Recap: Growing a Small Business

Your coaches summarize the key points you’ve learned.

Instructional Text

Let’s recap the key points we’ve covered: Image Description
Most 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. Image Description
No 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. Image Description
When you apply for credit, be prepared to show the lender why you and your business are a solid investment. Image Description
Marketing 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. Image Description
Remember: advice and guidance is available to you from other business owners, trade associations, your banker, and the SBA. Image Description
Finally, 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. Image Description
Thanks again for joining us. We hope the tools and ideas we’ve provided add to your success! Image Description

  • 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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    Recap: Growing a Small Business