Entrepreneurs like you are constantly thinking of ways to expand and grow your business. However, there are times when achieving that business growth requires working capital. And, when that opportunity comes, a Merchant Capital Cash Advance is a seamless way to achieve those ambitions. Although you can use your Cash Advance for any growth-enhancing requirement, let’s look at some of the few ways other entrepreneurs have used their business funding.
Make Stock and Equipment Purchases
Ensuring that your customers get the exact products they’re looking for at the time they need them is important for creating an excellent customer experience. You certainly want to avoid your competitors profiting from your product shortage. Also, your equipment must perform consistently and satisfactorily for the seamless delivery of your products or service. But, if you have equipment that requires replacing or major servicing at a moment’s notice, this could compromise your business and your bottom line.
To avoid such issues, you can use your Merchant Capital Cash Advance to make bulk stock and equipment purchases. This way, you can continue to provide an excellent customer experience.
Expand your Service Offering
Expanding your service offering is another great way to grow your business. By increasing the services and products that you offer, your business increases its market share and improves its visibility and credibility. This will happen because the more products and services you make available, the greater your chances of reaching a wider audience become, resulting in a greater purchasing market.
These expansions require cash injections, so you can use your Cash Advance to make the process as seamless as possible.
Marketing and Staff Training
Marketing your offering is a great way to spread awareness, increase sales and eventually increase the profitability of your business. If nobody knows about your business, how will they buy your products? You can use your Cash Advance for marketing purposes like purchasing advertising space where your target audience will surely see it. Whether that’s on a billboard, in a local newspaper or online – there are plenty of ways to get more eyes on your business and its products.
Read more: Seven Key Types of Marketing Tactics for Your Business
When it comes to your staff, your business should continuously aim to upskill and empower them to be their best. Untrained staff tend to make more (expensive) mistakes and potentially lower productivity and sales – not to mention how they can upset customers. To avoid this, you can use your Cash Advance to train your staff on how to deliver great customer service. This can be in the form of Retail sales knowledge, product knowledge or scenario-based sales training. Not only does this empower your staff, but also guarantees that your customers will feel like they are dealing with customer service experts.
Related: Tips for Training Your Retail Employees In The Year Ahead
Renovating Your Place of Business
You can use your Cash Advance to fund renovations to better reflect what your business stands for. Renovations improve the appearance of your space and can change the atmosphere, layout, and in-store experience for the better. You can greatly enhance your brand image with a renovation, perhaps your store needs better lighting or needs fewer walls to create more space for your products. Renovating your space can also convey that your business is moving at a successful pace, and this can assist in outshining your competition by modernising your place of business.
Partner Buyouts
Partnerships play a crucial role in growing a business. However, as time goes on, some of these partnerships may run their course and this results in the need for a partner buyout. Not every small business owner has enough of their own money to pay a lump sum, so you can use your Merchant Capital Cash Advance to finance a partner buyout instead. Not only can this reduce the impact on your business cash flow, but it can also make the buyout as seamless as possible.
The Bottom Line
As a business owner, you know what your business requires in order to grow. That is why, at Merchant Capital, we encourage you to use your working capital for any growth-enhancing requirement you may have. And with access to working capital within 48 hours, you can focus on advancing your business ambitions right away. So contact us today and let us get you funded.
