Need New Assets? Here's How to Best Utilize Business Loan Services
Unless your company already has an abundant cash supply, you may need to consider business loan services. Venture capital is available for companies at a certain level, but a very tiny fracture of applicants get that type of funding. However, a business loan is way more accessible regardless of whether you're a start-up or an established business. According to Fundera, 56% of small businesses apply for funding to expand their business, pursue a new opportunity, or acquire business assets. If you're considering a business loan or have already been approved for one, here are some ways you could best utilize it.
Invest in Digital Marketing
Regardless of how great of a product or service you have, people won't know about it if you don't market it properly. Thanks to all the various ways to conduct digital marketing, you have a powerful tool to reach new customers locally and internationally. Digital marketing goes beyond making the occasional post on your company's social media accounts. Hire a professional digital marketing agency that could fully tap into using your social media accounts to their highest level by not only creating tailored posts but by engaging with customers on your behalf.
A business loan will give you the funding to launch a completely new website, too. A new website is still a great tool to bring people in as long as it's updated. If your current website is old, you may be losing customers without realizing it. In fact, according to Small Business Trends, online users will only wait up to three seconds before clicking away from a website taking too long to load. A business loan could help fix that problem by allowing you to hire a professional web developer.
With new assets, you can take your content marketing to a new level. You'll have the means to create more engaging videos, blog posts, or behind-the-scenes footage. You can post your content on a daily or weekly basis. Pay to run relevant ads online, on TV, and in podcasts.
Improve Inventory
Does your business rely on physical products to sell? If so, you must have enough inventory so that the supply meets the demand. If products stay out of stock too long, you may end up losing customers who may go to another company for a similar product. With this loan, you have the financial means to avoid stockouts and prevent that from happening. In addition to buying more products to meet your inventory needs, you could also enhance your storage facilities to protect those products from weather elements, damaging humidity, and possible theft. If needed, you can build an entirely new factory or move your current production line to a new location that can better serve your company.
Make the same considerations if you are a more service-related business. If you have a business that relies on making deliveries or other services that require transportation, you can invest in better equipment, such as vehicles, and more vehicle maintenance. Anyone who works in agriculture can use their business loan to invest in better tractors that can help move things around and plant more crops.
Ask for Different Loan Options
Remember that all business loans aren't the same. Therefore, when you start checking around a business loan service, ask the right questions about different loan options, lines of credit, payback options, and so on. If you’re a small business, there are specific loans just for a small company that has a certain amount of employees. There are business loan options for particular industries. Take the time to compare these options to make sure that you have the right one for you.
Increase Staff
If you've been in a business long enough and have seen enough success, it may be time to expand your personnel. Maybe you operated as a sole proprietor long enough, and it's time to take the next step to become a partnership or small corporation. Maybe you’re already incorporated but need to add more staff or want to expand to a different city. Business loan services provide the funding to hire more people, train them, and offer them good incentive packages. You can visualize your plans to see your company in different iterations in different cities, states, or even across the globe over time. Increase your productivity levels and create a company where both current and new employees will want to stay longer.
Develop New Products
Regardless of how successful one product is, very few companies rely on just one. They understand the incentive and ability to take one product and further expand upon it or create similar ones to continue to tap into that market. Use business loan services to enhance your research and development team at your company. With money, you'll be able to properly test out new ideas, keep up with or get ahead of the competition, and have big product launches for your innovations.
Enhance Your Commercial Property
It isn't just the products and services that matter. You should consider the building your business operates from. Whether your business revolves around a factory that physically produces products or a fancy building with many offices in the middle of the city, your commercial property contributes to your overall net worth and employee motivation. Plus, think about what clients may see if you ever deal with client-facing meetings. Having a beautiful, well-maintained facility goes a long way in speaking about the type of company you run.
Is your current building too small or not up to code? You could use business loan services to make necessary renovations, or you could buy a new property altogether. Keep commercial roofing in check, as water or air leaks can be just as devastating to your business as they could be to a residential property. Make sure your HVAC services are on point so that staff members always have a comfortable temperature to work in, too.
Don't forget about the value of good curb appeal. Business loan services can help you finally enhance your landscape. A commercial landscaper can not only keep your grass beautifully green and manicured but can also plant flower beds and trees around the area. Plus, good old-fashioned custom signage is a great way to organically pull customers off the street. When you use a sign, you only have to pay for it one time and continue to benefit from the advertising that comes from it.
Do you have a commercial building that has an exterior parking lot as opposed to a garage? If that space isn't leveled, you should hire asphalt paving contractors to work their magic by producing a beautiful paved parking lot. Your paved parking lot doesn’t only look beautiful outside of your commercial building but will also reduce liability when cracks or bumps are repaired. This makes it a safer area for people to drive and walk around in.
A business loan can take your company to a new level. You'll be able to increase your staff, increase your product line, improve your commercial building, or even change your location. If you need new assets to make your business shine, look for the right business loan services for you. Start by contacting our team at Capital Bank today for a consultation!