Delaware may be the corporate capital of the world, but it’s small business that actually powers the economic engine of the First State.
Ninety-eight percent of businesses in Delaware have fewer than 100 employees. All together, they employ more than 227,000 people, representing 56% of the state’s workforce, according to the Delaware Division of Small Business.
Depending on the year, anywhere from 3,000 to 4,000 entrepreneurs open the doors of a new Delaware-based business for the first time. But after countless hours just to get to that point, the next set of challenges – like scaling their company for long-term success – can trigger a whole new set of questions.
It helps to know someone with the answers. And that’s what fledgling entrepreneurs can find through JPMorganChase and its Coaching for Impact program, a complimentary, one-on-one service that connects small business owners with Certified Small Business Consultants.
“Coaching for Impact is a unique program that helps you look at your business from a financial, marketing and operational perspective,” said Nathan McCann, senior business consultant for JPMorganChase. “Ask yourself: When are you ever going to have the opportunity to be mentored by a financial professional? We’re here to help business owners maintain, grow and scale their businesses.”
It’s common for many small business owners to discover that the operational methods they used to start their business may not be the same ones they need to scale it.
That’s where a business advisor or coach can help, identifying areas of improvement or places to access additional financing.
“Growing a business is never easy, no matter what revenue stage your business is currently in,” McCann said. “As a business owner, you should not feel you are in this alone. A coach may help you see your business in ways you may have not thought about.”
The program has helped more than 5,000 businesses grow and will be expanding to 38 cities by the end of this year.
Seeking out expert advice is one way to take a small business to the next level. Other ideas include:
Secure additional financing. Small business owners should consider future financing plans, such as applying for more loans, grants or investor funding. Building a strong relationship with also can help connect small business owners to other resources.
Streamline operations. Digital tools can simplify and automate processes like invoicing, approvals and payments. Real-time payments can make it easier to move money faster, improving cash flow while minimizing the risk of fraud.
Build a team. While many small businesses are solo operations, adding team members can help manage the workload and allow the business to run more smoothly. When hiring, owners should look for employees with industry expertise to help put the business on the path for lasting success.
Expand your network. A good idea isn’t enough – early-stage entrepreneurs need advisors, consultants and experts who have seen it all, or who know someone who has. One way to meet someone like that is by attending trade shows and networking receptions. Making these connections can also help open the business to new customers.
For more tips and resources to help you grow your small business, visit chase.com/business and chase.com/business/coaching-for-impact.
For informational/educational purposes only: Views and strategies described in this article or provided via links may not be appropriate for everyone and are not intended as specific advice/recommendation for any business. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy. The material is not intended to provide legal, tax, or financial advice or to indicate the availability or suitability of any JPMorgan Chase Bank, N.A. product or service. You should carefully consider your needs and objectives before making any decisions and consult the appropriate professional(s). Outlooks and past performance are not guarantees of future results. JPMorgan Chase & Co. and its affiliates are not responsible for, and do not provide or endorse third party products, services, or other content.
Deposit products provided JPMorgan Chase Bank, N.A. Member FDIC. Equal Opportunity Lender.
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