Banking, Expansion, Growth Strategy, Money

Planning to Succeed

Building a “business road map” can help you get more from your banker and your business.Small businesses often overlook the importance of preparing an annual budget and business plan. Not only can these tools establish the groundwork for success, but creating them is an excellent way for business owners to have a meaningful conversation with their banker. The start of a new year is the perfect time to undertake this…

Expansion, Franchising

Hidden Opportunities for Franchise Businesses

Other paths to growth are out there—if you know where to look. One of the best things about franchising is that it gives entrepreneurs a fairly straightforward, logical way to grow their enterprises. For some business owners, it can be as simple as adding more locations of their current franchise. But there are other opportunities for growth, too, that might not be as readily apparent. Multiple Units This is where the…

Expansion, Growth Strategy, Product Development

Tips for New Product Development

Keep innovative products and services in the pipeline to avoid obsolescence.Small companies seem to fall into one of two problematic groups when it comes to new product development: either they are too optimistic and aggressive, launching their organizations on what often amount to wild goose chases, or they tend to ride their existing product lines into the ground, being unwilling or unable to make the investments necessary to expand through…