Steps to Growth Capital Self-Study GuideStep 1

1.1 Identify Your Financial Needs - Introduction

If you're thinking of expanding your business, you'll probably need extra funds to help finance the cost. But how do you determine how much you'll need? Your own company will probably cover some costs, but, ultimately, you'll be borrowing from others. They'll want to know that you're a good risk. It's up to you to prove it.

In Step 1, you take the first important step toward your business's growth. You will gain an understanding of the financial groundwork that must be done (on several fronts) and be better prepared to take actions that will move you forward.

As you look at the scope of the financial work involved, you might decide that you're going to need help and advice from others. This Step will point out some likely resources for you to turn to. In any case, the overview you gain here will keep you on top of the process.

If your finances are already carefully managed and in good order, you're beginning from a position of strength. Well-organized, thorough financial records are a critical starting point for the next levels of financial information you'll need to develop. And if you have good relationships with your banker, your accountant and your lawyer, their knowledge of your current business is another strength to build on.

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