Growth for a business can be a healthy step. Benefits are abounding. Growing a business creates diversification. Growth usually allows the business to expand into different markets, products and services, and create a new customer base to draw from. The Centre recognizes the importance of planning for business growth. Here are some answers to questions we frequently receive about growing a business.
How much does it cost to grow a business?
Typically you should prepare a realistic cash flow and income statement projection for at least one year. You will also want to state sales goals and objectives. Sometimes this is done monthly and quarterly. In the end the sales forecast should consider all areas of the business.
I need capital to grow my business. What are some of the options?
Short term: overdrafts , operating lines of credit, credit cards or foreign exchange; Long term: mortgage, term loan, lease, small business loans or venture capital loan.
Have more growth-related questions? Ask a business advisor.