Running a successful small business requires careful planning. It also requires the right financing. For many small business owners this can present a challenge—should they bootstrap the expenses or take out a small business loan? Studies show that a mix of both is often the answer and it’s important to have a clear sense of growth potential first.
Here are a few expert tips to help you grow your business and access the funding you need to take it to the next level.
Focus On Strategic Planning
One of the core components of any successful business is a clear strategy. This includes establishing a framework for business decisions, as well as outlining your company values and your mission.
If you’re just starting out, take some time to think through your vision for the business. Are you hoping to keep things relatively streamlined or are you looking to scale quickly? If you’re already established, taking stock of your existing goals can help you determine whether you’re on the right track for growth or if you may need to rethink your current strategy.
Here are a few things to consider as you move forward:
- Are you looking to increase your product offerings?
- Are you interested in targeting new markets or increasing your reach within your current market?
- Do you have the right resources in place to scale effectively?
- Will you need to expand your current team to keep up with your business needs?
Your answers to these questions will help you refine your strategy and create an action plan.
Assess Your Short- and Long-Term Goals
Once you have your strategy in place, it’s time to think about goal-setting. Focus on both near-term and long-term goals to ensure that you’re setting yourself up for success and developing a sustainable vision for your company. We recommend setting goals for the next year as well as coming up with a five-year plan to grow your business.
Your goals should cover all areas of your business and take into account both marketing strategies and user acquisition. We recommend keeping the following things in mind:
- How you will acquire customers as your business grows
- How your messaging may change as you tap into new markets
- The skills and resources you’ll need to serve changing customer needs
Investing in your business should also be a key part of goal-setting, particularly if you’re positioning yourself for significant growth. Having access to additional funds can help you create new products, develop marketing strategies, and hire the right people.
When outlining your goals, be sure to factor in associated expenses. This will allow you to forecast the cost of growing your business and help you determine how much additional capital you’ll need. Demonstrating a clear growth strategy and business history can also make it easier to access the funding you need.
Access the Right Financing Options
While seeking out financing options can feel intimidating, getting the funding you need is often easier than you might think. Square small business loans are a great option. Available to eligible business owners who process payments via Square, these loans can help you access anywhere from $300 to $250,000 (depending on the amount you qualify for).
To help you keep the focus on your business, Square also eliminates many of the headaches associated with the application process. They’ll provide you with a customized offer based on the card sales you process through Square, and you’ll be able to choose a loan size (up to the maximum offer amount). Tailored to your specific needs, the money can be used for anything related to your business and the offer will reflect the amount Square believes will help you take your business to the next level.
Since Square loans are based on a flat rate rather than ongoing interest, you’ll also have full transparency regarding your loan amount and you’ll be able to pay it back automatically through your daily card sales. You’ll generally know if you’re approved the same day and you’ll be able to access the funds in as little as one business day.
Business growth comes with its fair share of challenges, but careful planning can help you minimize pain points. With a clear strategy and a small business loan tailored to your needs, you can invest in new initiatives and help your company move forward.