The Highs and Lows of Running a Business
Written on the 31 October 2019 by Nathan Drew, Fox Finance Group
Running a business comes with its highs and lows, but one thing that all small businesses need to keep the dream alive is having cash at the ready to take advantage of situations that come up.
Here are the top five reasons that our small business owner customers tell us that they require funding for to keep things moving.
1. They need more customers
Build it and they will come? Not quite. You could have the best product and service in the world, but if no one knows about it, you'll not sell a bean. An investment in marketing is critical to attract customers. A small business loan could help you fund a promotion or marketing campaign to acquire new customers.
2. They need more stock
Having enough stock to keep up with your demand is a crucial part of doing business. Every business needs to ensure that they have current and relevant stock on hand, and if you're a seasonal business, you'll want all your stock in store and merchandised properly before the peak sales period kicks off. If your turnover is dependent on the stock you're carrying, but you don't have the capital to invest, then an unsecured business loan could be worth considering to bridge the gap.
3. They need to recruit to grow
As a small business owner myself, I understand that sometimes we need to wear many hats to make things work. Trying to juggle the business relationships, bookkeeping, marketing and customer service all by yourself can take its toll. Ultimately, if you're going to grow your business, at some point you will need to jump into the helicopter to get a bird's eye view of what is happening in your business. This time gives you the chance to really take a look around to spot new opportunities for your business. Employing the right team members can free you up to do just that. If it's clear that getting some extra help to keep up with the demand will help you increase revenue, then a small business loan could help you with the cash injection needed to get your new team member up and running, before they start returning dividends for your business.
4. Opportunity knocks
A lot of business owners have a strong entrepreneurial streak. This means that they will naturally come across opportunities or create opportunities all the time. The trick is also knowing which opportunity will pay dividends. Once you have performed your due diligence, you want to be able to act straight away so that nobody else cashes in on what you have uncovered. Having the available cash-flow on hand or on tap with the right business loan facility could mean the difference between growing your business and missing an opportunity.
5. They need more space
When you spot your team using the table in the kitchen as a workstation, you could probably do with a little more space. But just because you're busting at the seams for room doesn't mean you necessarily have the cash on hand to move to a larger premise. You might need a re-fit of where you currently are to make some additional space or you may need to get onto your local Real Estate agent about a total new property, either way, you need cash to make this happen. A commercial property loan could be in order or simply an unsecured injection of cash into your business for moving and fitout costs might meet your needs.
If these scenarios sound familiar and you'd like to explore what your options are, have an obligation free chat with our business loan team today on 1300 665 906, and we'll walk you through what options might be available to you and your business today. Or simply apply online now and one of our team will contact you.
Find out more about what your funding options might be as a small business owner.
Learn more about the Author - Nathan Drew.
Author: Nathan Drew, Fox Finance Group
About: Managing Director - Fox Finance GroupConnect via: LinkedIn