The Four Killer Distractions That Reduce Productivity

Optimising the workflow isn’t always as straightforward as it seems, with inevitable distractions frequently present in the background. The four distractions that reduce productivity discussed in this article are some of the worst offenders in that regard.

Every business strives to make its processes as efficient as possible. However, various distractions in the workplace can be unavoidable, and some can be latently present, making it harder to control them.

While it’s impossible to eradicate the distractions, being aware of them will allow you to make a negative impact on productivity minimal.

Here’s a list of unlikely distractions that kill productivity.

Distraction #1. Work Environment

There can be plenty of distractions in the workplace that can directly interrupt current tasks or disrupt concentration and focus. Even if the work doesn’t stop with such distractions, it will significantly slow down.

The most common distractions in the work environment are chatter, phone calls, and unnecessary meetings. Background noise in and outside the office can also be disruptive, as well as visual distractions. Sound isolation can help in that regard and proper lighting and less movement around the office.

Finally, even foul odours can be distracting, which is why the workspace should be clean and have adequate ventilation.

Distraction #2. Succumbing to Perfectionism

A perfectionist isn’t the same as a conscientious worker, as one will obsess with producing flawless results while the other will strive to be as efficient as possible.

While perfectionism is often seen as a good business trait, it can just as quickly become detrimental to productivity.

Perfectionists have unrealistically high standards that they struggle to meet. Because of that, they tend to restart their tasks from scratch, even if it means missing deadlines and slowing down their work and those that depend on them.

In addition to this zealous pursuit of an unattainable goal, a perfectionist can start procrastinating to postpone the inevitable frustration.

Distraction #3. Monotonous Tasks

Repetitive work becomes straining with time due to the lack of motivation and creativity involved in such tasks. Entering and processing data or tasks related to email, for example, can take up precious time and distract from the actual productive work.

Luckily, there’s a relatively straightforward way to resolve such issues, which comes down to automation. Tagging, sorting, and sending emails can all be automated to leave the employees free to do more important tasks and be more effective.

Distraction #4. Unproductive Meetings

Meetings can prove inefficient in various ways – worse if they’re unnecessary. But even if an appointment is needed, it can quickly be derailed by subjects that aren’t focused on productivity.

Conversations that turn personal, endless complaints, or a lecture from a company senior become more of a distraction than a productive meeting. If it’s combined with poor timing that disrupts regular tasks, a meeting will not be beneficial in any sense.

The best way to avoid the meetings from becoming unproductive is to schedule them well ahead of time, provide clear guidelines, and moderate them properly.

The primary purpose of a meeting is to hear different voices and opinions, but a certain amount of control should exist to make this possible.

Reducing Distractions Boosts Productivity

Every business will significantly benefit from removing or minimising distractions. Simultaneously, the workplace, everyday tasks, and in-office relations could become much more pleasant if everything’s optimised for productivity and efficiency. The less distracting the workplace, the more satisfied the employees will be contributing to the business growth.

Spotting a Bad Candidate – The Seven Warning Signs That Somebody May Be a Bad Hire for Your Business

In a rush to hire someone new? It’s not reason enough to breeze through your hiring process. Choose your candidate carefully.

There are many reasons why companies rush through job interviews to fill certain positions. But one unlikely reason has to do with the interviewers themselves who’s responsibility for spotting a bad candidate is as important as their ability to select the right person for the job.

Not every business owner or team leader is a great interviewer who can immediately gauge the right fit for the position, and that’s why they fail to maximise this part of the hiring process.

As a result, hiring the wrong candidate becomes likely.

To ensure you find the right person for the job, look out for the following warning signs that indicate a potentially lousy fit for your business during the interview.

Sign #1. Evasive Answers

Job applicants who have nothing to hide give straight answers to straight questions.

It’s best to be wary of those that give evasive answers. Someone who doesn’t provide clear and concise answers when faced with simple topics may be a bad hire.

