Signs Your Business is Ready to Grow
on Wednesday, August 29, 2018
If your business is turning a profit and its future outlook is positive, it might be time to consider expansion. Expanding your business can come in different forms. Below are a few signs that your business may be ready to grow.
- Reason No. 1: Product or service expansion
One of the most common types of business growth is product or service expansion. Product or service expansion can take a couple different forms. Your business could be preparing to launch a brand-new product to the market. Or you might be considering expanding your available services.
With this type of business growth there are a couple ways a bank can provide financial assistance. Opening a line of credit with the bank will help stretch cash flow so you’re not feeling the crunch every month when it's payroll time or you need to purchase inventory. You can also work with your bank to gain access to working capital. A working capital loan can be used to cover costs related to inventory, employees or rent.
- Reason No. 2: Real estate
If you have outgrown your current location it might be a good time to explore additional store fronts or new real estate that will better meet your growing business needs. Real Estate Construction loans help finance the acquisition and development of residential properties, owner occupied facilities and income-producing properties.
Reason No. 3: Business acquisition
When you acquire a business, the company you are purchasing is fully absorbed. Creating one larger business with people, processes and resources that need to be brought together efficiently. Look to your banker to help you evaluate the processes that are in place for each business – yours and the one you are acquiring – to help you identify financial products that will streamline processes, help manage cash flow and reduce your payables costs.
The success of small businesses not only helps drive the success of banks, but the success of the community as well. By relying on Northwest Bank for necessary services to keep your small business running, we can play an important role in strengthening our communities.
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