Do you know what it is likely to cost to build and grow your business, asks an article in Business Matters magazine on the 26th of April 2018.
Expansion is the goal sought by the majority of businesses in search of the potentially attractive and impressive rewards. But the very process of building and growing your business is also likely to take a significant investment of new funding. And that injection of external cash is almost certain to come in the shape of business loans.
Your need for a business cash advance
Expansion plans for your business may involve any number of essential activities – all of which may require more funding than your current working capital might allow.
Building and growing your company, for example, might require:
- an ability to seize upon a business opportunity that is too good to miss and simply cannot wait;
- you may need to refit and re-equip your premises or production lines to take advantage of those new opportunities;
- additional stock, supplies and materials may need to be ordered and paid for;
- funding may also be required to pay for new orders you procure or commission;
- marketing campaigns may be required to promote and advertise the new ventures and projects you are taking on – in today’s keenly competitive business environment, you need to make your company truly stand out, suggests the Money Donut;
- new technology and IT systems – together with the additional staff to run them – might be required; and
- any expansion plan is likely to create temporary gaps in your cashflow – and these need to be plugged.
Your timely response in a fast-moving world
Timing is likely to be a critical factor in successfully growing and building your business – the ability to respond to the challenges and opportunities of the market quickly might make all the difference.
Therefore, it is important to minimise the time and administrative effort that needs to go into arranging the business loans you need.
An application to your bank for either a secured or unsecured business loan, for example, is likely to have become a somewhat drawn-out process as banks exhibit a wariness and caution that leads to their demanding comprehensive business plans or detailed cashflow projections in support of your request. The process may take several days or weeks before the urgently needed funds are finally transferred to your account.
Unsecured, short-term, fixed-rate loans – frequently available online – are likely to facilitate your search and may prove the ideal response in a fast-moving business environment.
Typically, once you have indicated the amount you want to borrow, over what period of time, these lenders are able to give you a decision in principle more or less immediately. There follows a consideration of your formal application and the necessary assessment of the affordability of the loan as far as your particular company is concerned. But even this streamlined process may take as little as 48 hours, with the transfer of the funds to your company bank account just as soon as formal approval is secured.
With repayment terms of between three and 12 months, such unsecured loans may provide all the help you need in responding to the opportunities to grow and build your business.