Sign #2. Questionable Track Record

There’s more to interviews than reading a resume and asking questions. It’s also essential to ask and check for references who can confirm a candidate’s capabilities.

Someone with a questionable track record may have a wealth of knowledge but not necessarily execution skills.

Sign #3. Bad Attitude

Some people walk into an interview with a bad attitude from the start.

A person who makes many negative remarks or has nothing constructive to say has a high potential to be a bad hire.

Sign #4. Doesn’t Share the Same Values

It’s critical to find someone who shares the company’s values. After all, it’s a characteristic that will help the new employee fit in.

Candidates who don’t have the same goals or values may not put in the work.

Sign #5. Seems Like the Best You Can Get

Your gut feeling should also matter during an interview.

Employers can become desperate to make a new hire. That’s why it’s common for them to rush things and pick decent but not great candidates.

If a person only seems like the best available choice at the time, that shouldn’t be reason enough for hiring. Waiting for a better candidate may be a better choice.

Sign #6. Unclear About the Job

When someone comes in for an interview, they should know everything about the position and the role.

You want a person with experience in the same or a similar position. More importantly, you want someone who doesn’t need you to explain the job description or your expectations.

An applicant without a firm understanding of the job won’t likely be a good hire.

Sign #7. Being Late for the Interview

For things to run smoothly in any company, your people need to stick to a schedule. That’s why a tardy interviewee is unlikely to make a good employee.

Being late for a job interview likely indicates an inability to commit. However, it’s also essential to get the full story behind the lateness before a definitive yes or no.

Don’t Rush the Judgment

There are three big mistakes that interviewers tend to make. That would be both overestimating or underestimating candidates and settling for average candidates.

It’s always best to know all the facts and spot the signs that tell you more about the interviewee. Your goal should be to determine the person’s potential influence in your business in the long run.

The Six Traits to Look For When Hiring a Marketing Professional

Optimising a marketing strategy requires expertise. Fortunately, the right people for the job usually share a few key qualities.

Hiring a marketing professional, whether outside help or someone in-house is never an easy choice. Either way, a business needs someone to spearhead its marketing for it to scale.

But finding the right person is easier said than done. There are many qualities to look for in a marketing professional that can help improve campaigns and grow a business.

However, six crucial traits often separate the best from the rest.

Creativity

A marketing professional isn’t necessarily a copywriter, salesperson, or skilled designer. But, that person has to show an understanding of the creative process.

Remember, those in charge of marketing don’t necessarily develop creative work, but it’s their job to evaluate the innovative quality.

It’s also a marketing specialist’s job to develop effective strategies and plans on how to target the right audience and liaise between customers and the creative team.

Communication

A marketing professional is a master of communication and can convey the same ideas to people from different departments and backgrounds.

After all, the marketing team communicates with senior management, business owners, salespeople, creative teams, and even those in charge of product development.

The fact is that skilled conversationalists make some of the best marketing professionals in any industry.

Eye for Detail

What’s an often overlooked quality in marketing professionals?

It’s attention to detail and the ability to multitask.

Any marketing campaign requires the best project management to yield great results. Therefore, it’s within a marketing professional’s purview to help coordinate the involvement of various specialists.

It’s also up to the marketing people to develop schedules and the ideal budget for a campaign based on what they see from other departments within a company.

Teamwork-Oriented

A great communicator isn’t always the best team player. But it’s essential to see a teamwork-oriented attitude in a marketing professional.

The best marketing professionals make it a point to encourage teamwork within a company.

Thirst for Knowledge

A desire to constantly learn and improve is something to look for in any employee. It includes marketing professionals, too, because the field continually changes.

That’s why it’s critical to find someone that can keep up with the times.

A real professional learns about new technologies and trends. Marketing people have to stay on top of market news, statistics, software, customer pain points, etc. They can’t stop learning about coming up with new ways to engage the customer base.

