According to the Small Business Administration, small businesses create two out of every three new jobs in the U.S. and produce close to half of our nation’s goods and services (non-farm private GDP) – so we know that successful small businesses enhance our nation’s economy. In honor of National Small Business Week, May 1-7, 2016, Telhio is sharing a few ways Columbus’ small businesses can “Dream Big, Start Small” and succeed!
1. Don’t rush the process: Many small business owners want to grow their business as quickly as possible without understanding the pitfalls that rapid and sudden growth could have on their resources. Because of this, many small businesses fail within the first one to two years. Remember that growing your business is a marathon, not a sprint – take it slow and enjoy the process.
2. Plan ahead for cash flow management: You know the importance of keeping your cash flowing, but many times when the cash is flowing, small business owners don’t think to plan ahead. Instead of being strapped for cash and having to reach for a credit card with high rates and fees, consider a line of credit to help keep your cash flow steady. Telhio Credit Union offers lines of credit and business loans that will give your business peace of mind:
- – Small Business Association (SBA) 7a or 504 Loans: for the purchase of land and buildings as well as the expansion or conversion of existing facilities.
- – Commercial and Real Estate Loans: for the purpose of purchasing or refinancing commercial or industrial real estate.
- – Business Lines of Credit: for payroll, working capital or short-term payable obligations, as well as a revolving line of credit to finance your business.
3. Set both big and small goals: While planning for your future is essential to the success of your business, too much time spent planning as opposed to doing is a huge mistake. Don’t let your big goals for the future of your business overshadow the small day-to-day goals that you have set. The more small goals you meet each day, the easier it will be to reach your ultimate goal of success.
Telhio wants your small business succeed. For more tips, resources or guidance on navigating small business success, contact a member of Telhio’s business services team online, 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.