Running a business is not unlike spinning plates, with the financial stability of your enterprise riding on a number of contributory factors. A solid business plan and some hard work go a long way - but without ongoing strategies and an uncompromising sense of self, there’s no guarantee your financial success will endure.
Vistage recently published a report on how businesses can ‘Go for Growth’, offering ambitious businesses insight into how they can guarantee lasting growth. And with today’s 5-step action plan, you can keep you and your business financially airtight for the long haul.
James: Cash is a bit like oil and power in a machine. You can design and build an absolutely fantastic machine that changes the world, but without the power to make it start and the oil to lubricate the moving parts, it'll seize up very quickly. Parts will stop working and melt away to join many other good ideas and inventions that unfortunately litter history.
Finance and funding growth can be a time consuming and frustrating process. The problem is that the timing of your need for funding and cash can be out of sync with your growth plans.
In fact the process of seeking-out and securing funding can also be a source of disaster for your company.
Typically problems occur because you spend too much time pitching and talking to investors that you actually limit and start to restrict the performance of the business.
It also takes time if you’re talking to banks.
If you’re looking to fund growth, you might want to take a step back from the obvious options of investment from external sources.
The number of FTSE 350 companies that have pledged to make payments promptly and adhere to a code of practice has tripled, smallbusiness.co.uk reports.