We are halfway through 2018 (where did the time go?) and business owners are looking ahead towards their projections for year-end. Are you on track to meet or exceed your business goals? Do you anticipate a need for additional full or part-time staff to support upcoming projects or a busier-than-usual season? Now is a great time to take a step back and analyze your business’ performance up to this point, finance small business investments, and develop a plan for year-end.
Many business owners get so caught up in the day-to-day tasks of working ‘in their business’, they often neglect to take a step back to work ‘on their business’, and wait too long to invest in the technology, staff, education, resources, and marketing initiatives that would have helped them grow well into the future.
Let’s take, for example, a restaurant that has been in business for 20 years in a market where there has historically been very low traffic at lunchtime, so most restaurants, including this one, are only open for dinner and do not have the staff or supplies to cater to a lunch crowd. While the restaurant owner is busy working ‘in his business’, he misses the news that a large technology company will be opening in the next year a few miles from his location. The company decides to build its own cafeteria for employees due to the lack of lunch options in the area, and the restaurant misses out on this enormous opportunity to serve a new market right in their backyard. While this is a specific situation, these types of missed opportunities and lack of investments happen every day for small businesses.
Financing small business investments are important for long-term growth. Being in a position to capitalize on new opportunities requires a combination of these elements:
1. Knowing your market intuitively;
2. Having strong relationships with customers and community members who will help lead you to improvements and expansion;
3. Being in a position to fund investments when they arise;
4. An internal team supportive of your business and open to new opportunities.
As a small business owner, your work is likely never done, but there are ways to increase productivity and finance small business investments. Whether customers are choosing competitors with better service options, your business incurs a loss of productivity due to outdated technology, or you miss out on the opportunity to purchase the building where your office is located and the new landlord raises your rent, these missed opportunities can impact the long-term growth and success of your business. Ready to get to work on your small business’ plan for year-end? Contact us to meet with a business banking professional today.
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