For many industries, the summer is the slow season. There’s a steep decline in customer activity, partially because a great deal of them are on vacation. This presents the opportunity to tackle that list of essential tasks small business owners tend to put off because they are so busy all the time. Taking care of these things will ensure a strong performance for the busy season and prepare your employees to handle the upcoming increase in demand.
You might discover, however, that the only way to permanently solve certain problems (as opposed to covering them with a band-aid that will eventually peel off) is with additional funding from a business lender. If you’re wondering how you’re supposed to be approved for a small business loan let alone make regular payments when sales are down, it’s time you entered the world of alternative business financing, brought to you by United Capital Source.
Review Your Financial Health
Before you move forward, be sure to schedule meetings with your accountants as well as your most important employees in order to assess your business’s financial health and develop a game plan for the busy season. No matter what season is it, you cannot approach a business lender without knowing your cash flow situation, how much debt you can afford to take on for a specific period of time, and finally, what kind of purchases are necessary for achieving the revenue projections you have in mind. This includes an idea of how many employees you will need to handle the next few months’ worth of business.
United Capital Source has worked with countless seasonal businesses and therefore understands that cyclical dips in revenue do not mean a business won’t be able to pay off debt. That is, if the funding program is actually constructed with the goal of long-term growth instead of drawing a profit for the lender. We offer numerous business funding programs such as working capital loans, merchant cash advances (a.k.a credit card processing loans), accounts receivable loans and more that do not feature the fixed, monthly payments or due dates of a traditional bank loan. We accept lower payments during slower months or allow you to pay off most of the debt after your investment is in full swing.
Updating Human Resources
If you plan on taking on new hires for the busy season, the slow season would be a good time to make sure your employee handbooks are up to date. If you don’t already have a documented set of policies for employees, you might want to consider adding a human resources specialist to your list of recruits. A common mistake of smaller businesses is expanding too quickly before establishing how to answer questions from employees in regards to what’s expected of them or what benefits and resources are available to them. The people who will be in charge of these new employees should also document the training process so they don’t have to repeatedly walk the employees through every step of their work day.
United Capital Source specializes in small business loans that cover expenses associated with new hires until the employees begin to add to your revenue stream and finance themselves. Our working capital loans and unsecured small business loans, for example, can help you pay your rent, bills, payroll etc, for several months while your new hires are being interviewed and trained. Odds are, these recruits aren’t going to be your only significant expense during the slow season, so it’s very wise to have extra capital to ensure you don’t have to delay your plans for the busy season for even a day.
Give Your Website An Overhaul
Another critical element of your business that cannot be ignored any longer is your online presence, which stems from your website, social media activity and other digital marketing efforts. Now that you have the time to scrupulously examine each factor, take your time to make sure your website is showing up for relevant search queries, features stimulating images and content, and is displaying clearly on mobile devices. You should put yourself in the shoes of a potential customer who is searching your a business like yours and encountering it for the very first time. If a lot of work needs to be done on all three of the aforementioned avenues of communication, it’s time to find the help you need to make these changes the right way.
You might be going back-and-forth as to whether you should hire an in-house social engagement specialist or out-source the work to a digital marketing team. The business funding experts at United Capital Source have helped many clients who were in the exact same situation figure out which choice was best for them. We also acknowledge that when it comes to online presence, any problems must be fixed as soon as possible to eliminate the risk of dismissing potential leads. This is why we approve loans in 24-48 hours and distribute funding in a matter of days, allowing you to acquire the help you need the moment the opportunity to do so arises.
Not Sure Where To Start?
At United Capital Source, we encourage seasonal clients to look at the slow season as an opportunity for growth since there’s no better time to assess what needs to be changed in order to balance out finances for the rest of the year. “Balanced” might not be an accurate word to describe your cash flow at this moment but what matters most to us is your business’s track record, specifically over the past three months or so. Our clients are judged not by their credit score or the “stability” of their industries but by performance and their knowledge of their business. If your business has generated solid revenue for months on end, you have most likely completed the most difficult part of securing a small business loan!