4 Considerations to Keep in Mind When Talking to Funders
Expand your Business
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| Module 1 | SMEEP | |
| Unit 1 | Expand your Business Pretest | |
| Unit 2 | Setting UP a Strategy | |
| Unit 3 | Innovation Process | |
| Unit 4 | Essential Leadership Skills | |
| Unit 5 | Tips for Building the Right Team | |
| Unit 6 | Steps to Launch Any Marketing Campaign | |
| Unit 7 | 2 Essential Sales Skills that Everyone Should Learn | |
| Unit 8 | Emotional Intelligence - The Daniel Goleman Model | |
| Unit 9 | 5 Important Legal Documents to Have in Any Organization | |
| Unit 10 | Important Financial Statements | |
| Unit 11 | Successful Project Implementation | |
| Unit 12 | 3 Things you Should Know About your ICT Environment | |
| Unit 13 | 4 Considerations to Keep in Mind When Talking to Funders | |
| Unit 14 | Expand your Business Posttest |
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Hi, in this video you will learn about what you should focus on when you want to expand your business.
As the businesses become more successful, you may look for an expansion of your business by getting access to funders which could provide you with capital or debt.
Four things that funders look for when backing a business:
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The financial statements to ensure that the business is healthy and that with more money it can be even healthier.
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The strength of the strategy to ensure that competitors wouldn’t be easily able to challenge your offerings.
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The strength of the team that is managing the business and how well can that team overcome challenges and attract more great talent.
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Traction that the business already has with clients or users which give credibility that the products or services that are being offered are in high demand.
The leadership team would need to assess which route to take when seeking funding or whether to keep on growing the business from within by re-investing the profits. In all cases, continuously thinking about the above 4 considerations would help guide you toward prosperity.
A mobile phone retail shop was starting to get a lot of traction in their stores due to the personalized service and online support that they provide to their clients. The owner felt that if the online support and service could be expanded, there could be a great business opportunity in it.
To do that expansion, there would be a need to hire additional experts in online services, invest in the development of the new platform and put a good marketing campaign to inform people about the service. So as not to take loans and burden his existing business with monthly loan payments, the entrepreneur put together a clear strategy, identified team members to be hired, demonstrated the success of the current existing online platform and went to seek investors to partner on this project.
“An entrepreneur without funding is a musician without an instrument.” Robert A. Rice Jr.