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Strategies for Growing Your Business

The feeling of accomplishment a small business owner can get from the success of their business is typically followed by the realization that further success may require pursuing larger goals and focusing on growth. To acquire the capital necessary for such growth, start working on a business strategy. What are some possible strategies for tackling your business growth goals?

One option for business owners is to take out a small business loan. These are particularly helpful for family-run businesses as the funds will be set aside specifically for the business, preventing you from being tempted to skimp on the necessary expenses required to grow and simultaneously allowing your family budget to stay separate. Worried about being in debt from a loan? Entrepreneur.com contributor George Deeb notes that debt is not necessarily a negative thing for a growing business, particularly if your plan for growth provides realistic avenues through which you can recover that debt. Furthermore, a small-business loan allows you to retain your current level of ownership in your business, which is a valuable thing for owners with long-term plans. 

Are you considering a physical expansion of your business as part of your growth strategy? According to the U.S. Small Business Administration (SBA), expansion is typically the first approach to growth. Acquiring another company is a comparably popular strategy, and it allows you to avoid the time-consuming process of setting up in a new location by relying instead on existing employees and infrastructure. You can also maintain a pre-existing customer base instead of having to market your business in the new area from scratch, which better assures success right out of the gate.

If expanding into a new physical location or gaining a new location by purchasing another company isn’t preferable, there are a variety of other options. The SBA suggests, among other ideas, franchising as a means to create growth without the stress of self-starting a new location. For more growth strategies and information about projecting your growth costs, visit https://sba.gov/managing-business/growing-your-business.

As you work to determine the next best steps for your company, talk with the business experts at Dollar Bank. At Dollar Bank, you’ll receive one-on-one attention tailored to your business banking needs to help you determine which growth strategy is best for you.

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