Every business has different needs. For some, maintaining an up-to-date inventory is of the utmost importance. For others, working capital is best invested in expansion and marketing. As the owner of a small business, it is up to you to decide how best to develop and make use of the financial resources at your disposal. Thanks to the flexible nature of merchant advance funding, you can allocate working capital to just about any facet of your business with ease. Read on to discover four key ways that merchant advance funding can be used to grow your small business.
1. Assets, Equipment and Inventory
Management of assets and inventory, both consumable and non-consumable, can be part of the success of any small business. Almost any small business values its inventory in a particular way: a clothing retailer, for example, might want to stay on top of the latest trends to display on their racks, while a transport company may need to keep careful watch over its consumption of resources like gas, tires, and replacement parts, getting the most efficiency and longest life out of each. Whether you need a new oven or the ingredients that make what goes in it, merchant advance funding can provide the working capital necessary to optimize your inventory.
2. Seasonal Cost Management
Many businesses experience seasonal hot and cold periods: some times of the year just aren’t as conducive to good business as others depending on the kind of work you do and the needs of your customers. The operating costs of your business may remain consistent notwithstanding its current spot in the cycle: merchant advance funding can be used to work through a slower part of the year, or to properly anticipate the increased demand that comes with the arrival of your business’ high season.
3. Business Development
There may come a moment when your business makes a key move that influences its future direction. This could be represented in the hiring of new employees in order to broaden the efficiency and ability level of your team, the decision to buy out a business partner, or commitment to a new advertising plan that will create exposure to hitherto unexplored markets.
4. Renovation and Expansion
A fresh look, additional location, or relocated storefront has the potential to excite new customer activity and grow the curb appeal of your business. If a small business starts out with limited resources and finds itself on a path toward greater growth, it may be the right time to invest in physical improvements and/or expansions that cement your business as a long-standing and recognizable part of the local community. As anyone who has embarked on a home improvement project knows, these efforts can be costly and there is considerable merit to getting things done absolutely right the first time. Merchant advance funding can the working capital necessary to carry out a renovation or expansion without undue disruption to your existing business model.
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