“‘Cause I don’t care too much for money, money can’t buy me love.” -The Beatles
Money can’t buy you love but it can help you grow your business!
Recently, I had a meeting with some friends who work at Pinnacle Bank. Yes, it was a face to face meeting and it was amazing! If you live in the Southeast, you should work with them. Their people are amazing! That’s besides the point, we met and we were talking and I asked “What’s the best advice for small businesses who need to borrow some money?” They said, “Showing profitability and increasing profitability really gives us a shot to get a loan approved.” Pinnacle Financial PARTNERS with businesses to get these loans approved.
This can be a sticking point for businesses….if you want to grow your business and get capital to expand you need to already be profitable! It’s almost like a catch-22…you need to borrow money so you can grow but you need to grow and be profitable so you can borrow money.
Profitability basically comes down to growing your revenue and decreasing expenses. Decreasing expenses is helpful but it’s not going to get you to the next level of profit. Growing your revenue and client base will!
If your business isn’t as profitable as you’d like it to be, or need it to be, let’s talk! Your success is inevitable!