An Analytical Mind

Being creative doesn’t prevent anyone from using logic or weighing problems strategically. A marketing professional needs an analytical mind, too.

Whether in traditional or modern digital marketing, a strategic approach is always best. It’s the only way to factor in all the data, understand scenarios, and extrapolate solutions.

Nothing Changed

Marketing may have changed as it shifted from traditional to digital. That said, business owners should still look for the same vital traits when hiring marketing professionals.

However, the new marketing medium didn’t change the qualities required for a marketing specialist to do their job.

Why Isn’t Your Brand Connecting With Your Audience?

It’s not exactly easy to establish brand loyalty. Making the right choices with your messaging can change that.

Today’s successful companies have a powerful brand that helped them engage and convert legions of loyal followers. So, why isn’t your brand connecting with your audience?

Although each brand has its message and audience, it’s easy to spot a few key elements that help audiences connect with some brands over others.

But if your company fails to establish that connection, it may be committing one or more of the following mistakes.

No Target Audience

It gets hard to connect with an audience if the brand doesn’t speak to a particular audience. After all, few products and services are for everyone.

All successful businesses have their target audiences. Speaking to clients and customers with shared interests or specific needs and pain points helps create that connection.

Also, marketing indiscriminately to broad audiences gets expensive, primarily if you aim to generate loyalty or excitement.

Weak Message or Vision

Audiences connect with brands that stand for something. It could be reflected in the company’s vision, the message… it doesn’t matter.

But there has to be something that the audience sees as compelling.

Brands that don’t take a clear stand on something don’t spark engagement, making it harder for people to connect with them.

Misguided Focus

A common mistake involves talking about how great a company is and what it can do. But it’s easy to go from that to becoming self-centred with the messaging.

Audiences connect with brands that are about the people and not the business. They want brands focused on goals and pains – not so much those focused on pushing an agenda or stroking a company’s ego.

Lack of Emotion

To connect with anyone, it’s important to evoke an emotion. Brand messaging that doesn’t resonate with audiences is usually the dull sort, and it’s messaging that doesn’t produce feeling in the target audience.

The goal should be to develop a strong connection by leveraging different emotions to achieve it. Customers and consumers are human, so that they will need memorable interactions instead of noisy content.

Not Enough Balance

Digital marketing has indeed been the focus of most businesses in recent years. But it isn’t always easy to make it work.

While the digital world makes it simple to get brand exposure, it doesn’t guarantee a connection with the target audience.

It’s always better to mix traditional and modern approaches to establish a powerful brand that audiences can connect with more quickly.

Lack of Trust and Authority

A brand’s message isn’t powerful if the people or company behind it don’t have authority. Audiences connect with thought leaders – those who have credibility and authority in their fields.

Before a brand’s message becomes powerful, it’s critical to become an expert in your field. But not just the skills, as audiences have to perceive you as an authority figure, too.

Brand messaging helps build trust when there’s a good enough foundation in place.

Build a Brand Your Customers Deserve

When a brand’s message isn’t powerful, it can affect everything from customer engagement to sales.

A powerful brand can grow a business. You must avoid the above common messaging mistakes if you want to scale and connect with your audience.

How to Identify and Fix Weak Spots in Your System

Is your business not operating at maximum efficiency? Fortunately, some problems are easier to spot and fix than you think.

Systems, processes, operations, logistics – every one of these different departments can develop issues. As a business owner, you either oversee all of them yourself or the people responsible for them. Knowing how to identify and fix weak spots in your system is a valuable skill to develop.

But even with a keen eye, it’s sometimes difficult to spot a problem early on. Let alone address it quickly.

That said, there’s a process that can set you up for improved performance in this area.

Create Clear Separation

Mixing your systems with operations or logistics is like mixing business with pleasure – it can create uncomfortable situations and confusion.

To have a better chance of spotting issues, create a clear separation between your departments.

