Business cash advances are a purchase of your future credit card receipts. Because they are not loans, they are easier to get and more flexible to use. By completing a simple online application that doesn't require a credit check, you can have cash in just a few days if you qualify.
But although business cash advances are easy to get, it's important to plan carefully so that the advance works to the advantage of your business. If you use the cash advance to keep the business going day-to-day, make payroll and pay invoices, you could easily end up in a cycle of debt that doesn't benefit your business.
Positioning Your Business for Growth
If you are focused on maintaining the status quo or just making it through the month, it's unlikely that your business is thriving. Certainly, the need for a cash advance indicates that some work is needed to grow the business and make it support you and be self-sustaining. Here are some ways to use your business cash advance so that it works for you.
To Develop a Marketing Campaign
An effective marketing campaign will draw in new customers and lead to more sales and profits. If you have experience marketing a business, you can put that knowledge to work, but if you are unsure of what constitutes an effective marketing campaign, hiring help can be an effective use of your funds.
To Create New Products and Services
A lot goes into developing new products, but today's customers have constantly changing needs and desires. If you don't keep up with their needs, you are likely to lose market share eventually.
To Automate all or part of your Business
Automation typically means that you can increase your production, do things faster, or do more with less staff and resources. There is usually a high initial cost to automation, but it saves money and generates growth from that point on. In the long run, your business is better off.
To Make Improvements that will lead to Growth
In a restaurant, this could mean adding seats or improving kitchen equipment to make more food in less time. In retail, it could mean reorganizing so that more space can be used for display, or acquiring new inventory that is in high demand.
Opening a Second Location or Merging with another Business
Initial costs associated with expansions like this can be high, but resulting growth will ultimately benefit the business for the foreseeable future. Just be sure to do good research to make sure the demand for your products and services is strong enough to result in the growth you seek before proceeding.
Making your business cash advance work for the business will put you in a better position long after the advance is repaid via small daily transactions that depend on your sales. Quikstone Capital Solutions offers business cash advances to help businesses grow and thrive.
