Things are becoming exciting in the business world again. It’s been years since many of us have seen a similar level of confidence in the economy, particularly in energy-related sectors—and lately pretty much everywhere. And despite lingering uncertainty on global, national and provincial levels, investment and growth continue to track upward. No question momentum is building.
So when is the right time to step forward and invest in growth? And more importantly, how can a business owner do so aggressively, boldly—yet prudently?
The answer will be different for every owner’s ambition and risk tolerance. But here are four pieces of solid advice that apply to virtually any business preparing to grow:
1. BE EMPOWERED
Be ready to seize opportunity while it’s available. Windows of opportunity can open suddenly—and slam shut even faster. The process of completing onerous applications, waiting for financing review, being rejected, and starting all over again can come at tremendous cost. Don’t be left behind while the banks are doing their endless due diligence. Getting pre-approved is easy and wise, so you are first to pull the trigger when that perfect opportunity pops up.
2. PROTECT YOUR CREDIT
Going from one lender to another is not only frustrating and time-consuming, but tends to trigger multiple hits on your credit report. As if entrepreneurs don’t face enough barriers, trying to get financed can actually make it harder to get financed. At Patron West, a simple application gets you access to more than 20 lenders—and puts our team of experts in your corner.
3. LEAN ON YOUR ADVISORS
In order to succeed and avoid major business pitfalls, it is essential to have an elite group of experts in your corner. No entrepreneur is strong in all areas; we all have achilles heels and blind spots. That’s why all smart leaders surround themselves with a deep, reliable support network of mentors and advisors. Seek experts in taxation, intellectual property law, marketing, accounting—and don’t overlook financing. At Patron West, we exist to help solve financing puzzles and guide clients in designing sound strategic plans that scale and flex with their businesses. We work with so many lenders because there is no one-size-fits-all solution to growing a robust enterprise, and our clients benefit from that diversity of options.
4. BANK ON SURPRISES
If there is one comment thread between the economic boom cycles we have seen over the life of Patron West, it is it that every one of those upswings ended expectedly. And each left a trail of wreckage from businesses that arrived unprepared. Just as failure to capitalize on an economic upswing can be financially regrettable, it can be disastrous to wager the good times will never end. While banks tend to be mired in bureaucratic policies and fixated on worst-case scenarios they help create, many non-traditional lenders understand the landscape, and are happy to design flexible solutions that will keep you afloat if the economy slows down or a critical deal goes sideways.
Economic upswings have a proven ability to create fortunes. Getting in at the right time is part of every impressive success story, as is having reliable advisors and partners at one’s side. Plan wisely, ask plenty of questions, be proactive, go hard—and most importantly, enjoy the ride! The first step is to complete our amazingly quick online application. My Patron West team and I would be honoured to be part of your many coming successes.