Being a small business owner is a wonderful thing, especially if you are passionate about your enterprise and what you offer. As the boss who gets to call the shots, you can plan for the direction your business is headed and what strategies to adopt for growth and success.
But business also gets complicated and risky — especially if you run into financial roadblocks. This where access to reliable financing or quick funding plays a pivotal role. Why?
Here are five reasons why quick funding is essential to your business:
All businesses experience cash flow highs and lows, especially new and growing enterprises. Cash flow shortages arise from a number of factors, including low profit, giving too much credit to customers, overproduction, unmanageable growth and so on. It’s no wonder statistics say 50 percent of small businesses fold within the first five years of operation mainly due to financial constraints.
But with a quick funding facility available for your business, it’s much easier to deal with problems that threaten the stability of your business and make better long-range plans.
We can’t control everything no matter how much we prepare. Occurrences such as a hurricane, a major fire accident, theft, ransomware or loss of a major client can all mean one thing: disaster. But with fast access to an emergency business loan, dealing with these problems can get easier.
There may be a month when things get a little slow or customers aren’t quick to pay you back, so even payroll is threatened. With quick funding available, though, there’s no need for you to be late in paying your employees. This also means you avoid getting into trouble with the IRS or the state the way you would if you were to pay your people late.
Doing what you can to pay your staff on time even when the cash flow is insufficient is also a way for you to make your employees feel that they are your priority — a big plus in developing loyalty and helping ensure productivity.
Opportunity, they say, knocks only once; else, you may end up missing the boat. If, by chance, growth or expansion is on the horizon but your finances are holding you back, an emergency loan may be just what you need.
So, if you need to expand your product line, invest in a better marketing strategy, buy more equipment and raw materials or open a new store, quick funding can save the day.
Some business owners find themselves dipping into their savings or retirement fund and selling off their personal assets to plug any inadequacies in cash flow or to facilitate business growth. But you don’t have to do this.
Instead of possibly damaging your personal credit score in the process, you can maintain a business line of credit for your quick funding needs. This way, you know you’ll have a continuous supply of cash for when you need it, so there’s no need to dip into your own account at all.
If you’re currently on the lookout for a finance facility to help you fund your renovation plans, equipment needs or whatever undertaking that requires quick funding, reach out to Capital Dude.
You can also visit our website to find out quickly if you’re qualified for the business loan you need.
