Entrepreneurial Advice: Five Tips for Small Business Growth

Entrepreneurial Advice: Five Tips for Small Business Growth

Posted on March 14, 2018 at 04:47 PM. Written by Entrepreneur Fund

You already know growing your business takes hard work. You’re living, breathing proof that running a business takes everything you’ve got. You take the good with the bad. The big wins, the frustration and the days where chaos will not cease. Entrepreneurs must be driven. They need to possess lofty ambitions to motivate them to keep pushing – every single day – for more. Entrepreneurs should always seek ways to improve and grow.

The beauty of owning a business in this region is our incredible culture of entrepreneurship and growth. There are so many like-minded business owners in our region and a wealth of accessible programs, services and opportunities designed to stimulate business growth.

As small business owners ourselves, the team at the Entrepreneur Fund has been there. We’ve managed businesses for years. We’ve merged and acquired. We’ve grown mom and pop shops into large local enterprises. And we’ve learned a few things along the way that we want to share.

When we compiled our knowledge and boiled it all down to the essentials, we landed on five tips that are essential to small business growth.

Access to Financing

It’s out there. But it’s not going to come knocking on your door. You must seek it out. Our region has so much support for entrepreneurs – with business financing options coming from traditional lenders, economic development organizations, local foundations and nonprofits. Many organizations have worked together to foster an economic culture that supports and strengthens regional business owners. We know that when business thrives, the whole economy thrives – and for businesses to grow, entrepreneurs need access to capital.

So, get out there. Make connections and meet with lenders to find out what type of financing might be best suited for your ambitious growth and expansion plans.

Get the Financing You Need With the Entrepreneur Fund

Our lending team works with businesses on many levels when it comes to their financial needs. We offer flexible financing solutions and can often work in tandem with traditional bank lenders.

SBA 7A Financing is available up to $500,000. Use this type of funding for equipment, inventory, working capital, real estate and business purchases.

Small Business Financing up to $250,000 is great for any business needs and can include Gap Financing.

SBA Microloans up to $50,000 are perfect for startups. We’ll help get you off the ground and ready to grow.

Did you know? The Entrepreneur Fund was named in the top ten Microloan Lenders in the United States in 2017 for dollar amount loaned.

Plan for Strategic Business Growth

Not all entrepreneurs list organization on their list of strengths – but every entrepreneur can (and should) work to improve their ability to plan and think strategically about the future. 

It is easy to get caught up in the day-to-day. However, running your business without a long-term strategic plan is a surefire way to achieve stagnant sales and minimal growth. We know that’s not what you want, so let’s get strategic and focus on how you can expand your business.

Setting strategic goals allows you to chart the course for the future of your business.

Business Growth Offers From the Entrepreneur Fund

We’re all about growth at the Entrepreneur Fund. Our strategic services are designed to grow your skills and develop the way you think about your business. Take your business to the next level with programming aligned with your ambition.

Be Strategic: Grow Your Business is a business acceleration course that will improve your performance and help you grow your revenue by 25% over the course of three years.

The Entrepreneurial Operating System® (EOS®) is a simple system for running your business with an ongoing strategy. With the EOS® tools and methods, you’ll gain Traction®, clarify your vision and create healthy leaders and teams. 

Get Your Operations in Order

How’s your marketing these days? When was the last time you focused on human resources (HR)? Could your books use some attention? How can you find time to manage all these areas? These are challenges that almost every entrepreneur faces. 

Growing and managing teams, sales and budgets takes conscious effort. You probably feel like you’re constantly juggling and never quite able to give any single aspect your full attention.

Sharpen Your Skills With These Entrepreneur Fund Offers

We know that finances, HR and marketing are important aspects of your business, but they often get placed on the back-burner because you’re pulled in so many directions. Our expert business advisors are trained in small business consulting and can provide you with the tools to sharpen your skills in a variety of areas.

Financial Advising improves cash flow and profitability, helps you access capital and familiarizes you with the systems you need to manage your finances effectively.

HR Advising helps you build your team, manage growth and improve staff performance – and your advisor can work through employee issues with you if/when they arise.

Marketing Advising gives you a chance to grow awareness for your brand, increase sales and get you more comfortable with websites and social media.

Leverage Your Networks

We won’t say it’s all about who you know, but we won’t deny the fact that networking is very important to business success. Expertise comes from many unexpected places and it’s always nice to have colleagues you trust in a variety of industries.

Getting out there and getting to know other business owners in your area are mutually beneficial. Chances are, you’ve experienced some similar ups and downs as entrepreneurs, and can help each other out as needed.

Strengthen Your Networks With the Entrepreneur Fund

We believe in the power of your network. That’s why we offer services, events and groups to connect like-minded entrepreneurs who can push each other to grow.

Mastermind Groups are expertly facilitated peer groups that help entrepreneurs test out new ideas and business strategies.

Women’s Opportunity Weekend is an annual retreat for women business owners who are looking to share, learn and grow.

eNFUSE Workshops provide local entrepreneurs the tools they need to advance their knowledge and skill in finance, marketing and human resources. 

Don’t Forget About You

How easy is it to put 100% of your attention and focus on growing your business? It happens all the time. We get it. Your business is your pride and joy, and your livelihood likely depends on its success and continued growth.

But you're the lynchpin. If you're not growing, how can you expect your business to thrive? Same old routine day in and day out? That'll keep you stable. That won't foster growth or new opportunities.

When you focus on your own development as an entrepreneur, manager and leader, you're investing in your business as well as yourself.

Develop and Grow With the Entrepreneur Fund

Every single entrepreneur is different. We’re all really good at important aspects of running a business, but nobody is perfect. There’s always room to improve and grow. 

We see you. We understand how critical you are to the success of your business – and our services are designed to develop your strengths.

Working with an expert Entrepreneur Fund business advisor is a great way to grow your knowledge, skills and capacity as an entrepreneur. Each advisor is a business owner, too, so we understand where you’re coming from.

Our ASCeND leadership development program was created with a single purpose: to transform regional entrepreneurs into stronger leaders who drive small business growth. 

If you’re interested in learning more about any of these programs or services, please feel free to reach out at any time: 218.623.5747 or info@entrepreneurfund.org.


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