Keep in mind that some functions may often overlap—for example, finances and sales or marketing and sales. But you will need a clear separation between them so that you can perform departmental-specific performance reviews.

Hold Meetings With Supervisors and Team Leaders

Once you have a successful business, you can’t run everything on your own anymore. You’ll need other people to assist you in marketing, sales, servicing clients, etc.

It may feel hard to lose that control at first, but you can also think of it as a blessing.

It’s best to have less on your plate when it comes to identifying issues across the entire system. You create an efficient system if you put someone in charge of marketing strategy and someone else in charge of actual sales.

Those people will have clear and different goals to focus on. When something goes wrong, you won’t have reason to panic.

Hold a meeting with elected team leaders and ask for a report and status update on the departments they look after. With fewer distractions, you can then make an informed decision on how to proceed.

Promote Communication and Transparency

Sometimes, problems don’t happen at a high level. Maybe it’s one of your other employees who’s messing things up, for example.

That’s why apart from talking to team leaders and supervisors, you have to schedule a time to meet with other staff members and employees, too.

Everyone can get a unique perspective on how a system functions at a certain level. That hands-on experience is something you can’t underestimate, especially since you can only look at the big picture now.

Foster a Problem-Solving Culture

Leading like a tyrant may motivate some people, but not all of them. So learn to reward those that fix things and avoid dumping blame on those that make mistakes.

Problems can arise when people are afraid to speak up when they first notice something is off. Emphasise the importance of solving issues in-house and reward those that do.

It will help you identify shortcomings in your system much faster. And, in some cases, it may also prevent the appearance of weak spots in critical functions.

Get Contributions From Everyone

A business is like an engine – it has many moving parts that depend on one another to make the engine run.

Sometimes, the smallest cog in your business can create massive problems. Thankfully, some of these problems you can prevent and others you can fix.

It’s a matter of learning how to do it most efficiently.

Why Do Systems Fail? (And Five Things You Can Do to Build More Resilient Systems)

Systems run businesses. But like anything else, they require constant maintenance since there’s no such thing as a perfect system.

Systems fail all the time. It’s not a comforting thought, but it’s the truth. But that doesn’t mean that you can’t fix, optimise, or change them.

Have a look at the common problems among small or new businesses and learn how to handle systems, processes, and operations better.

Failure to Learn from Mistakes

One of the best ways to create more resilient systems is to learn from past mistakes.

It’s essential to look at past performances to see what worked and what didn’t. That should allow you to see any recent changes or failure to adjust that may have caused an internal system to fail.

Not Using Modern Solutions

Companies are relying more and more on tech. However, some business owners and executives are still not emphasising the use of industry-specific software as much as they should.

Sometimes, systems fail because people patch them up with traditional fixes alone.

For example, delayed payments and cash flow problems have strong ties to invoicing and payment processing systems. And not using good invoicing software and digital payment platforms can be a big mistake in today’s environment.

Not Changing the Culture

While systems and processes may run businesses, it is often people who run the systems. Unfortunately, some people become complacent.

A culture of complacency can cause systems to fail.

People get accustomed to configuring a system, automating it, and never looking back. But everything needs the occasional adjustment over time.

Preventing systems from failing is sometimes as easy as changing the company culture. Instead of allowing people to become complacent, try to lead by example.

Push a progressive agenda that values constant improvement and monitoring of vital business systems. Doing so should give people extra motivation to make the systems resilient and resistant to failure.

Too Many Complications

Successful businesses don’t have complicated systems. They emphasise simplicity to remove steps that don’t add value.

Simplicity equals clarity.

Working with simple systems can increase employee productivity and lower the risk of something terrible happening.

Not Having Expert Help

It’s no secret that it isn’t easy to find good help. Since people run and manage the systems, it makes sense that inexperienced employees could cause a system to break down.

One solution is to pay more attention to who you hire; make sure they’re truly qualified to handle the tasks assigned to them.

