No matter how busy you are when business is booming, if you have a seasonal business, it’s crucial that you plan for and budget for the off-season. Understanding the ebb and flow of business includes having a plan for keeping good cash flow, reducing expenses and exploring new business opportunities to boost business during the troughs.
Sometimes the most effective manner of planning works backwards. Applying for a small business loan falls into this category. If you know all the reasons a financial lender might say no to your loan application, you can address those areas before applying so that you get the yes you need.
About 67 percent of small businesses fail within their first decade of existence, states the Small Business Administration. A huge part of the problem stems from ineffective planning that leads to ineffective use of the business’ working capital.
Buying expensive equipment for your business ties up money that can be better used for daily operations. There are two common alternatives to buying. The first is leasing, which is like renting your office space in that you pay a monthly fee to use an asset that you never own. The second is financing, which […]
Any loan that can be used for growth is a good loan. Equipment loans fall into this category. You can leverage equipment loans to improve your revenue, increase customer satisfaction, and scale upwards. Here are some major ways equipment loans could improve your business starting today.
Business equipment financing provides capital to buy equipment so that your company has what it needs to grow or continue existing operations. The equipment itself serves as collateral for the loan, but as long as it’s paid within the set terms, you continue to have access to the equipment. However, a default can result in the loss of the equipment […]
Equipment failure can lead to some significant costs for your business. When manufacturing equipment fails, you experience downtime; this leads to lost revenue, lost customers, and lost opportunities. In fact, the true cost of downtime can be much more than you expect, as it involves a multitude of different factors.
When equipment fails, it can cause your entire business to screech to a halt. It can even be dangerous for your employees. Protecting your business from equipment failure requires an understanding of why equipment fails and the proactive measures you can use to avoid equipment failure.
Many businesses are flush with cash in the spring, as clients ramp up for warm weather booms and new opportunities emerge. However, the adage still prevails, it takes money to make money. You probably don’t have to think hard to come up with ways your business can use more working capital to make more money. Working capital […]
Spring is typically a time when businesses need to utilize new equipment on new projects. After the slow winter months, you might find yourself short on cash for essential initiatives. In business, having cash available when you need it is crucial. Of all the loans you may apply for, one of the most significant is an […]