For some types of businesses, how fast you can build up your initial momentum can make all the difference. You need to be flexible and competitive in some markets, and you have to use all the leverage you can get to gain an advantage over your competitors. If you want to maximize your company’s initial growth rate, there are some specific points you should try to focus on. These are not relevant for every single type of business out there, but they should work for most companies to a good extent.
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Ignore Physical Expansion for as Long as You Can
These days, certain types of companies can be set up and operated entirely digitally. It may be tempting to open up a physical office or a storage facility, but you need to think really hard about whether those investments actually make sense at your current stage. In most cases, you can run a large part of your company online, leaving very little to be handled in the physical world. Physical expansion is costly and is a risky long-term investment. That’s why you should do your best to minimize the need for it for as long as you can.
Explore Special Loans and Grants
You don’t have to rely on your own initial funding completely. There are often various options available that can give you a financial advantage if used right. Some might be easy and straightforward to use – like many types of small business grants, where you just need to meet certain criteria. AdvancePoint Capital’s SBA loans are another good place to look. Of course, don’t try to take every single grant and loan you can find. Make a plan and figure out which of them will provide you with the best initial boost while not impacting your bottom line in the long run that heavily.
Reduce Initial Risk
This is a bit of an extension to the first hint above, but it’s something that deserves its own point. Risk aversion can be a very good approach in the beginning, as you will want all the stability you can get. Of course, how much you can apply this to your own situation will depend on the specific line of work you’re in. But it’s something that can easily work for many types of businesses. It may sound counterintuitive – after all, high-risk actions can often boost your progress much faster. But in the long run, if just one of those risks doesn’t play out in your favor, you’re going to be dragged back much more than you’ve progressed overall.
After some time, once things have become stable enough, you can start looking into bolder moves that come with potentially greater rewards. Until then, pay close attention to your day-to-day progress, and don’t be afraid to reach out for financial assistance if you qualify for any of the options available out there. With a little research, you’ll quickly find out that there are quite a few of those options for most business types.