Cash Flow 101: Growing Your Business

Now that you’ve solved your cash flow problems, it’s time to figure out how exactly you want to approach growing your business. Unfortunately, since the needs and strengths of every organization are different, there isn’t really a cookie-cutter approach you can take to ensure your business will expand effectively. As such, it’s important that you do your due diligence prior to investing your capital. After all, you don’t want to find yourself overwhelmed with cash flow problems right after you’ve solved them. 1. Expand to new locations Whether you’re running a retail shop, a medical practice, a restaurant, or even a business-to-business tech company, you may be able to generate higher profits by expanding your organization to new physical (or even digital) locations. But, it’s important to remember that you can’t expect to simply open a second location, sit back, and watch your bank account get fatter. Believe it or not, the success of one location doesn’t really have any bearing on the success of another one. So prior to branching out, you need to consider a host of factors. For starters, before you can think about opening another location, you need to make sure your existing ones are operating like well-oiled machines (i.e., they’re profitable and both customers and employees are happy). You then need to find the right piece of property—geographically or digitally—and make sure you have the right people in place to make it a winner. Read more at bplans