Weekly show where my featured guests and I explore the financial and business challenges women face on the entrepreneurial journey to success. You'll hear them talk about the money side of their businesses in ways you've always wanted to know about, but wouldn't dare ask. They openly share their disappointments, failures, successes, and everything in-between as they grew sales ranging from 6 to 9 figures. Knowing where your business stands financially helps you make critical decisions with confidence. It's simply the best way to be sure you grow a business that fuels the life you want to live.
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episode 127: Her CFO Tips: How To Use Bootstrapping as a Financing Strategy During Your Business’s Growth Stage
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.
Episode Highlights
- [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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Connect With Me
Ready to transform your purpose into an impactful business financial story, profit, and joy? Schedule a chat with me at any time.
Resources
- Visit Christina Sjahli'’s website for more insights on business finance on the Her CEO Journey™ podcast.
- Episode 124: The Circular Approach: Decreasing Plastic Waste with a Sustainable Business — The Journey of Plaine Products
- Episode 125: Getting Lean: Reduce Waste and Production Costs through Lean Manufacturing — The Journey of Meliora Cleaning Products
- Episode 126: Changing the Future of Business: Slow Growth and Sound Financial Planning are the Secrets — The Journey of Badger
- Chat with Christina and set up a time here!
- Are you getting ready to raise capital? Identify the financial gaps that can stop you from building a profitable and sustainable business first. Download this quiz!