Business lenders have been known to favor potential borrowers with highly-detailed business plans. These plans feature a series of calculations and statistics to support the theoretical success of the desired investment as well as an explanation of how the investment is part of a much bigger strategy than simply purchasing something new. Companies that are prepared to grow are well-aware that one major purchase or a few new hires aren’t going to help them reach their goals on their own. Your desired investment must be an essential element of a plan that will prepare you to increase demand and take on a higher level of competition.
Choosing one such plan isn’t too difficult if you consult popular entrepreneurial websites, most of which chalk growth up to the same few strategies. Here’s how you can use small business loans to execute these strategies when your financial situation suggests otherwise:
1. Marketing Assets
With so many marketing options available, it’s easy to be tempted by new tactics that might have proven successful for a larger competitor. Increasing this temptation is the fact that you might not be seeing significantly better results from your current marketing campaign(s) and are hungry for more success. But that doesn’t mean you should stop your current campaigns just to start an experimental one. This won’t make you more money faster than pulling the budget from something that is working.
Continuing marketing campaigns for long periods of time isn’t easy for businesses that are seasonal, prone to occasional dips in revenue or typically forced to cover sudden expenses like broken equipment. They are cash poor for months on end and need to use the remainder of their funding to cover monthly expenses like bills, payroll, etc. But at United Capital Source, we know how crucial marketing is for certain businesses, especially those that need to stay relevant in order to ensure a strong performance during their industry’s busy season. This is why we offer small business loans geared specifically towards long-term marketing initiatives that run when business is slow.
These business funding programs, which include merchant cash advances (aka credit card processing loans), working capital loans and business lines of credit allow you to make lower or very few payments until your revenue stream begins to thicken up.
2. Customer Retention
You only need to read a few articles by successful business owners to know that customer retention or an enhanced customer experience is necessary for a business to spread brand awareness. Companies that invest in building loyalty turn their customers into salespeople whose opinions are valued by their family and friends. Big businesses are able to dedicate a percentage of annual sales towards customer retention but smaller businesses are constantly fighting the dollar, and might not be familiar with the technology or team members needed to create a solid customer experience.
United Capital Source specializes in giving businesses the means to hire or out-source people who can develop mobile apps, weekly email newsletters, or maintain an active presence on social media. It might take some time for these strategies to increase business but our small business loans allow you to run your business smoothly until your new hires pay for themselves several months down the road.
Out-sourced services are typically paid upfront and United Capital Source can get you that cash in just a few business days. Our application process requires minimal paperwork and your credit history won’t hurt your chances of approval. We even offer bad credit business loans for borrowers that have a great business, but fall short of a perfect credit score.
3. Documented Processes
You might have heard of businesses that succeed without documented systems and processes. They do things “on the fly,” or simply “wing it” when it comes to training new hires, assigning tasks, and collecting data. Even the most eccentric business owners, however, will tell you that these are the luckiest companies on the planet. No small business is too “complicated” or “unique” to not have to documented ways of getting things done. Without these systems and processes, too many team members are left in the dark and critical information gets overlooked.
Small business loans can help you solve this problem by financing the recruit of new employees who specialize in documented systems and will introduce technological tools used to create them. Operations might slow down for a brief period while your team acclimates itself to these new systems but your extra funding will cover monthly business expenses to make up for the potential dip in revenue.
We’re Here To Check Off Every Box On Your List
You’re probably thinking, “Well, that’s great, but what happens when I eventually need to hire more people again?” Clients of United Capital Source who pay off their financing on time often qualify for additional rounds of funding with even more convenient terms. Some of our borrowers take out funding around the same time every year to account for ongoing rises in expenses or seasonality. So if you need to scale your business but are short on available funding once again, keep in mind that we will already know that you are fully capable of paying off debt and likely trust you with a higher borrowing amount. Building trust is a key priority at UCS, since this connection will take your business farther than any supply of cash ever could!