When acquiring funding for your small business, it is best to have a clear plan on how you'll use the money, but that will not always be possible. The uses of bank loans tend to be very restrictive, and the application process is too lengthy to handle immediate needs. A business cash advance is much faster, with fewer qualifiers that focus more on the health of your business instead of your credit rating or collateral. Here we take a look at eight uses of a business cash advance to maintain and grow your business.
Being able to seize inventory opportunities when they present themselves can significantly impact your bottom line. Often times suppliers will discount particular items because they are overstocked or seasonally abundant. Having the cash on hand to make that purchase could save your business hundreds or even thousands of dollars on necessary items.
Simply having available cash to spend as needed is an essential part of running a business. Additionally, sometimes upfront costs can take time to recover from and can hinder operations. Ensuring your business has enough cash on hand to cover expenses and remain functioning at full capacity is vital to business continuity and growth.
Being proactive is almost always better than being reactive in business. Making sure your company is prepared for the worst doesn't just mean having available cash for expenses. Investing in business continuity and doing what it takes to diversify your business enough to become recession-proof can shield you from the negative effects of the unexpected.
Whether it is for a permanent or temporary position, being able to fill out your staff as needed is critical in maintaining operations and satisfying your customers. The hiring process can be time-intensive and expensive. Ensuring you have the capital necessary to attract and pay top talent is something that will differentiate you from much of your competition.
The appearance of your establishment, both interior, exterior and online, will affect consumer's perception of your business. Making your outdoor areas recognizable and inviting while providing a clean and comfortable interior atmosphere will help increase foot traffic, encourage customers to keep coming back, and improve your business image.
Periodically upgrading your equipment is a must to avoid costly downtime, but there are other benefits as well. Newer equipment may provide increased functionality and help you to diversify your offerings. Additionally, if you opt for energy-efficient equipment, you will save on energy costs and help your brand's image by being seen as environmentally aware.
Catch Up On Bills
While this is not the ideal use of a business cash advance, sometimes things happen, and business owners fall behind on obligations. Getting a bank loan to cover these types of expenses is simply not an option. A business cash advance can be approved in 48 hours and allow you to avoid falling further behind.
Marketing is often overlooked by small businesses, but that doesn't make it any less important. Building awareness and standing out in a crowded market requires a clear plan, sufficient budget, and the infrastructure to execute campaigns and events. Outsourcing your marketing or hiring an individual to create and manage small campaigns can make a big difference.
Let Quikstone Capital be your small business funding partner!