As a small business owner it is important to realize the best time to seek funding is when your business is doing well. Business cash advances can be used for many purposes including renovations, marketing, preparing for emergencies and simply having available cash flow. Here we’ve outlined a few reasons to seek funding before your business experiences hard times.
Times Change
When you have a good thing going it's normal not to want to change anything about your business. The harsh reality is that change is going to happen no matter how hard you try to stop it. Maybe your customer base will become saturated, and your loyal customers will not have anything left to buy from you for a period of time. Maybe the economy will experience a downturn and some customers will re-evaluate their budgets to exclude your business. The ways your business environment can change are as numerous as you could imagine. You just can't count on things to stay the same without any effort on your part. A business owner's job is to prepare for change and work to make sure that changes are as positive for your business as they can possibly be. The best course of action for business owners is to build on their successes and continue to grow their profit as much as they can. This can mitigate any downturns to lessen their impact. Merchant cash advances can provide working capital for investment and expansion.
Possible Expansion
Plenty of successful businesses have decided to expand then figured out that their bigger space did not increase their profits as much as they thought it would. When it is difficult to find space for your entire inventory (and it's all selling well), when your store is constantly crowded with customers, or when your restaurant has to turn people away consistently, these might be good circumstances under which to expand or open a second location. Expanding in conjunction with increased marketing efforts may be another way to boost business, provided the marketing efforts are successful. You can ensure the success of your campaigns by focusing on types of marketing that have worked well for you in the past or by testing new campaigns on a small scale before spending large amounts of money on them. Constantly tweaking your marketing campaigns to achieve optimal results will help your business continue to grow and become more profitable.
Increase Marketing
Marketing campaigns are a great way to use a merchant cash advance, since you need to pay up front, with the dividends in the form of increased sales coming later. Even profitable businesses can have problems supplying large amounts of working capital for marketing campaigns or expansion of the business, but a merchant cash advance can address this issue and allow businesses to move forward at their preferred pace. Another way to make your business more profitable is to raise your prices. Believe it or not, some businesses actually increase their sales after raising their prices. This is because their products are perceived to be of a high quality, and people are willing to pay for quality. Raising your prices under the right conditions can lead to a better reputation for your business and its products, while undercharging will make potential customers wonder what's wrong with your products.
With over 12 years in the business, Quikstone Capital Solutions has proven to be a trustworthy and knowledgeable lender specializing in small business funding. Over 60% of our clients are renewals looking to continuously grow their business. Whether you need cash to cover unexpected costs or if you’re looking to make long overdue improvements, Quikstone Capital can help.
