If you think insufficient working capital is the only thing preventing your success, it’s time for a rude awakening. Countless companies have started off with plenty off cash only to lose every last dollar of it. After all, it’s extremely common for a company to put in all the effort it can muster to generate leads and sales only to fall significantly short of its goals. This is likely because the company is actually wasting its time and energy trying to solve problems that aren’t the true root of their dilemma.
You can put a band-aid on a symptom of the dilemma but sooner or later, a different symptom or even the same one will appear once again. Ensuring the survival of your business means identifying just two or three factors that are responsible for nearly every symptom you have.
Here are a few obstacles that will keep holding you back until you invest in eliminating them:
1. Credit Score
The real title of this section should be “what you’ve heard about credit score.” Poor credit history can stand in the way of obtaining incredibly advantageous business credit cards, good deals on business expenses, and, if you’ve read the wrong online articles, small business loans. At least one of these three things is required for any business that wishes to keep spending at a minimum and set ambitious goals for growth. You know that paying off debt on time can easily raise your credit score but at this stage of the game, your business cannot afford to make fixed monthly payments while covering rent, payroll, and the always-probable sudden expenses like broken equipment or price hikes in materials.
It is our pleasure to inform you that bad credit can no longer prevent a healthy business from obtaining small business loans with non-stringent terms. Primarily responsible for this change are alternative business financing companies like United Capital Source, which offer bad credit business loans as well as innovative business funding programs that do not feature regular payments or due dates. At UCS, we judge potential borrowers exclusively by the performance of their businesses since we have found that bad credit is in no way an indication of irresponsibility or poor income.
2. Surrounding Yourself With The Wrong People
Do you have an in-house social engagement specialist or an outsourced digital marketing team? Now that additional business funding is well within your grasp, it’s time to ensure that you are doing everything you can to generate leads and sales. In 2017, people decide what to buy based on what they see online, so any company that isn’t investing in improving its Google rank or social media marketing is immediately at a disadvantage. These new team members will also create a customer experience that turns customers into salespeople who refer you to their friends, which is scientifically proven to be the most effective method of spreading brand awareness.
UCS can help you with two aspects of this department: First, we offer short-term working capital loans and merchant cash advance loans that are specifically geared towards taking on new hires, including those whose work takes several months to increase revenue. Second, UCS prides itself on giving you the best of both worlds when it comes to customer service.
We are innovative enough to approve small business loans and distribute funding in just a few business days but when you have a question about anything in relation to budget, all it takes is one email or phone call to receive a response from a living, breathing human being. Our business funding experts have worked with dozens of industries and have helped business owners through every financial speed bump you can think of, even after the client’s debt had been paid back in full. We are literally at your disposal for as long as you like, and are open to giving second, third and fourth rounds of funding when the need presents itself!
3. You Aren’t Getting Paid On Time
This is a widespread issue for auto repair shops, medical practices, construction or landscaping contractors, and any other business that must regularly make large, upfront payments that aren’t reimbursed for a number of weeks or months. Such businesses often have all the customers they could ask for but don’t have the cash to finance their requests. They might even have a wait list or a backlog of orders due to being so cash poor until they get paid for their services.
United Capital Source specializes in neutralizing this problem with accounts receivable loans, medical practice loans, or working capital loans that supply enough funding to cover monthly business expenses along with whatever equipment or inventory is required for the task(s) at hand. As for loan payments, we can offer convenient terms that allow you to pay off the brunt of the debt after you are reimbursed because we understand how difficult it can be to concentrate on your work when you are worried about keeping your lights on!
Let’s Clear Those Obstacles For Good
Don’t think any of these reasons apply to you? UCS can still help! All we need to see is a minimal list of financial documents and, depending on the funding program that works best for your situation, a certain amount of bank and credit card statements. Just one phone call or email is all it takes for you to learn that we believe one thing that should never keep your business from growing is the process of applying for a small business loan!