The end of the year brings with it reviews, planning and goals for the upcoming period – whether it be Q1, six month periods or year-long goals. Within this, elements such as potential expansion, staff hires, client acquisition will be mentioned. Beyond this, other elements such as raising funds through a merchant cash advance or external investment will also be discussed.
Getting business growth, through in-depth planning, correct at the first time of asking is a key step on the way towards long term business success. But how do you make the most of a business opportunity and how does one identify needs going forward?
Consider Your Business Funding
Having the funds to achieve any business goals is essential. Consider all funding options at the earliest opportunity if needed – even if there are no plans to immediately apply for any additional funding or seek investment.
Find out more about elements such as a merchant cash advance. As an alternative to bank loans there is opportunity for much safer and manageable lending against a business, as payments fluctuate dependant on income.
Further, there is a need to think about what money you can spend from within the business budget. This will determine the flow of cash through the business to achieve goals, help manage spending and reduce wasted cost where it is not needed.
Have a Spending Review
Consider costs across a business and whether these are needed in all cases. If you’re running a hotel, are you spending too much on elements such as sundries? Control costs within a business before a plan is put together and it will open a potential expansion to a budget.
What Do You Want Achieve?
This point isn’t necessarily about what you want to achieve within the next three months, six months or even a year – it’s about what the goal for achievement is over the next three or five years.
If expansion to a certain size, or some new premises is on the cards, then consider how this will be achieved.
Think About What Your Budget Offers Now
Once you know the goal for the next five years, consider what the budgets confirmed earlier allow.
The focus here should be on getting the most out of the current budget, and then whether you need to return to alternative funding options such as merchant cash advances.
Build a Plan
With funding options, immediate goals and long term targets in place now is the time to plan your business for 2017.
365 Business Finance provide alternatives to bank loans through merchant cash advances. Get in touch today to find out more.