finances, business owners can use a formal route through banks or investors, or they can raise money though personal financing.
Once funds are secured, you can smooth the process from start-up to booming business with these few tips from Ivan Widjaya from SMB CEO:
Invest wisely. – “Business owners who often succeed are those who invest in building a team of people around them that are specialists in different areas… growing a business can’t be done by one person or the original team and sometimes new skills need to be added to the mix in order to stop the business stagnating.”
Raise enough money. – “If a company doesn’t ask for enough money to realistically grow and be successful there isn’t much point in asking for any finance at all and it will just create financial problems in the future.”
Think long term. – “It is true that some investors and shareholders will want to see profits quickly but any sensible investor will know that long term profitability should be the ultimate goal.”
Injecting finance into a startup can be a very good thing. Take advantage of your business finances today!
Note: “Fresh Ideas” are published each week by Countybank and its family of financial service companies. With financial centers in Greenville and Greenwood, Countybank has a team of highly engaged professionals ready to bring a full scope of financial solutions designed to help families and business owners reach their goals.