Another solution is to bring in outside help. Either hire an expert consultant to fix your systems or outsource some of the company’s systems to a third-party provider.

It’s not a requirement to do everything in-house, especially when your team lacks the expertise.

Never Stop Paying Attention

Prevention is the best way to prevent failing systems. Instead of worrying about how you could fix something when it breaks, try continually to ensure it won’t happen.

Concerning that, a company culture centred on consistent progress and innovation is less likely to run into bumps that break down systems.

What’s In a Message?

Looking for a way to make your brand message resonate? There are certain elements to keep in mind.

The concept of brand message is something that many business owners tend to take for granted. It’s because many of them have yet to understand what it is fully.

The truth is that the brand message is the glue that holds all of your content together. The message maintains the consistency of the brand’s identity through all the relevant articles, press releases, email campaigns, and such.

To make a strong brand message, use the following as your guide.

Create Your Brand Promise

It’s a crucial element of the brand message that indicates the company’s vision while still clearly stating what the business does. The brand promise relays what customers can expect from the company.

When crafting the brand promise, keep in mind that this also represents a pledge you’ll uphold with your customer.

Identify Your Marketplace Position

It’s also essential to have a relevant positioning statement that defines where a business fits in the marketplace.

The marketplace position also serves as a great guidance tool for creating messages both external and internal.

Know Your Target Audience

Brand messaging also has to account for the target audience. Whatever the message, it should always resonate with the ideal customers and speak to their needs and interests.

Find the Right Tone

Copywriting is an interwoven part of brand messaging. In this instance, the tone of voice becomes exceptionally crucial.

It’s vital to decide on the most suitable tone before starting work on the brand messaging. An entertainment brand may get away with a playful and fun style of voice, for example, but perhaps not one of accounting or the medical field.

The tone of voice should also account for the audience, not just the marketplace. It’s essential to use a style that one’s target customers would approve and enjoy.

Practice

Coming up with the best brand message may not happen overnight, and it may require you to go through trial and error until all the elements fit together.

Perhaps even before launching a business, it’s vital to take time to develop your brand messaging. It’s crucial to break down everything about the company when conveying what it’s about through relevant copy.

Practice describing the brand within one minute to get it down to a science. Keep in mind that it should speak to the audience, rather than the employees already familiar with it.

Remember Consistency

Your brand message doesn’t have to be a long piece of content. But in every piece of content that the company puts out, it should make its presence known.

The brand message is a mix of language, tone, value proposition, and audience motivation. Its goal is to establish trust and engrain the offer into the minds of customers and clients.

Therefore, it should be devoid of inconsistencies in font, colour scheme, and everything else.

Relevant Brand Messaging Creates Loyal Followers

The audience has to recognise your brand messaging instantly. That’s why every piece of content should convey the same message. Stick to highlighting the promise, vision, position, and the underlying value proposition. Remember to keep the tone and style consistent through all the channels used to establish trust and professionalism.

How to Implement New Technologies Without Disruption

2020 saw the most significant leap in business digitalisation. Companies can resolve disruption paralysis with such a move by implementing correct planning strategies.

Undoubtedly, the modern world is rapidly moving towards digital products and services, with only niche markets being able to profit with traditional operating methods. But when companies attempt to implement new technologies in their workflow, they can get stuck in a state of disruption paralysis. In the face of potentially overwhelming changes, an owner who has yet to be properly acquainted with new workflow tools may not be able to move forward.

Resolving disruption paralysis is a stepping stone for any company looking to implement new technology in its daily operations. While long-term solutions are best, even a short-term resolution can show a way forward and set the company on a clear goal to follow.

Tip #1. Acknowledge the Trial-and-Error Approach

Implementing new models into your existing pipeline might be vital to a company’s existence on the market, provided that they align with its mission statement.

In this regard, businesses must realise that aggressive testing is the only way to ensure they can survive the onslaught of digitalised offers and competitors. Setting up a testing area where only a part of the pipeline uses the innovation can help keep errors to a minimum.

