As we pointed out in our last blog, there is a variety of ways that small business owners can spend their cash in order to grow their companies. However, some of those ways are specific to helping businesses thrive in less-than-stellar situations. Often, keeping up with modern technology, bolstering staffs and handling emergency situations are necessary parts of growing a business. Allow us to elaborate about how a merchant cash advance can safeguard your business.
It will help you to update your technology.
When is the last time you purchased new equipment for your company? These days, technology updates very quickly. If you’re still using an outdated computer, fax machine or printer, it may be time to update the equipment in your office. Some forms of technology are considered obsolete, by today’s standards. Sticking with outdated equipment and tools may be hurting your business.
“Technology is another valuable investment you should make in your small business,” says Sarah Landrum on Entrepreneur.com, “Everybody knows how important technology is to modern life. However, many people do not know how important technology is to business. You need to spend money on your technology, otherwise your reputation and revenue will be negligible until your business is dead.”
You can invest in strong hiring and training programs.
What is your business without a strong team of employees? It’s important that you bring people on board who are not only talented workers, but share in your vision for your company’s success. Recruiting experts often highlight the need to enrich your company culture before considering one’s skills. In other words, you should foster a working environment that incorporates individuals who enjoy working with each other. A happy staff is a productive staff!
On Inc.com, Peter Cohan also recommends that you secure strong salespeople. “While I have seen a few companies that build products that sell themselves, most need sales people to boost revenue,” he reveals, “If you want to capture a share of growth opportunities, you should spend money on great sales people. If you make the right hiring decisions, your company will grow faster.”
It will help you handle emergency situations.
You never know when your company may encounter an emergency situation. Inclement weather, theft, vandalism, fire or water damage – these are just a few of the very unfortunate circumstances that may require you to find some extra cash to remedy. Landrum believes you should invest in insurance.
“While this one may seem obvious to you, you need to invest your money in good insurance coverage for your small business,” she writes, “Many people scoff at the suggestion of insurance, arguing that it is not needed unless you are making serious money with your business. Honestly, this may be true for some small businesses. If you are an eBay reseller or small-time product designer, then insurance may not be for you.”
At Synergy Merchants, we’re well aware that even insured companies require additional cash to help them get out of sticky situations. Emergency situations represent just one of the many reasons so many Canadian business owners opt for merchant cash advances over bank loans. With our merchant cash advance program, emergency funding can be attained within 24 hours!