How to ensure smooth company operations and growth? Should you invest in advertising or production? What to do when there are insufficient funds to improve certain areas? When it's barely possible to keep up with current concerns, it's natural that many opportunities in the environment, which likely could help solve existing business problems, are often overlooked or unknown. What are these opportunities and where can they be found?

Compensation – an opportunity to optimize the budget

Setting up a business always requires certain investments. For simple activities, it is not difficult to save small amounts, but many startups look for financing opportunities – state support, investors, or take a business loan.

A business loan provides an opportunity to accelerate processes and expand operations more effectively, but even after receiving financing, the concerns about budget allocation usually continue. For most companies, a loan becomes a tool determining faster business growth – the funds allow for investing in more efficient equipment, thus, for example, optimizing production and its volume. However, as the business grows, other dilemmas arise – a lack of funds for other areas.

"As a solution, companies often choose to reduce costs or seek new financing. When needed, it's a good idea, but as in all areas, when looking for solutions, we often look far but fail to see the opportunities right under our feet. One such opportunity for companies that already have or are considering an investment business loan – partial interest compensation. With its help, companies can recover part of the money paid for interest and allocate it to improve other areas of operation that are lacking funds," says Emilija Poškonienė, head of the business loans department at the crowdfunding platform 'FinoMark'.

Small and medium-sized enterprises can apply for partial interest compensation and recover up to 95% of loan interest, not exceeding 7% annual interest. This opportunity for companies is provided by the national business development organization 'Invega', whose goal is to promote the growth and competitiveness of Lithuanian business, being an active business financing partner. Unfortunately, not all company representatives know about partial interest compensation or, having encountered examples where this service is not applicable, do not bother to try it themselves.

"Partial interest compensation is provided by 'Invega', but it is important that the creditor who granted the loan has signed a contract with them. So, if you are still preparing to take out a loan, it is recommended to inquire about it. Partial compensation has certain conditions for what the loan must be intended for, so there are cases when a company, unable to use this opportunity, spreads rumors that compensation does not apply to certain companies. Compensation is applicable to investment loans, but you can simply contact your creditor who will explain everything in detail, give advice on what documents are needed, and guide you appropriately. We remind our clients about this opportunity ourselves, and if your financier has not mentioned it, know that you can apply and specialists will certainly provide all the necessary consultations," advises the 'FinoMark' representative.

Mentorship programs – an opportunity to learn from the best

The start of a business not only involves concerns about where to get investments but also mistakes and decisions that later turn out could have been implemented differently – all this is natural and encourages learning. However, sometimes an external perspective or more experienced opinion is indeed needed when making big and significant decisions. Again, growing companies cannot always afford to hire experienced specialists due to the lack of funds for necessary salaries.

This is where a great opportunity arises to consult with mentors – entrepreneurs and experts from various fields who have accumulated extensive experience. This way, it is possible to more effectively clarify your business strategy, learn how to attract new investments, or make valuable international contacts.

"Searching for a mentor can become one of the best non-monetary investments in your business. There are now many different programs and projects targeted at different audiences, with current attention also being paid to promoting women's entrepreneurship. Mentorship programs are actively organized by the Lithuanian Innovation Agency and 'Versli Lietuva'. So, by exploring, you can find programs suitable for everyone, and most importantly – often for free," explains E. Poškonienė.