Not every business venture is a smart one. And not every smart business venture works out. It’s incumbent upon business owners to do some sound research in their industries so that they can attain good handles on which business growth strategies will work best for their respective brands.
At Synergy Merchants, we don’t require business owners to divulge to us what they wish to do with the merchant cash advances they receive. The truth is that they may do with their money whatever they choose. However, our licensed funding specialists certainly recommend some strategies in order to help our clients make the most of the extra working capital they receive. As part of the advice we give, we highlight a few things that merchant cash advances shouldn’t be used for.
Here are four:
Unnecessary business space.
Many business owners wish to relocate or expand their businesses. And when they find the perfect locations, they forget that the actual locations themselves need to be ideal for their business types. If you have too much wasted space, you’re simply wasting money. Needless to say, the larger your space, the more expensive the rent will be. Don’t settle on a location just because you like the area. Attain only the amount of space that you really need and save money on rent.
Ineffective advertising campaigns.
Advertising is a fantastic idea. In fact, it’s downright mandatory. However, it’s incredibly important to understand your target audience before you spend any money on marketing. Spending your merchant cash advance on a campaign that advertises to people who don’t have access to your business is a bad idea. As stated earlier, be sure to conduct market research so that you’re well aware of who your target audience is and what makes them tick.
Hiring too many employees.
How many employees do you need to hire in order to adequately run your company? We would suggest you invest more time in hiring practices that locate top talent for your company versus hiring to fill positions as quickly as possible. Many new business owners consider bringing an excess of support on board to prepare for those who may quit and leave them hanging. But this can be a huge waste of time and money. Focus on hiring the few specific individuals who are the right fit. It will do wonders for your business in the long run.
Expensive office furniture.
We understand if you want your office space to look prestigious. However, you may be surprised to know how many high-quality items you can get from Craigslist and Kijiji. If your office is not one that is visible to the general public, why spend so much money to spruce it up? Find furniture that is adequate for your needs and focus your energies on making the customer-accessible areas of your place of business as impressive as possible.
For more information about our merchant cash advance program or to speak with one of our licensed funding specialists to get a free, no obligation quote, simply call Synergy Merchants at 1-877-718-2026 or email us at firstname.lastname@example.org.