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!
