Incessant prying and snooping. No one likes that, right? Well, one of the many differences between bank loans and cash advances is that during the process of attaining one, our merchant funding specialists don’t insist upon knowing what you’re doing with the money you receive.
Now, of course, it is true that we do ask what a business owner’s intentions are. But this is something that is done to assist that business owner with ideas on ways to make the money work for the growth and development of the business. Quite often, our funding specialists engage in conversations about renovations, expansion or advertising.
Plain and simple, our merchant cash advance works best when the recipient puts the money towards investing back into the business. Our most successful clients are the ones that have ideas about how the merchant cash advance can be put towards projects that will, in turn, make the company more money.
Now again, our clients have the right to do whatever they choose with the money they receive as part of our merchant cash advance program. Banks, on the other hand, generally insist upon receiving a detailed business plan that will accurately outline where and how all of the money that is being borrowed will be spent.
The main purpose of this, as far as the banks are concerned, is so that they may feel confident that they will get their money back. And while this is clearly important, Synergy, however, wants to ensure that our clients are successful in fulfilling their goals and increasing their profit margins.
After all, this is what allows us to not only be paid back but it helps to grow our relationships with our clients. We know that if our clients are happy, we will also remain successful. Helping Canadian business owners grow their businesses is exactly what we are in business to do.
Last May, Ivan Widjaya of Noobpreneur.com wrote that when business owners do not spend their money wisely, they inevitably go bankrupt and are forced to shut their businesses down. This is why we discuss with business owners their intentions for their merchant cash advances.
Of course, they have the freedom to take the money and go on vacation. But that doesn’t mean that doing so is a wise choice. Widjaya writes that bad money management is the sole reason that entrepreneurs experience bankruptcy. Manage your money well and spend wisely – these are the keys to a successful business.
We will take a further look into Widjaya’s view on this topic in tomorrow’s blog.