Sufficient money to implement all the things that are needed for small business survival and growth is one of the greatest challenges that you will face. All growing businesses will someday be in need of additional capital. This session will recommend a process for raising capital when needed. One of the key factors is to start preparing for the ask before it becomes an urgent issue. This is a good day to start getting ready.
- First and foremost, make sure that your business books are in order. At the beginning of this journey you were asked to make sure that you had an up to date working budget. This is part of the foundation that has been emphasized during this journey.
- Capital should be raised to pursue a new direction or to expand and already working service. Raising capital to pay off back debts should also shoe how your bottom line will not only grow as profit for the company, but also grow enough to pay the investor a return on the capital you received.
- For today’s exercise, start the planning process by selecting a new or existing service which will increase your bottom line if working capital was available.
- Take you choice and develop a strategic focus plan ( this is an actual hands on plan with specific timetables and actions) Put this plan together as if you had all the money available. This will allow for a realistic plan which will show the real “dollars” needed to achieve success. The finished plan will show the return on the investment both to the company and also to the investor.
- Don’t settle for less than you need. Refine your Strategic Focus plan and take it our to the world. The first place to visit is your local banker. Part of this exercise is a learning process for you. You might not get a loan, but you will learn what the banks are looking for before they lend their money. Always try several banks; a small local bank as well as a National Bank.
- Next, take this plan to your Business Support Group. Present your request and ask them for advice and any suggestions.
- The 30 people you selected for your “visit list” is another potential group for you to make a presentation to.
- Don’t be to proud to ask for help. Your business may require a partner with money or a venture capitalist, or a family remember, or a friend, or….?????
The best time to get ready for something is before the need arises. This is a great way to learn!
Prayer is talking something over with God, rather than trying to talk God out of something.