Recap: Growing a Business

Your coaches summarize the key points you’ve learned.

MichaelLet’s recap the key points we’ve covered:

 

CassieMost successful businesses go through four stages. The challenge is to balance the personal and business sides of your life as you pass through each stage.

MichaelNo matter what business you’re in, reducing overhead and maximizing cash flow will help things run smoothly. If you borrow money, do so to increase your capacity or reduce your costs.

CassieWhen you apply for credit, be prepared to show the lender why you and your business are a solid investment.

MichaelMarketing is the key to gaining and retaining customers. Focus on who they are and what they need to develop a strategy that’s effective and affordable.

CassieRemember: advice and guidance is available to you from other business owners, trade associations, your banker, and the SBA.

MichaelFinally, keep in mind that succession planning takes time — but, it can make your business investment really pay off. Start the process early and be sure to seek both legal and tax advice.

CassieThanks again for joining us. We hope the tools and ideas we’ve provided add to your success!

Key points to remember

  • Four stages: startup, growth, maturity, transition
  • Balance finances & time between personal life & business
  • Reduce overhead
  • Maximize cash flow
  • Borrow to increase production, reduce costs, manage cash
  • Create marketing strategy that’s customer-driven & affordable
  • Seek role models, guidance, support, expertise
  • Start early with succession planning

 
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