Beyond sourcing for loan, credits and other financing options, here are some strategies you should consider in order to help your business grow
1. Separate your Business Accounts from your Personal Accounts:
As an entrepreneur seeking business growth, it is important to separate your business account from your personal accounts. With this, you can better ascertain how much you earn within a period and the expenses incurred. In addition, it would be helpful at the point of seeking funds from lenders who often request for bank statements to project your cash flow and determine your capability to pay back.
2. Have a Budget:
Budgets are essential tools that enable individuals, businesses and governments plan ahead in order to avoid financial problems. With a budget, you can project your earnings and expenses accordingly and make more informed decisions about how to move your business forward, while avoiding frivolous spending.
3. Explore Barter Opportunities:
Bartering is one of the oldest forms of doing business and it can still be explored today. It is simply the exchange of goods and services between businesses without monetary consideration. For instance, you can offer your professional expertise as an accountant in return for advertising opportunities on a media platform. Similarly, if you are a fashion designer, you can make wears for a brand influencer in return for a mention or promotion of your brand.
4. Comply with Regulatory Requirements:
Complying with the regulations and policies within your industry is essential. Some of the common regulatory requirements that you should not ignore are payment of taxes, licenses or permits related to your business e.g. NAFDAC Registration and pension for your employees (if you have three or more employees)
5. Work with professionals that understand the nature of your business:
In all, hire a professional that understands your business needs and structure a payment plan you can afford, as doing this would save you the cost of spending more to get things done accurately in future.