Having a consistent influx of capital is necessary to continue the growth of your business. While the idea of taking out debt may be scary to some entrepreneurs, the fact is it is difficult to continue to grow without it. By taking out a small business loan, you essentially have a large amount of money to invest in whatever you believe your business needs. In time, the payments back on this capital should be less significant, as the large sum of cash you received should go towards growth initiatives. We have listed some of the best ways to use a small business loan below.
It is difficult to grow a business with outdated technology, and in an ever-changing tech industry, it is important to be up to date on the latest trends. Because of that, using a small business loan to improve the technology in your office and around your business is arguably the best way to use this loan. Improving technology greatly expands your ability to do business, and by having better tech than your competitors, you are more likely to attract the clients you seek.
Use to Increase Cash Flow
By using your loan for cash flow, rather than one-time purchases or upgrades, you will have money for periods when sales decline or when expenses increase. You can then have more money ready in case of an emergency in your business, or other unexpected expenses.
Use for Marketing
Often times, as small businesses grow, they tend to focus on their new clients and keeping them happy, as opposed to obtaining new ones as well. To continue to attract new clients, you can use a small business loan for online ad initiatives, sponsored social media content, video creation, and much more! Marketing is easier and more cost-effective than ever, so do not neglect it any longer.
Use to Expand Your Team
Ready to hire some new staff members? This could be the perfect way to use a small business loan. If you are confident that expanding your staff will cause you to be more profitable, then this is a smart way to use a loan. Although these payroll costs will accumulate, especially if you want to expand more than one position, it is still worth it in the long run if you believe these positions are necessary to grow.
Each tax season can be a huge financial burden on a company. If you do not properly prepare, a yearly tax bill can cause stress and negatively affect your business. If you have received a small business loan, consider saving it and using the funds to pay off your tax bill at the end of the fiscal year. This way, you will take care of that large bill while also not running low on cash for other necessities!
If you feel your business needs a new influx of cash, a small business loan could be the right move for you. Here at Brass Financial group, we have small business loans for a variety of uses, all on excellent terms! The best part is we do not ask for income statements, tax returns, and have no minimum FICO score required! For more information, head to our “No Income Business Loans” page on our website, or give us a call at (609) 800-FUND today!