You must be prepared to hire more staff to deal with an increase in business. You might need to make a significant investment in sophisticated computer technology or a warehouse for storage and fulfillment. This is the moment when a cash infusion might be necessary. If your books show that you have run your company carefully, your cash flow can support interest payments, and you understand good business practice, you will be an excellent candidate for a bank or Small Business Administration loan. Set your goals and priorities by preparing a long-range business plan.
Careful planning is the key to success.
By nature, entrepreneurs are optimists, but it can be dangerous to have an unrealistic view of your company and competitors. Step back and take a close look at your business with complete honesty and objectivity. Don't ignore any flaws, mistakes, or deviations from your original plan. Correct strategies that are not working, and enhance the areas that are helping your business to flourish. Lillian Vernon is the founder and CEO of The Lillian Vernon corporation.