Is Your Business in the Top 5 Industries Benefiting from Business Funding?
Written on the 10 January 2019 by Nathan Drew, Fox Finance Group
When business owners face slowing business sales and limited growth, the cause behind the issue can often be a lack of capital.
Without the right amount of working capital, businesses sometimes find it difficult to take advantage of opportunities that they come across or create.
If they had access to the right amount of capital investment to make the necessary investment into equipment or facilities they could put themselves in a position to win more contracts and in turn continue to grow their business.
There are some industries that are more capital intensive than others. Their growth and competitiveness are largely boosted by their ability to invest in equipment and technology.
Here are 5 industries that we commonly see needing capital investment.
Restaurants can't survive without state-of-the-art kitchen equipment to produce quality product and operate at a fast pace that most customers demand today, and it's the type of equipment a restaurant owner has that usually dictates the type of service they provide to customers. Restaurant owners can benefit from a secured equipment lease or an unsecured business loan to help with the funding of this equipment when they're looking to update or expand.
An industry that is benefiting from people purchasing more and more online is the Transportation industry. The online purchasers and the online sellers both need to get the goods out to the customer. Technology is also playing a big part in the Transport Industry being able to track goods and process the freight costs, all of which comes with a price tag. On top of this there is the cost to run the van or truck used to complete the online transaction. Having a business line of credit, or access to a business loan, can help these businesses respond to consumer demand while expanding their business's reach.
A small business loan for a farmer can have a great impact on the operation's cash flow and income. As is the case for a lot of other industries, a well-structured business loan can help in purchasing the machinery and equipment needed to improve efficiencies around the farm.
Equipment able to be funded could include calf feeders, tractors, combines and more. Another bonus could be that Farmers may be able to set up seasonal payments when utilizing equipment financing. This allows them to match up their business loan repayments with incoming cash flow.
Investing in the latest medical equipment for diagnosis and treatment is critical in the healthcare industry, but it comes at a cost. Medical equipment loans are frequently used in the physio, optical, dental, chiropractic and veterinary industries.
Whether an Optician needs the latest laser machine to help diagnose conditions or a veterinarian needs a mobile van to get around to customers, an equipment loan could enable them to keep up with modern technology and to professionally provide the services demanded by patients and consumers.
5. Handyman and Carpentry
The Carpentry industry uses advanced technology for precision measurement, cutting and fabrication. Many hand tools have been replaced with other machines with computer software and interfaces.
When these new machines are set up and used properly, handyman and carpentry businesses reap immediate dividends in efficiency and also profit.
Ongoing Business Investment is the Key
Without the necessary investment into innovation and equipment it is easy for a business to be left behind in the way of the service levels that they can provide as their product, systems and service become less efficient over time.
Many types of businesses can benefit from secured equipment financing or even an unsecured business loan.
Having access to the right business loan can be your strategic play to beat the competition or respond quickly to changes in the market. No matter what, having updated and reliable equipment for your business can have many advantages.
Speak with a Business Lending Specialist today about how we can help you!
Learn more about the Author Nathan Drew.
Author:Nathan Drew, Fox Finance Group
About: Managing Director - Fox Finance GroupConnect via:LinkedIn