Growing an Existing Business
Established businesses include businesses which are currently in operation. Owners of existing businesses have overcome many hurdles in the pre-planning and start-up stage. However, existing business owners continue to face a variety of challenges. Business owners must effectively use limited resources to improve their position in the market while continuing to manage the critical aspects of business operations. In addition to limited budgets, business owners have limited time since they must wear multiple hats in the business. To achieve long term success, business owners must also work to lay the foundation for future growth and adapt to changes in the marketplace.
The Arkansas Small Business and Technology Development Center offers a variety of services and solutions to assist owners of existing businesses. The ASTBDC supports business owners by offering general information and market research, individualized counseling services, and training programs on relevant business topics.
Obtaining financing for a small business is a big step and can be challenging. Therefore, it is important to consider the realities of obtaining financing. Information on obtaining financing can be found at the following links:
In order to obtain a small business loan for an existing business, you should develop a loan proposal in order to communicate with potential lenders. The ASBTDC also offers recommended action steps for developing a small business loan proposal.
Growth Planning and Business Expansion
Growing or expanding a small business requires planning. It is important to establish a solid foundation for future success as well as avoid common pitfalls. To assist small business owners in these efforts, the ASBTDC provides individualized counseling services to existing businesses in Arkansas.
The ASBTDC also provides assistance in developing a business plan. For those who are writing a business plan, the ASBTDC offers suggested Action Steps for Writing a Business Plan. These steps are intended to help guide you through the process as well as point you towards suggested information and tools.
Additionally, various tools and articles on the topic of business planning are available online:
- Business Plan Outline
- Conducting Market Research
- Do’s and Don’ts of Writing a Business Plan
- Sample Business Plan
The ASBDC offers marketing assistance to small business owners. Businesses can receive assistance in obtaining market research and developing a marketing plan as well as obtaining suggestions and advice regarding marketing options. The ASBTDC provides tools and information in the area of marketing.
Maximizing Profits and Managing Cash Flow
Maximizing profits and managing cash flow are objectives of most small business owners. The ASBTDC can assist small business owners in pursuing these goals. By offering individualized counseling services to small business owners in Arkansas, the ASBTDC staff can analyze the current status of a business and its cash flow patterns. The ASBDC can then provide information and recommended solutions tailored to the needs of the small business. Additionally, the ASBDC can develop customized financial analysis reports utilizing existing businesses’ financial statements which provide insight into the financial strengths and weaknesses of the business. This information can be valuable in planning, budgeting, and managing cash flow.
In addition to counseling services, other tools and information are available online:
The ASBTDC offers a wide variety of classes on topics relevant to existing business owners.
Questions & Answers
Arkansas residents who need additional assistance in answering small business questions, please contact your local SBTDC office.