5 Things to Consider If You Need a Business Cash Advance

Posted by Karen Erdelac on Nov 17, 2015

5 things to consider if you need a Business Cash AdvanceIf you find yourself in need of a business cash advance to keep your business going, it might be helpful to consider how you got there and what you can do to make the business self-sustaining going forward. Business cash advances are an alternative funding source that offers many benefits for business owners regardless of need. Being in a position of need, however, may require some adjustments if the business is going to thrive.

Here are some things to consider if you find that you need a business cash advance:

1. Why aren't you making enough money to sustain the business?

A careful analysis may reveal a flaw in your business plan, a need for increased marketing efforts, or wasteful spending habits that are costing your business the ability to sustain itself. A business cash advance, even several, can be one step in your plan to become self-sustaining, and the first step is to figure out where all the money is going and why.

2. How can you use the advance to make the business more profitable?

It is wise not to take a business cash advance without planning for growth and increased profit. The advance does have to be repaid and carries fees, so the status quo will just leave you more in need than before. Fortunately, there are lots of ways to use business cash advances to grow your business. Then, once the advance is repaid, your profits will be higher than before and you will be in a much better position.

5 Things to Consider If you Need a Business Cash Advance3. Have I set goals?

Businesses that set goals are generally more successful than those that don't. Giving yourself something to strive for will motivate you in ways that nothing else can. If you have never set goals for your business, start small, but even setting lofty goals that you have no hope of reaching will get you moving forward.

4. Am I willing to change?

Getting stuck in a rut will eventually derail your business. Change is constant, so you may as well accept it and decide to change in a positive way that will benefit your business, rather than have change forced upon you that may not be advantageous. If there are employees, expenses, or circumstances weighing your business down, these would be a good place to start in making changes.

5. Am I tracking my progress?

It's easy to get into the habit of taking the money that comes in and sending it right back out without understanding the big picture of your finances. Did you make more money than last month? What products or services are selling best? Were your labor costs appropriate to your sales? If you don't have software that will answer these questions for you, it's time to get some.

Quikstone Capital Solutions provides business cash advances to help businesses improve their situations and move forward to more profitable times. Businesses that qualify can get cash in as little as a few days.

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Topics: Funding Your Business, Auto shops, Restaurant, Catering, Retail