Today is a golden age for businesses. Access to technology and other resources has made it possible for small businesses to emerge and compete with big corporations. Easy access to loans has also made it possible for these small businesses to thrive and join the big brands.
The purpose of small business funding is to elevate your brand and grow your business, but how well this purpose is achieved depends on how you use the money. You should, ideally, make investments that bring back the highest value for every dollar spent.
Following is an overview of five smart and strategic ways you should use small business funding to take your small business to the next level.
1. Stock Up on Inventory
Growth starts with selling more products/services. Demand for your merchandize will increase with time, so you should have enough in stock to fill all orders.
Buy more supplies and everything you need to keep producing your products/services. You should also consider experimenting with new products/services if they will drive sales. Be strategic about it and get an informed estimate of how much more supplies you need to meet the rising demand.
PS: This is the most strategic investment you can make using small business funding because the supplies you buy will generate profits that will help offset the loan’s interests.
2. Hire More Talent
Employees are the clogs that make up the most important component of your business. It is their input that keeps the business’s wheels turning, and its future growth depends on their concerted efforts.
You will need more hands-on-deck to take your business to the next level, so start hiring now. Get the HR department to scout for the best talent to help you keep up with the competition. It would help if you also considered investing some of the money in improving the efficiency of your current employees. Invest in training, education, and other resources that will make your employees better at what they do.
The best talent will cost you, but it will be worth it in the end — besides, you have the money now, so you shouldn’t spare any expenses. Good talent is so important that 42% of SMEs report hiring good employees as their biggest challenge, so expect some difficulty.
3. Upgrade Systems
How efficient is your current system of doing things? Is there a better alternative? If so, then you should consider upgrading.
There is always a better way of doing things. For your business, a better alternative should optimize efficiency, reduce the wastage of time and other resources, and cut costs while also maximizing profits. It will help if you consider hiring experts to evaluate your current business system, point out areas that need improvement, and recommend a better system.
Give particular attention to the digital tech aspect of your business. The right technology will make your business more efficient and unlock numerous opportunities. As such, use some of the money to invest in premium technology to use as a key to unlock the future. Remember: the future revolves around digital technology, so keep up!
PS: It would be best if you considered implementing the system upgrade in phases as a one-time overhaul can disrupt operations significantly. Give your employees and other concerned parties enough time to get familiar with the new systems, and consider extra training on the side if necessary.
4. Market, Market, Market!
Marketing is an essential part of every business’s growth. It is, in fact, most big companies’ priority. It should be your business’s priority, too, if you ever want to catch up with the giants in your industry.
Marketing is not cheap, but you can afford it now that you have the business funding money at your disposal. Invest in premium marketing services that will expose your brand to more potential customers. There are many marketing firms to choose from, so perform your due diligence to pick the ideal one.
Online marketing, however, should not be an option. The internet is your best resource if you want to grow despite the intense competition. The internet is, in fact, to thank for some of the most notable brands today, including retail giant Amazon. You will find more leads to potential customers online, so meet them there. Besides, almost everyone will be shopping online in the foreseeable future.
Online marketing is cheaper and more effective than most other marketing avenues. There are many forms of online marketing, so you have many options to work with.
PS: The base of your online marketing campaign should be your brand’s online platforms: website, social media pages, and more. Use SEO to keep your website performing optimally and at the top of Google search rankings, as this alone will fetch you more customers than all other forms of marketing.
5. Refine Operations
Financing is one of the biggest challenges facing small businesses, as mentioned. This includes money for everyday operations, to pay past and running loans, and more. These seemingly small expenses are necessary for the business’s smooth running.
LQD Business Finance — Your Stepping Stone to Growth
Now is the time to grasp the future and grow towards it, and LQD Business Finance is here to help you grow!
LQD Business Finance is dedicated to the prosperities of small businesses, and we are here to give you the financing you need to grow. We offer loans up to $10 million with low-interest rates ranging from 12% to 19%. Our financing solutions are also customizable, and so we will come up with the ideal plan suited just for you. Our terms are also friendly and flexible, and we process all applications in less than 30 days.
We have a solution for everyone, including you. Visit our lending page to learn more about what we have to offer. You can also get in touch with one of our professional agents to discuss your particular situation. The journey to your business’ future begins here!