STAGE 2: The Growth Phase of Entrepreneurship
At this point in your entrepreneurship journey, you may be thinking of buying a building or equipment to improve efficiency. How do you know if it’s the right time? Talk to your commercial banker. They will help you look at your financials, understand your options and guide you through the process if it is the right time. From SBA to conventional loans, a commercial banker can help identify the right options for you and create a financial strategy crafted to support your business growth and help you own it.
They will walk you through the loan process, help you understand what you need to qualify for a business loan, and connect you with resources if you need help finding commercial real estate or equipment. Commercial bankers have a wealth of knowledge and a large network to help you as your business grows.
Cash Flow & Money Management
The other challenge we often see in the growth phase, is cash flow. Customer demand is growing, you have to hire more people, buy more supplies, expand space but the cash isn’t coming in as fast as it is going out.
Both cash flow and money management can become challenges for entrepreneurs as their businesses grow. Paying day to day expenses can be difficult when waiting for payment from customers. Often trying to condense time from when an invoice is issued to when you get paid can be helpful. Treasury Management tools can be especially helpful during this phase to optimize cash flow and manage cash online so you don’t have to spend valuable time at the bank and can manage your money and payments at your fingertips. Ask a commercial banker what treasury management products could help you? From online wires to remote deposit, to ACH, there are a number of tools that can optimize your cash flow.
Next Steps Check-in
Ask yourself these questions and reach out to a banker if you answer yes to any of them:
If we can help you get to the next phase of your entrepreneurship journey, please reach out to a banker. We would love to be a part of your Village, connect with them today!