Tag Archives: capital raising

Business Planning for Your Medical Practice

Business Plans are often used to get funding or for internal purposes. A business plan can be a resource guide to increasing productivity, achieving sustained profits, and to establish relationships.  When you create a business plan, you put into writing the business concept, analyze the market, and state how the company will manage finances, but what happens after the business plan is finished? That’s what we’ll be discussing in this blog.

The Process

Internally, you can use a business plan to give insight into how your company intends to grow and do business over the next five, 10 or 20 years. This insight can be directed towards your new employees who want to feel like they can build a future with you, long time employees who may feel jaded as to feeling like a simple cog in a machine. People like and want to feel that they are a part of something. When people see something they are a part of grow, they feel they’re growing as well.
When your business is up and running, its easy to get caught in the day to day grind. Sometimes you might catch yourself taking a glance at “the other guys” and that’s where taking a look at your look at your business plan comes in. When putting together your plan, you likely listed local and regional competitors as well as doing a SWOT analysis. Use your business plan to reflect on some of the competitors that have had to close up shop. Enjoy the win. You might even look at one of your competitors and see them as an opportunity for expansion. If you’re business is rocking and rolling, you might be able to expand your business by buying out one of your competitors.

Suppliers like working with companies that can pay and can do business over time. If a supplier is selling to your company on credit–letting you take delivery of goods and pay for them later–that supplier is your creditor. Suppliers who allow invoice selling have the same legitimate interest in your business’s strategy and soundness as does a banker. Suppliers want to work with business with a history and a future so having a business plan to offer them can show them that.

 

The Outcome

After you have your business plan written, don’t be afraid to show it to people who matter other than your bankers and investors. The people who you do business with and do business for you should see that you have an idea of where you’ve been and where you’re going. You and your executive team may even need a reminder.

 

If you need a business plan or your company needs help to realign itself with your old business plan, give us a call at 1-800-383-1148 or visit www.buildtheplan.com.

How to Raise Capital for Your Startup Business?

Starters usually give up the equity shares to generate the startup capital. But if you want a quick move then it’s better to avoid traditional equity-based funding models.

Lets’ have a look at some of good alternative options that can support your fundraising capitals.

Friends and Family

No, we’re not asking you to run a business with your family or friends. But what’s wrong in borrowing some money?

For the startups who really can’t afford bank loans, asking your close buddies and family to make few investments seems a lucrative option.

Moreover, the support of friends and family is a valuable asset as they will not just invest their money in your startup business but also give you some guidelines to handle risks. So, they are like your strongest back support that will not leave you even during the adverse times.

Group of Indian people holding banners with $ symbols.

But you need to be a little cautious because generally people tend to control a part of your business if they make some investments. So, make sure you don’t mix money and relationships.

SBA Loans

The Small Business Administration (SBA) is a government entity that gives financial support to small businesses in the US in the form of loans and grants. The good thing is you can loan from them without diluting your shares and they offer mentorship programs.

Since this is a government based funding option, therefore you may have to fulfill their specific requirements.

sba-loan

Time is the biggest consideration while considering a loan from SBA. Sometimes it can also take up to six months for loan approval; therefore you should start with the procedure beforehand.

Bootstrapping

Another option to raise capital for your business is by bootstrapping. This is for the ones who are not able to convince investors or generate revenue from other options.

Since you cannot always wait for the perfect funding option therefore bootstrapping your business is the perfect idea.

Bootstrapping

One good thing about bootstrapping is you don’t have to impress the investors about the company’s growth levels.

Grants

This option is ignored by most of the people. Government and private sector grants are one of the best options to raise capital for your startup business. They don’t require any equity to obtain and you don’t even need to pay them back.

You just need to find the right funding option for your business, beyond that you just have to fulfill the requirements of the application. Private sector grants may seem easy to find but it’s difficult to get approved.

Government grants are available are not available throughout the year and they also have a long application process. So, you need to start on time.