It’s no secret that Columbus is quickly growing, bringing with it aspiring entrepreneurs and businesses of all shapes and sizes. According to the U.S. Census Bureau, Columbus posted the 13th largest population gain in 2014, and Forbes named Columbus the 11th best city for business and careers. With the growth of the city comes growth for our small businesses, but there are dangers to growing too quickly. If your business doesn’t have a strategic plan for it, overnight success could mean trouble for the future of your business. Here are four steps to take when planning for strategic growth in 2016:
1. Have the right marketing and business plans: When you first started your small business, you may have had a very simple business and marketing plan. As you plan for growth, it’s important to rethink your strategies. If you have already met your original goals, take the time to consider what your next goal is – how much growth do you want your company to achieve? Where do you see your business in five or ten years? And how are you planning to get there? Additionally, with more funds to spend on marketing, you could consider more expensive or lengthy marketing campaigns to further your growth.
2. Utilize your trusted financial partners: As a small business owner, you should already have a couple trusted financial partners – such as a CPA or banking institution – that are there to help with your financial needs. Take the time to get to know your banker and CPA, and make sure they know your company’s vision for growth so that they can help you plan along the way. Your success and their success!
3. Ensure you have adequate capital for growth: If your small business is growing quickly, you may find yourself with a more-than-steady cash flow and the need for additional capital is far from your mind. However, now is the time to apply for a line of credit or business loan. Many times small businesses grow too quickly and are left scrambling to pay for additional inventory or staff members to cover the surge in business. Applying for a line of credit or business loan before you’re in trouble will save you from being strapped for cash in the future when it’s needed. Not to mention how much easier it is to get a great rate when your business is doing well than when it’s in trouble. As one of the top SBA lenders in Central Ohio, Telhio Credit Union offers an array of both lines of credit and business loans that will give your business peace of mind when cash is tight.
4. Share your vision with your employees: Your employees are critical to the success of your company, so it’s essential that they know your business’ vision and plan for the future. As your company grows, you may need to hire additional staff. Make sure that these people mesh with your current culture – that which has made you successful thus far – and that their professional goals align with your overall vision for success. Hiring the right people can make or break your small business.
Telhio Credit Union has a variety of business products and services, such as checking accounts, lines of credit and business loans that can help your business succeed. Contact a member of Telhio’s business services team, or give them a call at 614-221-3233.
Telhio is open to anyone who lives, works, worships or goes to school in Franklin, Fairfield, Delaware, Licking, Marion, Pickaway and Union counties. Founded in 1934, originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers – branching offices throughout central Ohio and nearly 4,000 shared branching locations nationwide. Additionally, Telhio credit union participates in the highest level of combined federal and private share savings insurance available, insuring deposit accounts up to $500,000.*
* Federally insured by NCUA. Additional coverage up to $250,000 provided by Excess Share Insurance Corporation, a licensed insurance company.