As a business owner, you know that sometimes in order to grow you need more funding than is available in the checking account. Reasons vary as to what a business may need the funding for, but we wanted to highlight some less common reasons to acquire funding. Our fast-funding options work well for when you need to cover payroll but there’s so much more you can do with the funds. Here are some of our favorite and less common reasons to apply for funding:
Inventory is a great reason to acquire some funding. I was watching Shark Tank the other day and one of the contestants had a 30-day cycle to deliver products to customers because they couldn’t afford to keep inventory on hand. A longer turnover time reduced their conversion rate and sent potential buyers to competitors. Don’t do the heavy lifting for your competitors, keep your business fully stocked.
Investing in your employees is always a great use of funding. If you’ve read our blog post about the cost of new hires, one of those helpful hints was keeping employees at your business. Take the funds and use it for new training, perqs, etc. You can also use the funds to bring on new staff. New hires can typically cost a company around $5,000. Acquiring funding to bring on quality employees is a perfect way to grow your business.
Marketing & Public Relations
Since we’re talking about growing your business, marketing has to be included. Funding can be used for social media ads, hiring someone to handle your social media, creating a new website, etc. Marketing is your consumer’s first touch point, therefore, make sure your business is giving the right impression every single time.
Equipment is another great use of fast-funding. Sometimes repairs need to happen fast and acquiring some extra working capital quickly can be make or break for your bottom line. Grab some equipment funding to cover all the tools your business needs to thrive.
Expanding your business is another great use of funding. Use the funds to acquire another physical location for your business, add on to your current business, remodel the inside, etc.
Fast-funding can work wonders for your business in 2018. How will you be using extra funding?