Finances FYI Presented by JPMorgan Chase
By Aaron Allen, The Portland Medium
When companies need to transform their business, it takes more than just technology. Driving business growth requires the right people, applying the right processes, using the right data, and having all these elements work together to achieve shared success.
For those on an entrepreneurial pathway, unveiling your business to the public is just the beginning. After successfully launching your business, your primary focus should shift to sustaining, scaling, and planning for its long-term growth and success.
The Seattle Medium recently had the opportunity to speak with Shelia Winston, VP and Senior Business Consultant at JPMorgan Chase, about the steps entrepreneurs should consider when envisioning the future of their business and taking it to the next level.
According to the U.S. Small Business Administration (SBA), there are 33.2 million small businesses in the U.S., accounting for 99.9 percent of all US businesses. Many small businesses are in their infancy stage; over half are less than 10 years old, and nearly half of them exit within the first five years.
“What we’ve noticed is that entrepreneurship has surged since the pandemic. Many people started their own businesses because they wanted to succeed on their own terms rather than being in the workforce,” says Winston. “In response, we offer planning steps to guide them as they grow their businesses.”
To increase their chances of success, Winston suggests that small business owners consider the following steps to take their businesses to the next level:
- Secure additional financing. Future financing plans could include applying for more loans, grants, or investor funding. Building a strong relationship with a trusted bank plays a critical role in supporting your business.
“Basically, you always want to make sure as a business owner that you have future financing,” says Winston. “Because a lot of times as a consultant, I have noticed a lot of businesses just look for grants, but I think that you also have to position yourself be able to apply for credits cards or loans. You can also get grants or investor financing but you should also think about positioning yourself for growth and success through loans and or credit cards.”
“Positioning yourself means from a credit standpoint, you can expand, get another building, whatever the case may be, buy equipment,” added Winston. “Making sure you are utilizing all your resources and not focusing on one thing, and just look at what the bank can offer as far as like loans, lines of credit, grants and the investment so you can have a full perspective of what is out there if you do need additional financing.”
- Streamline operations. Investing in operational processes now can yield significant benefits in the long run, a point Winston strongly agrees with.
“You always want to streamline your operations and what we mean by that is moving your money fast with real time payments,” says Winston. “Maybe doing something on the lines of wire transfers, something on the lines of ACH finances which is a clearinghouse financing, all that is going to move your money faster if your making payments. Those are what we call online vehicles.”
“Another avenue that I tell my clients is make sure you are using online accounting systems,” Winston advised. “There are a lot of them online that you can use to track different things as far as your payments, the invoices that you have, your balance sheet, there’s a lot of nice sophisticated online operations that you can use to pretty much track all of your business activity.”
- Build your team. While many small businesses operate as solo endeavors, expanding your team can help manage workload and enhance overall efficiency.
“Team building is extremely important,” says Winston. “What happens is a lot of business owners try to do it all themselves, and what they end up doing is burning out, so you don’t want to go into burnout. You have to learn how to delegate and one thing that we emphasize is that delegation is key to getting to the next level. Making sure that they have the right people in place, experts in place, accountant or bookkeeper, key employees, having the “team” so the business owner can run it smoothly.”
- Expand your network. To succeed, you’ll require advisors, consultants, and experts with vast experience or valuable connections. These connections can also introduce your business to new customers.
“You should always look towards expanding your network,” Winston advises. “Because consultants, which is what I do, we will help businesses get to the next level and tell them about resources that are available, but other experts will help as well, like an accountant that’s going to bring you education, maybe a lawyer that will bring education, just all the different players that will help your business grow and go to the next level. Because again, you want to make sure that you are actually running your business very effectively.”
The methods and operations that launched your business might differ from those needed to scale it. By focusing on your future and investing in facilities, teams, and processes, your organization can steer towards growth and minimize disruptions in the future.
“As a consultant, I thoroughly enjoy working with businesses,” Winston concludes. “Remember, there is ample support available. Don’t get discouraged and try to handle everything on your own. Chase offers professionals like myself, consultants with years of experience, to help you solve problems, utilize resources, and determine the best programs for you and your business.”
Finances FYI is presented by JPMorgan Chase. JPMorgan Chase is making a $30 billion commitment over the next five years to address some of the largest drivers of the racial wealth divide.
