Tips for Small Business Owners With a Growth Mindset

By Kimelyn Harris, Head of Small Business Growth Philanthropy for Wells Fargo

(small.news) — Across the country, millions of small businesses serve as the backbone of the global economy. They provide vital services and goods, as well as jobs for local communities.

Now, there is a “missing middle” of small businesses ready for expansion, yet unable to find the flexible capital solutions they need to grow. Fortunately, there is a wide range of resources to guide small businesses and help increase their odds of success.

Tap Into the Small Business Ecosystem of Support

To accelerate your small business goals, make it a priority to tap into the full ecosystem of support available. Start by searching for organizations like Silver Lining or nearby Community Development Financial Institutions (CDFIs) that offer microloans, grants, technical assistance, and expert guidance designed to help you grow.

CDFIs can be game changers for small businesses in growth mode. They not only provide access to flexible financing options but also offer hands-on support in areas like business planning, marketing, and supply chain management.

Seek out local CDFI resources—they’re often the key to unlocking both capital and knowledge that can take your small business to the next level. Also, take advantage of additional resources, like:

– Small business development centers
– Your local chamber of commerce
– University entrepreneurship programs
– Urban League chapters
– Small business incubators

These organizations can offer workshops, mentorship, and networking opportunities that can open doors you might not find on your own.

Search for Personalized Technical Expertise

As a small business owner, you should actively seek out free programs designed to help you build valuable connections and gain practical insights. For example, consider using the Nasdaq Entrepreneurial Center’s Capital Pathways Workbook, which guides small business owners in creating a personalized capital plan tailored to their unique vision and financial needs.

Through Wells Fargo’s Banking Inclusion Initiative, we’ve launched free financial coaching for small business owners with Operation HOPE, a national nonprofit focused on financial empowerment. HOPE Inside for Small Business is available in-person at some Wells Fargo branches in Los Angeles and Charlotte, North Carolina, and virtually across the United States.

Leveraging resources like these can set you on a path to more informed decision-making and sustainable growth.

Seek Out Affordable Capital, Rather Than Borrow Money

If you’re looking to move your small business into a new stage of growth, be aware that access to capital can be a significant hurdle.

Consider seeking out programs designed specifically for small business owners in your position. For example, Wells Fargo recently launched the Open for Business Growth program to reach that ‘missing middle’ — small businesses ready to expand and create jobs, but not yet large enough to qualify for conventional financing.

If you find yourself needing more than a microloan, but you aren’t ready for traditional lending, search for nonprofit initiatives that provide flexible funding. The first Open for Business Grant recipient, Allies for Community Business in Chicago, Illinois, is a great example.

They offer creative capital and financing solutions that adapt to the season or fluctuating revenue that is common in industries like construction, restaurants, and retail.

I recommend revisiting your financing options, even if you looked into capital not long ago — new products are emerging quickly. CDFIs and nonprofit lenders are increasingly developing innovative loan, credit, and equity products to help small businesses scale. Embracing these resources can open doors to affordable, growth-oriented funding that may not have been available just a short time ago.

Obtain Growth by Acquiring Tangible Assets

Think strategically about what expansion looks like for your small business. Securing capital specifically for equipment, technology, or property can have a transformative impact by enabling you to boost sales, enhance productivity, and create jobs.

There are several pathways to finance these tangible assets. CDFIs and nonprofits focused on small businesses often provide asset-based lending, allowing you to leverage purchased assets as collateral and potentially qualify for more favorable rates or flexible payment terms.

In the United States, the Small Business Administration (SBA) offers loans designed to help small businesses acquire fixed assets like real estate or heavy machinery, often with low down payments and long-term fixed rates.

CDFIs and nonprofit lenders can also offer technical guidance, helping small business owners evaluate the return on investment of asset purchases, navigate application processes, and design strategies for sustainable growth through asset acquisition.

Having access to a trusted expert in business and financial planning can be a turning point for a small business owner, so I encourage you to utilize some of the resources in this article. After nearly two decades of supporting programs that accelerate small business growth, I can share that many public and private organizations stand ready to help you grow.

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