Continually investing in your small business is necessary in order to remain competitive and grow. Even successful businesses may not have the available cash flow to make improvements, implement marketing campaigns or take advantage of inventory opportunities. If you’re a bakery owner and find yourself in this category, a business cash advance may be the answer. Here are just a few ways you can use these funds.
Interior Renovations
Any business within the food industry needs to have a clean and sanitary interior environment. A new paint job, replacing old ceiling tiles and refinishing or replacing your floors should happen periodically. Nobody wants to walk into a bakery and see mold, grease or grime anywhere. Along with your interior improvements, you may also want to consider hiring a cleaning company to do a deep clean once a month. Another great investment is interior seating. Having just a few tables where people can enjoy their baked goods can help you to retain customers and can increase your revenue on a per customer basis as you’ll have ample opportunity to upsell these patrons.
Storefront Improvements
The exterior of your bakery can say a lot about what customers can expect once they walk through the door. Power washing, painting and washing the windows can do wonders for the image of your store. Adding a couple of benches or small bistro tables can give your customers another place to enjoy your products. Tasteful decorations that show off the theme of your bakery can also help draw attention from potential foot traffic.
Equipment Upgrades Or Replacement
Your baking equipment is the lifeblood of your business and any downtime can spell disaster for your bottom line. Updating your ovens can also give you more versatility as to the products you offer. Buying your equipment new versus used is always a good idea as new equipment will likely come along with some kind of warrantee. The time to replace your vital equipment is before it goes south. Carry out regular maintenance inspections to ensure your equipment is functioning as it should.
Marketing And Advertising
Marketing is essential for small bakeries to compete with larger chains and grocery stores. Digital marketing through social media is a relatively inexpensive way to increase brand awareness and draw in customers. Since food is highly visual, using quality images and videos to promote your products is especially effective for the bakery industry. In many cases, it will be best to hire on a marketing person or employee an agency to carry out your campaigns. This will enable you to get more for your marketing dollars and allow you to focus on running your business.
Signage Improvements
Signs are still one of the best ways to gain exposure for your business and to advertise your products. Exterior signs should be eye-catching and fit the theme of your bakery. Interior signs can be used to promote your products and any specials you may have. For the exterior it is best to seek out an outsource company to create your sign. For the interior, signs can be as simple as a chalkboard or dry erase board. Even printouts from word or power point files can be effective.
Food And Inventory Purchases
Being able to take advantage of discounted inventory opportunities is a great way to cut costs and improve your bottom line without sacrificing quality. If you have the chance to make a bulk purchase on non-perishable, necessary items, you should take it. This is where a business cash advance can be especially useful. Since the application and approval process is extremely fast, you’ll be able to take advantage of inventory opportunities when they arise.
New Location
If your bakery is doing extremely well, it may be a good idea to seek out a second location or expand your current space. A good deal of research should be done to ensure you’ll have a big enough market to truly benefit from the additional space. You’ll also need to make sure you have quality, trustworthy staff that you can depend on to carry out the daily operations of a second store.
