Growing Your Business

• 10 SBA Tips
  Here are 10 tips to grow your business from the Small Business Administration. They will help you make the right decisions and investments to move your business forward. 

   

  1. Open a new location

  If your current location has reached capacity or if you have fully tapped your market’s potential, opening an additional location can deliver big results. This option is a big investment that can over-extend businesses that do not plan carefully. Be sure to consult your team of key advisors to thoroughly understand all implications of taking this big and exciting step.

  2. Explore a strategic alliance

  If you’re having trouble competing with larger businesses that have a more comprehensive portfolio, here’s a simple solution: Team up with other businesses that complement your offerings. Strategic alliances can definitely work to build your business whether you’re a brand-new start-up or a global corporation. 

  3. Think about diversifying your business

  If you feel like your plans for growth are stuck in neutral, break out of the box of your current approach to business. Add new products or services that complement your existing offerings. Consider new importing or exporting initiatives. You may even be able to turn your expertise into a new business sideline by pursuing paid speaking and writing opportunities. 

  4. Expand to new markets

  If you’re doing a great job of serving customers in your current market, there may be other opportunities out there for your business in different geographical regions or on the Internet. So ‘brainstorm’ with your key executives to find new markets with the potential to boost your revenues. And help you grow.

  5. Don’t forget about government contracts

  There are lots of resources available online and in your community to help you explore government contracts that might be available to you. A few good starting places: 

  • Small Business Administration (sga.gov)
  • Rochester Small Business Association 
  • Rochester Small Business Development Center

  6. Go global

  There’s a big world out there with other viable markets for your business. But to reach them, you’ll need help from foreign distributors who can resell your products in their regions. For more information on how to go global, visit the Small Business Administration (sba.gov). 

  7. Look for the opportunity to franchise your business

  If other business owners come to you for advice or to see your operation in person, you may have a ‘role model’ business that’s suitable for franchising. Then you can grow your revenue without having to manage multiple locations.

  8. Consider licensing your leading products and services

  If your branded offerings are market leaders, you may be able to license them to other businesses on a local, regional or national basis. It’s a low-cost, low-risk way to generate new revenue streams.

  9. Make a strategic merger or acquisition

  A merger or acquisition can help you quickly expand your offerings, add new capabilities, acquire additional talent, and increase market share. So find other companies that could help you grow. And explore the potential for a merger or acquisition. It’s a strategy at every level of the business world.

  10. Take full advantage of the Internet

  These days you can reach customers around the world right over the Internet. But to help prospects find you quickly and easily, you need an effective website and a sound approach to Search Engine Optimization (SEO). You should also consider an active social media campaign to raise the profile of your business online. 
  
  And don’t worry. If you don’t have the communication capabilities to maximize your Internet opportunities, there are plenty of qualified agencies, firms and consultants in your community who can help you reach a broader audience, develop qualified prospects, and achieve your growth goals.
• Financing for Growth
  Get the financing you need to go for growth.
  
  It takes careful planning and disciplined execution to grow your business. 
  
  But there’s another powerful resource that businesses rely on when they’re ready to reach the next level. And that’s financing from a qualified lender with a proven commitment to helping businesses succeed.
  
  If you’re thinking about getting a business loan or line of credit to help you grow or expand, here are some issues to consider before you apply.
   

  • Think before you leap. Make sure you carefully assess and define your borrowing goals before talking with a potential lender.  Do you need financing for a critical expansion, acquisition, new technology or capital equipment? Are you trying to create a financial cushion that will help you manage your cash flow and minimize risk? Make sure you’ve thought through all the key issues before you look for financing.
  • Explore your borrowing options. You can find a wide variety of financing solutions at banks, credit unions, and other financial institutions. Many lenders also offer specialized loans for small businesses that are guaranteed by the Small Business Administration. So take the time to explore all of your options before you apply for the financing you need.
  • Try to avoid borrowing in an emergency. The simple fact is, you probably won’t be able to negotiate the best rates and terms if you need the money ASAP. So think through all of the issues. And take the time to plan ahead. Then you’ll be ready to find an affordable financing solution that makes the most sense for you and your business. 
  • Carefully consider your business risks. Risk comes with the territory in the fast-changing world of business. And if a serious risk to the health of your business is on the horizon, you need to make sure it will not interfere with your ability to operate successfully or repay a business loan. So work with your executive team to appraise your risks on a regular basis. It will help you develop sound, realistic plans for growth.
  • Get help from a lender committed to your success. When it comes to business borrowing, financial institutions are not created equal. So make sure your lender has the resources, expertise and commitment to the community to help you make sound decisions. And find the right borrowing solution for you.

   
• How Can We Help?
  Talk to the local financial services leader that answers to you.
  
  If you’re ready to get a loan or line of credit to boost your business, talk to one of our experienced Business Relationship Managers today.
  
  We’ll answer your questions, guide you through the application process, and help you can explore a wide range of affordable borrowing options. 
  
  On behalf of all of us at ESL, we look forward to helping you achieve one of the most exciting goals in business: growth!