With small business lending incredibly tight, more innovative alternatives to financing are coming up. This one has a big string attached: a complete change in how you manage your business.
Springfield Remanufacturing Company is a small city success, based in Springfield, Missouri. They got famous for using completely open book management, calling it the great game of business. Every worker is also an owner of the business, and all that financial training paid off as workers were able to build up and hive off their own divisions as separate firms.
And that brings us to the alternative financing. When the workers understand every financial detail of the business, they can even decide to loan the company money, when acute need arises. That’s what happened for one Springfield firm trained in business by SRC’s method.
Read and watch the whole story at PBS: SRC Manufacturer Goes Small in Era of “Too Big to Fail.“
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Becky started Small Biz Survival in 2006 to share rural business and community building stories and ideas with other small town business people. She and her husband have a small cattle ranch and are lifelong entrepreneurs. Becky is an international speaker on small business and rural topics.
We in Springfield are very proud of the SRC story.
Miss Dazey, I thought of you, of course, while typing this up.