Have you wanted to take your business to the next level and achieve even more success? For some business owners, the only way to see the results they desire in a short period of time is to take time out of the equation. Rather than earning and saving an amount of cash for the next advancement of your business, dedicated companies will use an outside source to fund their next big project, advertisement campaign, new hire, training, and so much more.
Stephen Gilbert, the Managing Director of Anchour Creative, LLC, tells of his experience with outside funding and how it helped his business capitalize on a great business opportunity:
Receiving funding from an outside source gave us the ability to invest in things we wouldn’t have been able to otherwise. It allowed our company to focus on growth instead of the demands of meeting payroll weekly, which turned us into a better business overall. While receiving funding can be exciting, it’s important to not get comfortable and mistake those funds for having a successful business.
When you decide to get outside funding you can accomplish a great number of beneficial changes within your business. Scott Soderstrom, CFO and Co-Founder of Madaket Health (http://madakethealth.com), shares his experience and thoughts about outside funding:
To date, Madaket Health has raised over $4 million from notable angel investors and venture capital funds. Each round of outside financing increases the pressure on founders to deliver a larger financial outcome. … Outside investors effectively remove the brake pedal and the speed limit while moving the destination further out. There’s a higher chance [of] spectacular success (arriving at the new destination faster) but also a higher chance of crashing along the way.
With each round of financing, the single biggest change was to increase staffing levels, which in turn drove rapid improvements in our product. Pre-funding, the co-founders worked on the project in their spare time. Initial rounds of capital provided the opportunity for two individuals to work full time on building out the product prototype. Subsequent rounds of financing have allowed for rapid increases in staff to refine our product and better service our customers.
Getting additional funding from an outside source can be an incredible boost to your business. As long as you treat the funding carefully and have a plan in hand, you’ll go further than you could have on your own.