I don’t know about you, but I’m guilty of falling headfirst into the social media black hole from time to time, especially when I’m traveling. When I’m on flights is when I find myself scrolling through my feed and reading all of your comments (which I love to read because it’s your feedback that helps me become a better mentor).
This happened to me a couple of days ago and I started to feel guilty that I wasn’t answering emails or getting work done…until I came across this comment:
I get comments like this a lot. Now, I know that I am the guy on TV investing in companies all the time, but I’ve also seen countless business owners seeking investment and financing that simply aren’t ready for it.
The truth is, money doesn’t make success. If you take in cash before you are ready, it can really hurt you. On the flip side, securing financing can really strengthen your business and help you grow, but only when you’re ready for it and truly need it.
So, thanks to my friends at Chase for Business, I’m going to break down the keys signs that you are ready for and need financing for your business. Let’s get started!
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Meeting demand is a strain: I always say that the best form of investment is through sales. If you can’t keep up with the demand and fulfill those sales properly, though, it might be time to think about securing some additional funds to help you with inventory or make sure you have the right customer service team in place.
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Your business tools can’t keep up: When you’re first starting out, it’s important to get creative in every aspect of your business in order to keep costs down. But, as your business gains traction and you start to scale, it’s important to have the right technology and equipment in place to help your team keep up productivity and help your business stay competitive.
Now, those aren’t the only signs. There are a few more that you need to be aware of before you take the plunge and secure financing. The Chase team and I break them down for you here.
I know that this can be overwhelming and doing research on your own can lead to analysis paralysis. So, I encourage you to work with a banker or trusted advisor who understands your business and can help you put a smart financing plan in place. Remember, you need to have a clear plan for how you’ll wisely allocate funds before you even think about what type of financing is right for you.
Key word, wisely.
P.S. Want more of MY advice for small business owners? Click here: http://bit.ly/AdviceFromDJ
