Many people dream of being their own boss and starting or running their own business. It’s the American Dream after all. But operating a small business isn’t always easy. In fact, it’s fraught with risk. According to the Small Business Administration (SBA), about half of all small businesses fail within five years.
 
But the other half survive—and thrive. And how do they do that? There are many critical elements to running a successful small business. Some key components include having a rock-solid business plan, lining up a team of mighty mentors and/or professional advisors, and a developing a sought-after product or service.
 
Running underneath these fundamentals is the need for capital. Capital pays for expansion, employees, real estate, equipment, and having more of it opens the door for new business opportunities.
 
Sunrise Bank of St. Paul, an SBA lender, provides advice about how small businesses can become “bankable.” Read on to learn how company leaders can assess whether they are ready for a bank to loan them money. Chris Albrecht, director of SBA loans at Sunrise, highlights some of the steps small businesses should take to become an appealing customer for lenders.
 
For small businesses, capital is often tight. That makes it essential to run lean and mean to prevent wasting precious resources and money. Operating an energy-efficient company helps small businesses direct their precious financial resources to operations, acquisitions, or developing new products. Karen Rhodes, director, DSM and renewable operations at Xcel Energy, explains how utilities partner with businesses of all sizes on becoming more energy efficient.
 
Most utilities offer a range of programs and services that help small business be more cost effective with their energy use. Utilities provide robust services for small businesses, including audits of their company’s energy consumption and losses, or providing rebates for improvements to lighting, heating, and cooling. Overall, utilities aim to partner with small businesses on slashing their energy use while saving money in the long run.
 
To run the best company you can—and one that lasts for generations—read on to learn about what small businesses should do to stay lean, mean, and running with plenty of capital that powers innovation.