Let’s Face It, Running a Business Can Be Hectic
Running a business can be exciting and challenging, we’ve touched on this a bit in the past. As an Owner or C-level Executive, it is important to make sure your business has what it needs when opportunity or hardship materializes. When this happens, it can be important to be able to pivot quickly and leverage your capital to keep your company going.
Here are the most common reasons for seeking business financing:
- Unexpected Expenses
We’ve all been here. Shipping costs go up in the time between production and shipping. A vital piece of machinery has a breakdown and needs a part replaced. New regulations require additional investment in infrastructure and human capital. This is how business goes sometimes. If you ignore or aren’t able to respond to these challenges, it can result in financial hardship. Business Financing options such as Merchant Cash Advance can offer an agile cashflow solution for expenses that would otherwise put a strain on your business.
On the other hand, sometimes an opportunity presents itself but is outside of your company’s current capabilities. You need to buy more equipment, hire more employees, and make sure you have the resources to meet your customers’ needs. In the business world though, sometimes a deal can’t wait on getting approval for a small business loan through a traditional lender, which can take several weeks or even longer. When you need to make a bid on a new job or take on a client that is larger than you’ve had before, a business loan from an alternative lender like Qualifunds can help you bridge the gap between your business’s capabilities and your customers’ needs.
- Equipment Acquisition
This ties into the two previous points but is a distinct challenge for many business owners. There comes a point in many industries that the machine you got when you opened the business is at or near capacity. This can be a very tense time for you and your employees, who may have this equipment running constantly. Any downtime the equipment has, for maintenance or otherwise, is money out of your pocket. When you need to acquire new equipment, there are specialized loans you can get for this purpose as well as the many other financing options that are available.
- Seasonal Needs
Some industries, such as construction and retail, have high amounts of seasonality. When the busy season hits, there is often the need to increase inventory or human capital. There are times when you may still run out of inventory in the middle of this season. This is where business financing can help! A less common use of financing is getting your business through the slow season. In construction, for instance, you may not be able to work during some parts of the year in some regions. While you’ll be scaled back during these times, you’ll need to prepare for when operations open up again.
If you don’t have the capital freely available and need some quickly, consider financing with Qualifunds, with approvals within 24 hours and funds to you as soon as 24 hours. Sound good to you? Apply today