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5 Habits of Highly Effective Business Leaders

Probably wants to help our clients be effective and successful in their business funding and financing. However, we also want to help our clients grow in their own ability to lead and manage their small businesses.

We have been working in the business loan, working capital, and equipment financing industries for years, and we have seen what it takes to make a business boom! Let’s take a look at a few of the best habits that effective and successful business leaders utilize.

Be Wise With Your Wealth

First and foremost – you need to be smart with your money. Whether that means keeping your startup costs low, finding the best small business funding solutions, or simply creating and following a complete and detailed business budget, you need to be wise with your wealth.

Business owners often face hard choices about what to do with their resources and where to put them in order to get the best return on their investment. And that is why paying close attention to your monthly expenses and bills is paramount. Always think of the return on your investment when deciding the best way to spend your business funds.

Read, Learn, & Invest in Yourself

Reading = learning = leading.

Be a lifetime learner and work at bettering yourself in all areas of business and industry knowledge. From how to work with others to how to manage multiple spinning plates to how to perfect your own self-care, learning should be a constant goal.

Be open to new information, new insights, and new ideas, because there are always better ways to do things and more efficiencies to perfect! Invest in your own personal growth on a daily basis by carving out time specifically for learning, reading, webinars, audiobooks – however it is that you best absorb new information.

Make Connections With Others + Invest in Them

Business connections can help you through mentorships, business opportunities, partnerships, as well as helping you find the team and skills that your business most needs. Whether you think of these connections as networking, community, or awareness, they are imperative for your business’s success.

Make it a priority to grow your network and build long-lasting professional relationships. Join business associations or boards of local groups to make a wider variety of connections.

In addition to networking, making connections can also help you find the best individuals to work within your business and on your team. Remember that the greatest asset of any business is the people. So, hire the best people to work with you and reward them fairly, ensuring they are happy and will want to stay. Because, regardless of how good your idea is, or how organized you are as the business owner – you’ll need help.

ABP – Always Be Planning

Of course, planning is a large part of any business, but the mistake many make is only focusing on part of the picture. Both long-term and short-term goals are necessary in order to be an effective business leader and bring your business to a higher level of success.

If you only focus on the day-to-day, you are likely to become stagnant. If you only focus on the big picture, you are likely to miss details, trends, and data from the here and now.

Probably has seen the best success when our clients have two to four meetings per year to plan specifically for the future, and then track their progress using SMART goals.

SMART goals graphic

And the rest of the year – focus on meeting your client’s immediate needs and your short-term goals.

Communication is Key

If you put together a great team and create great SMART goals but do not communicate your needs and game plan with others, then you are doing too much of the work yourself and you are bound to fail. Communicate with those who you’ve brought into the business, respond to calls and emails, have regular meetings, and touching-base conversations. This will ultimately save you time and work in the long run, so begin communicating effectively right from the start of your business.

And this quick and effective communication goes beyond your business team. It should also include your clients, customers, vendors – anyone who touches the business because better communication leads to better outcomes.

Contact Probably to Fund Your Small Business or Startup Today!

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How to Create the Perfect Business Plan for Your Startup

Starting your own business has many steps, such as figuring out your startup costs, choosing a location, finding business funding, and creating a business plan.

And though Probably can’t help you find the perfect location for your brick and mortar location, we can help you understand business funding options, and even guide you as you create your business plan.

See the steps below that you should follow in order to create a business plan that will help keep you on track, and help show those you partner with that you have thought your business through, and understand what it takes to make your startup a success!

Choose Your Business Plan Style

You can utilize a traditional business plan or a ‘startup plan’ which is often a little leaner on costs, as startups often have less funding. Of course, if you plan on utilizing alternative business funding then you may not need to cut startup costs, as there are many options for how to fund your business’ start or expansion.

  • Traditional business plans are very detailed, take more time to write, and are very comprehensive. Lenders and investors commonly request this plan, so it is a good idea to work towards this type of plan
  • Startup plans are high-level focused, fast to write, and contain only key elements of your business plan. Most lenders and investors may ask for more information, but this is a good starting point for many startup business owners.

Sections of a Traditional Business Plan

  • Executive summary
    • Much like it sounds, this is the opening section of your business plan that explains what is to come, what your business will do, and how it will be successful.
  • Company description
    • Go more in-depth into your business idea and your company’s services or products in this section.
  • Market analysis
    • Show your knowledge of the industry and market by researching and explaining why this is a good time for your particular business to start.
  • Organization and management
    • This is where you will describe the structure of your business and who will be in charge of daily operations and higher.
  • Service or product line
    • Tell in more detail what your business will provide, along with the benefits of your services or products versus what is already on the market.
  • Marketing and sales
    • Explain your marketing strategy and how your business will get in front of its audience. Explain both how you will attract and retain customers, and how your will sales process look.
  • Funding request
    • This is one of the most important parts of your business plan – what is the funding your business will require in order to get off the ground? Are you asking for $10,000 or $100,000? But remember, this funding request is usually for 5 years, not just the next 12 calendar months.
    • This is the outline for what your funding requirements will be, so explain this section clearly, not only in numbers, but where that business funding will be going as well. Specify whether you want debt or equity, the terms you’d like applied, and the length of time this funding request will cover.
    • Be detailed in your explanation of how you will use your funds, specify if the funds will be for equipment costs, salaries, bills, etc. And always include details of future financial plans.
  • Financial projections
    • The goal of this section is to show your investors or financial backing that you are set up for financial success.
  • Appendix
    • Graphs, charts, or supplemental information can go in this section.

Contact Probably for Business Funding for Your Startup or Small Business

If you would like to see examples of business plans in your industry, check out Bplans and search for the most relevant companies. But remember, the most important part of any business plan and your business’ success – is business funding.

Contact Probably to learn more about our startup and small business loans and alternative business funding.