Tip #2. Bring in Thinkers

Traditional businesses will often benefit by hiring new employees with the expertise and experience in emerging technology needed to make the correct choice. Employing this new blood to spearhead the transition to a digitised environment will align their goals with the company’s mission statement, allowing both to evolve with technology.

It’s hard to let go of past experiences, practices, and thinking, so relying on a future generation moulded in modern technology could reinvigorate productivity and inventiveness. They also don’t require as much training to use new methods and interfaces.

Tip #3. Adjust Goals

Companies rarely come away unscathed from a significant rebuilding effort, such as implementing new technologies in their workflow. Adjusting the mission statement to match current trends might be necessary to allow for more freedom in making bolder claims, products, or services for the time to come.

However, the business vision, or the primary goal behind its origin, must not waver with the introduction of emerging technologies. If the vision is not congruous with modernisation, consider adopting different goals to appeal to a niche market and remain profitable in another way.

Tip #4. Allocate Budget

With the threat of disruption paralysis, putting too many resources (monetary and human) into implementing technologies can lead to devastating results if failure ensues. Taking a step back to budget for these changes properly can be vital in keeping the business afloat during the transition.

Companies can’t afford to be conservative with their capital. Not investing enough to improve and compete in a digitised market can be in vain. Worse, it can drive consumers to a bolder competitor.

Moving With the Tides

In a digitised world, refusing to implement new technologies might backfire spectacularly.

An aggressive and decisive approach to improving the current workflow will involve several testing phases and injecting new people more familiar with the technology. These investments can pay off in the long run, ensuring the business survives with its vision intact and a mission that reflects society’s current trends.

Is Your Team as Productive As It Could Be?

The mark of a great leader is the ability to keep the employees productive and happy. Are you paying enough attention to what’s going on in your company?

If everything runs smoothly in your business, chances are your team operates at peak efficiency. But every now and then, you may spot some inconsistencies. You may even see stress settling in or people struggling to perform.

There are various reasons why this happens.

However, when a team is not as productive as before, it doesn’t mean that you have to start firing people. Employees that once had no problems doing the work can return to that level of performance with the right motivation.

If you see the following signs, it means some things need to change before you can get your team to perform at their best.

No Advancement Opportunities

One possible reason employees stop giving their 100% is that they can’t see a clear path to advance their careers. This happens in many companies and across all industries.

But is that a reason to fire someone and bring in someone new? No.

If you want to hold onto valuable employees, try offering additional rewards. They may not get a new position, but you could increase the bonuses. You could also add other responsibilities to justify increasing the salary.

Recent Odd Behaviour

Employees with a generally good attitude tend to perform well. But recent changes in behaviour may indicate personal or family issues, perhaps even workplace drama.

That’s not a sign to fire someone. Instead, it may be a sign that some employees need help and support.

If they once did a good job, they have the ability to do it again. It’s just a matter of identifying the issues and helping them overcome those matters.

Demotivation

How do you spot demotivation among team members?

  • Skip work
  • Isolate themselves from colleagues
  • Take only minimal responsibility tasks
  • Refrain from having something to say in meetings

Demotivation is a sign that you can get more out of your team if you take action. Try getting to know your people better and find out what they enjoyed about the work in the past.

Employees Are Too Tired

Teams sometimes don’t operate at peak efficiency because the members are tired, not because of a lack of skills or interest.

Perhaps recent company policy or schedule changes coincided with a drop in performance.
To fix this, try to arrange a few team meetings and brainstorm how to implement a more flexible work schedule. Talk to your people about possible new working arrangements. It’s crucial for you to figure out a way for everyone to work at their best hours of the day.

People Don’t Perform Consistently

If you notice spikes in productivity, you may have a problem with your business. You may see that some employees have stretches of great performance and average or worse the rest of the time.

Inconsistency in the workplace often has something to do with a lack of recognition.

