People in the business lending industry must possess a vast array of skills but if you could sum up their primary expertise in one word, that word would be growth. They know what is required for companies of different sizes and industries to expand or recover momentum. For some business owners, an extraordinary record of success isn’t enough to convince them that a business financing company knows what it’s doing. Such accomplishments are meaningless, they might think, if this company hasn’t proven that it knows how to grow itself just as well.
Earlier this month, deBanked magazine published a piece on the evolution of the company I founded, United Capital Source. When the magazine first covered UCS , we were distributing about $8 million to $10 million a month in funding volume. Fast forward just a few years to 2017, when we are distributing between $14 million and $16 million per month.
The article discusses some of the strategies UCS has incorporated to grow so effectively, so I thought I’d share them with you here!
A Great Team Isn’t Easy To Come By
A company cannot grow without a dedicated and cohesive team, which is why hiring is one of UCS’s specialties. Many types of businesses struggle to find qualified workers who will mesh well with the rest of the team. Sometimes, the candidate with the most experience doesn’t have the right attitude, and any successful business owner knows that the will to learn is more important than talent. But once you find those perfect candidates, it seems that nothing is out of reach.
While the size of United Capital Source’s average transaction has grown tremendously over the past couple of years, deBanked pointed out that our staff has increased by a mere four people. But despite its size, we can assure you that this team carries more passion, knowledge, and dedication than all of our competitors combined. People like our four newest team members cannot just be found in a few weeks’ time.
We want our clients to devote the same amount of care towards building their teams, and they can do just that with several of our business funding programs. Our working capital loans supply enough funding to cover business expenses as you spend your days combing through resumes, conducting interviews and finally, training your new hires. A merchant cash advance (a.k.a credit card processing loan) supplies a lump sum of working capital today, with payments tied to sales volume. So in theory, your largest payments will be made when your new hire begins contributing to your revenue stream. Both programs can ensure that your new hire is fully acclimated by a specific time, and their terms can be adjusted for slower months, when revenue is down.
Small Businesses = Easy Business
One big advantage small companies have over larger competitors is how easy it is to do business with them. You don’t have to wait to get what you need, and if you want to talk to someone about a problem, there’s no annoying, back-and-forth communication required. Countless online articles about growth emphasize what is known as a “customer experience.” This often refers to never leaving a customer hanging and answering any question he or she might have in a moment’s notice. Customers remember this type of treatment more than the actual product or service they have just purchased.
Clients of United Capital Source choose us because they can get funded in a matter of days and with just a single phone call or email, have their concerns addressed by a human being. One of our customers told deBanked that traditional banks were “an absolute pain” to deal with when it comes to applying for funding. As an active business owner, he doesn’t have the time to “jump through a million hoops to get a loan.”
Such struggles are unheard of in UCS customers, especially repeat customers like this particular business owner.
“I could literally call Jared today and have six figures in my account tomorrow,” he said. Even though our customer base has certainly increased, we still make it a point to approve funding applications in just 24-48 hours, with no tedious paperwork involved.
Never Stop Evolving
Businesses must constantly adapt to changes in demand in order to survive. Rarely will you find a successful business that is still only selling the same products or services it has been selling since its early years. Many UCS clients, from landscaping companies to auto repair shops, seek funding to begin offering additional products or services. We provide them the means to obtain the equipment, team members, or even just the time necessary to expand their customer base.
UCS has always had access to a massive range of business funding programs but as noted by deBanked, we are now offering more products than we were in 2015. The magazine cited our SBA loans, for example, which are not offered by most other alternative business financing companies.
“We opened up the funnel to the kind of relationships we’re able to broker and the kinds of financing we’re able to offer. We’re playing in the field of SBAs, account receivables financing, lines of credit and asset backed loans. By offering these products our volume has jumped significantly and allowed us to talk to different referral partners,” I told deBanked.
We Owe It All To Your Input!
While our knowledge of so many industries is certainly something to be proud of, we are even more proud of how we accumulated this knowledge: by talking to our clients. When people call UCS, we don’t start out by asking how much working capital they need. We ask them about their problems, because you can’t achieve long-term growth unless you have a clear picture of what is preventing it.
This is just the first step we take towards eliminating completely unnecessary stress from your job. Once you learn that we have a genuine interest in your business, you will realize that the business funding program we recommend is without a doubt the best one on the market for your unique circumstances. We are not just your lender. We are your financial advisers throughout your entire career, and we’ve only been able to grow this much because our clients have done the same!