58. 5 Self-Funded Growth Strategies
What’s Inside
First Things First
5 Self-Funded Growth Strategies
1. First Things First.
It’s worth asking the hard question – “Do I really want to grow my business?”
The world often says, “Grow. Grow. Grow.”
But maybe you’re happy where you are right now.
Or maybe your team is in transition and isn't ready.
Or maybe this is just not the right season of life.
When it is time, here are five self-funded growth strategies that don’t require outside investment like venture capital or a traditional asset-backed loan.
2. 5 Self-funded Growth Strategies.
Cash flow is critical. Improve your cash flow to invest in growth.
Spring Cleaning – 'Tis the season. Just like an annual house cleaning, review your business expenses each year. Think of that shirt that you’re “keeping just in case." Inventory subscriptions, memberships, and other recurring expenses – and discard the excess expenses.
Value-based Pricing – Price your offerings based on outcomes. If your one-day $10k session results in $80k of new revenue for your client then that's a solid return on investment. Focus on the value you deliver.
Cash is Queen – A lag in Accounts Receivable hurts your business. Can you negotiate shorter payment terms & invoice upfront? Automate wherever possible and follow up.
The Perfect Pair – Pair products and services to complement one another. If you offer services can you productize them through a book or course? If you offer a product, can you offer a service to support advanced features?
The Fractional Edge – It’s hard to build a leadership team overnight and expensive mis-hires are hard to absorb. Fractional executives – for strategy, ops, marketing, sales, finance and more – go beyond traditional consulting to develop and mature a specific business function and embed as a long-term partner or transition the function to a full-time leader.
Schedule a call today for help with your company's growth.
3. Ways to Work Together This Year
Here are some ways we can partner.
Leadership Retreat: One or two-day retreat to define your growth strategy & priorities, clarify roles & responsibilities, and improve your team's communication. (Learn More)
Strategy Power Hour: 60-min virtual session to tackle a specific challenge your business is facing. (Schedule)
1:1 Private Strategic Advisor: Develop long-term vision & near-term priorities and goals. Meet 2x/month during 1-hr virtual sessions. (Learn More)
VIP Strategy Session for Growth: Virtual half-day session to leverage your expertise for growth. Develop North Star with your go-to market plan. (Learn More)
As always, thanks for reading.
To your strategic success,
Susan
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