Most people believe that bootstrapping is only applicable to early startups. However, bootstrapping can also be a valuable financial strategy for businesses in the growth stage. In this solo episode, we learn the definition of bootstrapping and how it’s different from getting outside investment. Then, we discuss the three instances when it makes sense for founders to bootstrap. Finally, we find out seven practical and actionable tips to bootstrap for business growth.
With this knowledge, you’ll be able to make the best financial decisions based on what aligns with your purpose. So tune in to this information-packed episode to learn more!
3 reasons why you should listen to the full episode:
- Learn the definition of bootstrapping.
- Understand when it is appropriate to use bootstrapping for funding business growth.
- Find out concrete tips on how you can bootstrap your business growth to success.
- [01:58] What is Bootstrapping?
- [02:47] Bootstrapping for Growth Purposes
- [03:40] Reason #1: Your Social Impact Mission is Front and Center
- [04:02] Reason #2: You Choose Profitability Over Hypergrowth
- [04:30] Reason #3: You Want to Attract Better Deals in the Future
- [04:58] How to Implement Bootstrapping During the Growth Stage
- [05:11] Tip #1: Be Creative
- [05:52] Tip #2: Take Advantage of Project-by-Project Financing
- [07:15] Tip #3: Finance Your Social Impact Goal Through Partnerships
- [08:12] Tip #4: Reduce Costs by Continuously Improving Your Internal Processes
- [09:14] Tip #5: Develop Financial Discipline
- [09:29] Tip #6: Review Financial Statements on a Monthly Basis
- [10:00] Tip #7: Obsessively Track Profitability
- [10:33] Bootstrapping and Business Planning
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- Visit Christina Sjahli'’s website for more insights on business finance on the Her CEO Journey™ podcast.
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