Many small business owners ask the question, “How fast can I grow my small business?” The simple answer to this question is, “It depends on how much capital you have.” I will use the example of a boot-strapped Service Company.
You start your business with $10,000. You buy a desk, a chair, and a computer. You land two new clients which means that you are making enough money to pay your overhead, pay yourself, and still have a little money left over. Congratulations, you are on your way! You land two more clients. Then, you find that you can’t handle all of the work by yourself anymore and you need to hire some help. You hire some help. You are still able to pay your overhead, pay yourself, pay your help, and still have some money left over. Your small business is growing and you are managing your growth in the most perfect way possible!
Manny Skevofilax is a consultant and speaker that assists his clients with successfully navigating the challenges of growing their businesses profitably. Since 2003, Manny helps businesses to enhance their financial results by using his experience in strategic planning, financial statement analysis, operations, and team-building. His consulting firm, PORTAL CFO Consulting, Inc., has attracted clients from diverse industries in the United States and abroad.
Manny can be reached at 410-808-3441 or via email at email@example.com.