According to the Global Entrepreneurship Monitor, there are 31 million entrepreneurs in the U.S. All of them want to succeed and build wealth, right? Indeed, independent business ownership and building personal wealth are important parts of what we call “The American Dream.” Yet business success and wealth are not easily obtained.
Entrepreneurs, Use These Three Principles to Grow Your Wealth
1. Get expert advice. Growing a business and achieving business success is not a one-man or one-woman job. Neither is growing wealth. So, it is valuable to get business advice to provide additional perspectives and perhaps less-biased operating and management insights that will have a positive impact on the business. Similarly, it is wise to get financial and investing advice to guide decision-making when it comes to your financial decisions.
2. Make sure to pay yourself first. The early days of entrepreneurship may require pouring almost everything you have including time, energy, and money into your business. But that can’t last forever because it is critical to maintaining your health and well-being along the path to success. Decide what you need to live off of and protect those funds so that you don’t make poor decisions based on a survival mentality.
3. Plan an exit strategy. That will include asking yourself where you want to be in 5, 10, or 20 years, where you want the business to be at those points in time, where you may eventually want to pass the company, what your future role will be in the company, and what type of leadership team you will need now and in the future to achieve success.
How Will Business Success Be Achieved?
- Set growth goals.
- Develop a business plan to keep you on track.
- Benchmark your progress against competitors.
- Get the financing you need to support and propel growth.
Seek Expert Financing Assistance
Contact Dorra Financial Group, based in Atlanta, GA, your trusted partner in commercial lending. We offer a wide array of business loans to meet the needs of new and established businesses.