Top 10 Tips To Scale Your Business
At New Resource Bank, we are more than bankers — we are trusted advisors who are there at every step of your journey to help your business scale and achieve your mission. Scaling is no easy task for any business, and we have helped over 700 businesses that are building a better world.
Here are New Resource Bank’s Top 10 Tips to Scale Your Business:
- Know your business model. Take a day to go through your business model and work on the business, not in the business. We recommend the Business Model Canvas* as a way to rethink your strategy and value proposition.
- Your source of capital matters. After the friends and family round of financing, will you raise equity or try to get debt financing? Whether its equity or debt, make sure the funds are coming from a partner that is adding more value than just money. Don’t just go with the shiniest offer — go with a capital partner that believes in your mission and wants to help you build your company.
- Get your books in order. We often find that businesses apply for a loan and their financials aren’t together. Think presentation and organization — high quality financial statements are essential for banks to understand your business. You don’t have to be an expert yourself; hire a professional that can work with you.
- Create a team of trusted advisors. If you don’t already have a relationship with a bank, a CPA, and a lawyer, start building that network and find partners that share your vision.
- Diversify your revenue. What if you lost your biggest client? Diversify your revenue streams and think through your income channels. Prepare your projections and take a look at different scenarios; this will help you ensure you are ready for any situation.
- Build your people As your business scales, do you have the right people on board and are they in the right seats? Invest in your employees and build a company culture that inspires employees to grow their careers with you. Make being a great place to work part of your story.
- Don’t lose sight of your mission. Make sure you have a clear mission statement that you can explain to everyone in one sentence. We recommend Simon Sinek’s “Start with the Why” talk on YouTube as an inspirational tool.
- Explore the next level. Do you really know where you want to be in five years? Is what you are doing ‘defensible’? Do you know what you would need to take it to the next level?
- Review your expenses. Can you renegotiate your lease? Or refi your mortgage? Often this is an overlooked way to save money in the long-term. Also review your payables how much are your internet bills? Your office supplies? That can be a great way to increase profitability without having to increase sales!
- Know your economic outcome. The economy will slow down at some point and interest rates may increase. Have you prepared for that? Now is the time to talk to a bank and secure long-term financing. Reach out to see how we can be your trusted adviser and help your business grow.
*You can find more information on the Business Model Canvas here. We are also happy to walk you through it.
Let us help your business scale with purpose! Talk to New Resource Bank today: