So, you’ve found the right financing solution for your business but want to make sure your financing plan is set up for long-term growth. The growth of a business takes place in five phases, according to the U.S. Chamber of Commerce. These stages are startup, survival, success, take-off and maturity. There are several ways to receive business funding at each stage, but it’s not a one-size-fits-all solution, and what works for one business may not work for another. Here’s how to grow your business with the right financing strategy:

Smiling businesswoman making handshake with a businessmanPlan for the survival stage

Every business that’s made it past the initial startup stage will hit a point of survival where they’ll have to make hard decisions to stay afloat. This stage is the toughest but helps business owners plan their future goals and what they really want out of their business.

During this stage, you must make plans for additional financing to sustain your business and get new processes up and running. There are a couple of ways to secure this funding, including angel investors, micro-lenders, grants and equity crowdfunding. Some business owners qualify for an SBA loan, but this isn’t until later stages of the business process because it requires at least $100,000 of annual revenue.

Keep your credit score high

As you go through the process of starting a business, you’ll want to keep an eye on your credit score and never let it dip due to unpaid credit cards or loans. When you have a good credit standing, more lending options will be available.

If you are working on rehabilitating your credit, start paying above the minimum payment, consolidate high-interest-rate cards and weigh the pros and cons of a credit-building loan.

Understand repayment terms

You’re more likely to be successful with your financing options if you understand the terms in which the loan is expected to be paid back. Over 69% of businesses could use some additional funding, but many are turned down, according to recent studies. The main reasons are high-interest rates, collateral requirements and unfavorable repayment terms.

If you’re looking for the right funding partner to help you secure the funding you need for profitable growth, consider Commercial Funding Partners. With over $500 million in funding to different businesses, their expert consulting team helps you secure consistent cash flow to drive business initiatives forward. Visit their website or call (801) 545-4000 to learn more.