Start-up founders and business owners are often focused on how to grow their businesses.

While venture capital is a well-known method of raising funds to fuel growth, there are more ways to expand businesses.

How to grow a business

Before we move onto the finance-focused solutions that offer realistic alternatives to venture-capital raising, it’s important to understand the foundational business tools you should be working on and mastering to futureproof your business’s growth.

Cultivate strong client relationships

All businesses rely on the quality and quantity of their client (or customer) relationships to sustain them. While having access to the working capital you need to expand is important, without an underlying business focus on building strong relationships with your clients, your growth strategy is likely to fail.

Become resourceful

Resourcefulness is a vital skill to master when looking to grow your business. From understanding how best to utilise the assets already in your possession to moving towards more streamlined operations, there are often many ways in which companies can better position themselves for success through sheer resourcefulness.

Join a community

Communities are beneficial – not just for the individual, but for businesses as well. A community offers more than just support. It can help to create invaluable partnerships in your industry and provide opportunities to learn and improve. The type and level of formality of the business community you join is up to you.

Focus on brand authority

In today’s economy, there is no lack of access to competitors for your clients. Establishing strong brand authority in your market or industry is indispensable. Investing the time, effort and money in soliciting word-of-mouth referrals or recommendations, creating brand awareness and ensuring your company’s authority will go a long way to building the foundations for business growth.

Work hard

It doesn’t matter whether you’re an early-stage start-up or an established business that needs to take it up a level, growing businesses requires hard work. There are no financial solutions, venture capital or otherwise, that can replace the need for hustling and working when it comes to growing your business.

Key finance solutions to help you grow your business

Invoice finance

Invoice finance allows growing businesses to unlock the hidden value in their unpaid invoices. As a business, you’re likely to have a sizeable number of outstanding invoices for clients and customers. While the value of these invoices is normally inaccessible, invoice finance allows you to access the value prior to the accounts being settled.

Asset finance

One of the key impediments to being able to grow a business is funding the new equipment and machinery needed to expand or increase production. Instead of turning first to venture capital, which is certainly not the best solution for all companies, asset finance can be an excellent alternative.

Asset finance allows businesses to access the capital they need to fund either new or used assets. With loan terms that suit your needs and enable your business to invest in the necessary equipment sooner rather than later, you’ll be best positioned to expand your company.

Trade finance

Trade finance is another effective capital solution that can help supercharge your purchasing power and thus grow your business. Trade finance covers a range of different financial products to help businesses carry out trade with one another. In all trade, and especially in international transactions, there are some inherent risks. Companies with access to trade finance are better positioned to both buy and sell the goods they need to fuel their growth.

Business loans

Business loans can be a highly effective way for a business to acquire fast funding to ensure ongoing growth. If you’re looking for how to grow a business, make sure to speak to us today.

Call us to find out more about funding options to help grow your business without venture capital. This article was originally published on ScotPac.com.au.