People don’t always need rewards to keep up the excellent work. Sometimes a nod, company memo, or public acknowledgement can go a long way towards motivating people to give you 100% all the time.

Don’t Forget About Exchanging Ideas

Maybe your company is in the green but not growing. It could be a sign that there’s more to your team that meets the eye.

You want employees who do their jobs well and even contribute to discussions. So, trust your team and listen to their pitches and ideas. Perhaps the decisions at the leadership levels are what limit your team’s performance.

How to Plan for Growth as a Small Business Owner

As a small business owner, there’s no greater joy than watching your creation thrive. As you experience success, it’s only natural to think about growth, which is both exciting and intimidating. Starting a business is one thing but scaling up is quite another. But once you know how to plan for growth things do become clearer.

Research by Barclaycard found that to scale up, you need to re-invest 29% of your turnover, which is something of a scary prospect. To grow your business, you shouldn’t think about the company that you have today but the one you want to have in the future. Growth doesn’t just happen; it requires a significant amount of forethought, planning and preparation. The following guidelines can help you create a roadmap to grow your small business and set you on the path to success.

Set and Map Your Goals

It seems like all we hear nowadays is “goals this” and “goals that”, but setting realistic yet aspirational goals is vital for driving your business forward. You need to know what you want to achieve before you set about trying to achieve it.

What do you want to do: double your customer base, increase your turnover by 50% or broaden your range of products and services? Defining a goal is the first step towards achieving it.

Once you have set your goals, it’s time to figure out how you will get there. The services of an accountant or financial advisor can be beneficial here as they’ll be able to inform you of what is – and isn’t – realistic for your business. They can also provide advice, industry insights and help you to adjust your plans accordingly.

Define and Track KPIs

KPIs – or key performance indicators – are metrics to track how well your business is doing. Sit down with your accountant or financial advisor to discuss which metrics are most important to your industry and business model so that you can define your KPIs. Keeping a close eye on these numbers helps you measure your success and identify potential problems before they do any real damage to your growing business.

Consider Cash Flow

It’s all too easy to get swept up in the nerves and excitement of the growth phase and forget to balance your cash flow properly. However, cash is king in business, and a negative cash flow presents a significant threat. Growing your business means increasing your costs before increasing your revenue, which disrupts your cash flow and can cause problems if you’re not careful.

You can avoid these issues by creating cash flow projections and planning to ensure that you’ll always have enough cash to continue operations. However, cash flow projections require a lot of time, effort and industry knowledge, so it may be best to ask your accountant for help with this to ensure that your numbers are accurate and you don’t end up in hot water.

Financing Options

  • Substantial growth requires significant investment. Growing your business takes time, manpower and resources, all of which have significant costs involved. Fortunately, there are many different types of financing available to small businesses, but choosing the right one is important. Let’s take a look at some of the most common options:
  • Business loans. Banks, credit unions, nonprofits and microlenders offer business loans whereby the lender pays out a lump sum that the business owner then repays in regular installments. This is a popular financing choice for business owners looking to make significant investments.
  • Business credit cards. This option isn’t usually the best choice for making large investments but it can help to smooth out any short-term cash flow issues as you grow, as long as you manage your account responsibly.
  • Equipment loans. This type of loan is specifically designed to help business owners buy equipment and functions similarly to a bank loan. It’s a fairly low-risk way of borrowing so this option is worth considering if you need to buy more equipment in order to grow your business.
  • Equipment leasing. An agreement whereby a business owner rents equipment for a designated period of time, with the option to purchase or upgrade the equipment at the end of the contract.

Summary

Growing your business is undoubtedly exciting, but there’s still a lot to think about. Careful financial planning and expert advice can help your business grow at a steady and sustainable rate and allow you to continue providing excellent service to your clients in the meantime. It’s only natural to want to drive straight in, but taking the time to set clear goals, investigate financing options and define your KPIs will ultimately accelerate your growth.