Every successful business needs a mission. When you first began your small business, what was your goal? As you seek to expand your business, remember what first motivated you.
Write down a clear mission statement. Then go a step further by identifying the area(s) and services that differentiate you from other businesses. Think strategically. What’s your best asset?
For example, if you offer dog walking services, what makes your business better than others who offer the same service? Do you also board animals? Is your staff larger than other businesses? Are you insured and bonded? Do you offer dog obedience training? Can you provide dog walking on a moment’s notice? Is your business open 24 hours a day? Do you offer grooming services? Be sure to specify what makes your business unique.
Once you define your mission and your exclusive services, research and chronicle opportunities for future growth. Using the dog walking example, perhaps you should consider expanding your territory. If you move into a bustling city, you may be able to find a larger number of young, affluent professionals with pets who travel on a regular basis. Do your homework; forecast all the ways to expand your business.
After you’ve looked at your current business model, differentiated yourself from the competition, and establish realistic growth patterns, gather your team members together and begin developing a marketing plan.
Take a good look at your current, loyal customers. How did they hear about you? What do they most appreciate about your business? Would they be willing provide a written or video testimonial? Think about all the things you’re doing right and how you can continue offering these services, but on a larger scale.
Now work backwards. Define your final goal(s). Do you want to increase your customer base by 25%? Do you hope to boost your revenue by 40%? Do you want to expand your staff by 10%? Do you need to open a new location? Will you rent or own or build the facility? What are the steps you need to take to accomplish your expansion plans?
If you need capital, the professionals at Kerndt Brothers Bank are ready to help. In fact, we’ve been helping Iowans realize their financial dreams since 1856. In order for us to provide the best customized service, please be ready to answer the following types of questions:
- How much money do you hope to borrow?
- How will that money be used (i.e. for salaries, advertising, equipment, facilities)?
- What is your businesses’ current return on investment?
- What are the risks involved with growing your business?
- How does your business plan support your mission?
Kerndt Brothers Bank Business Bankers can then tailor a package that helps you accomplish your business goals. We can recommend any of the following types of business commercial loans:
Revolving lines of credit: This type of loan allows you to borrow money up to a certain pre-arranged limit. Depending on the scope of your business plan, we will recommend the right amount of credit for your needs.
Business expansion: If part of your goal is to expand the reach and location of your business, we can help you realize that mission. Perhaps a franchise is the best option or maybe you’d like to open some satellite business locations. We’ll listen and offer financial assistance.
Construction loans: Some companies just need more room. We realize that. Whether you need a larger parking lot or an expanded space, our commercial lenders will listen to your construction needs. Like our mortgage loans, we offer a wide selection of options for new construction.
Land and building loans: Whether you need to purchase land and/or design a new facility, our business bankers can guide you from beginning to end. We’ll work with you to ensure a seamless growth process.
Contact the experienced business banker at Kerndt Brothers Bank today by clicking here.Follow me on Google+