Every small business owner quickly learns that growing revenue sources and cash flow is essential for survival, especially in the early years of the venture. While this is easier said than done, small businesses can focus on attracting new customers, building partnerships, and scaling sustainably to improve cash flow.
To help you get started, Wells Fargo is sharing practical tips for entrepreneurs, along with information on how to leverage useful resources:
1. Create an action plan: Don’t just create a business plan, put it into action. Technological tools can help. For example, the Silver Lining Action Plan, a data-driven software service from the American Small Business Growth Program, provides comprehensive support and structure for you to develop behaviors and drive actions that lead to long-term sustainable growth. The program also offers the opportunity to build capital by lending money to business owners based on their behavior in the program, not their credit history. With philanthropic funding from Wells Fargo, the program is expanding and is now available in Spanish.
“Having access to a trusted expert in business and financial planning can be a game changer for any small business owner to get a foothold and grow in the long run,” said Jenny Flores, head of philanthropy for small business growth at Wells Fargo. “We are very intentional about funding nonprofit organizations that can help guide small business owners in setting goals and improving their profitability.”
2. Expand your network: Expanding your network can be a powerful way to attract new customers, contracts, and cash flow. In addition to joining the local chamber of commerce, consider opportunities like Wells Fargo’s Connect to More program, which, through the Nasdaq Entrepreneurial Center, places women entrepreneurs from across the country into “circles” that receive virtual and in-person coaching from peers and professionals over 12 weeks, along with support from a growing network of business leaders. Since its inception, the program has empowered over 1,200 entrepreneurs in 47 states to grow their businesses through a broader engagement network.
3. Scale: From optimizing operations to adjusting the business model, there are many moving parts to scaling a business. Look for programs that can help you develop a growth mindset and provide the empowering support ecosystem needed to make this a reality.
The Business Scaling Program from the Latino Business Action Network, a nine-week hybrid online and in-person program at Stanford Graduate School of Business, teaches participants about financing and capital options and connects them with mentors who will challenge and support them. Corporate sponsors like Wells Fargo make it possible for the program to offer significant scholarships to admitted participants.
4. Get certified: If you own a diverse business, consider getting certified by a third party, such as the Women’s Business Enterprise National Council, the National LGBT Chamber of Commerce, or Disability:In. Doing so can open lucrative opportunities. For example, Wells Fargo, which is committed to working with diverse suppliers, spent over $330 million with certified women-owned businesses alone in 2021.
For more ideas for small businesses that will help you take action and increase your business success opportunities, visit https://smallbusinessresources.wf.com.
“As a bank serving millions of small business customers, we know that success is hard without support,” Flores said. “That’s why we always try to connect entrepreneurs to valuable resources and contacts. It’s important to find the right expertise for where you are in managing or growing your business.”
Source: StatePoint