13 PUB. 12 2022 ISSUE 1 Karl Klingenberg is a Vice President, Business Banking Relationship Manager at Bankers Trust. He joined the bank in 2021, bringing nearly 20 years of banking and finance experience. Karl’s tenure in banking has been primarily at small- to mid-sized community banks, and he most recently filled the roles of Business Development Officer and Business Banking Relationship Manager before coming to Bankers Trust. Karl can be reached at KKlingenberg@bankerstrust.com. 4. You have run projections, and they look promising When creating a business plan or considering expanding your business, it’s vital you run projections on your plans. Projection calculations look different depending on the type of business and industry, but most include a sales forecast, expenses budget, cash flow statement and balance sheet to confirm there will be — and when there will be — a return on investment. Lenders and investors also often require these calculations. 5. You have a team you can rely on Your business wouldn’t run well without a supportive team, and it certainly won’t grow without one. If you are thinking about growing your business, first look at your management team. If you have a strong, stable management team that is just as excited about your business model and potential growth as you are, that is an excellent sign you will have the right support when it comes to expansion. The same goes for your employees. Are they excited about the prospect of more business and opportunities to advance their careers? If you can’t identify these qualities in your teammembers, you may want to set the growth plans to the side until you are sure you have a strong team ready to grow with you. Your advisors are another crucial part of your growth team. You may need an accountant to confirm your financial growth over the years, a banker to provide that next line of credit to expand your company, an equipment finance lender to help you obtain new technology, or a real estate professional to help you select a new location. These partners are essential because they serve as your advocates, helping you avoid any pitfalls during your expansion and putting you on the path to success. Ready? Set. Go! If you have demonstrated financial strength, see market opportunities and have a great team at your side, it may be time to put your growth plans into action. w
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