While there’s no such thing as a bad time for a working capital loan, the spring months might be our customers’ favorite time of year to take advantage of all that a working capital loan has to offer. In fact, there are hundreds of ways business owners are able to utilize this flexible type of financing.
Spring time signals a fresh start for many businesses. Here are some ways you can breathe some life into your business this spring:
1. Take on a big project. Spring is a great time to take on all those big projects that you’ve been waiting for all winter. Many use this time of year, before the busy season starts, to renovate or remodel their facilities, office, or even relocate– there’s really no better time than the spring to get down to bettering your business.
2. Purchase new equipment. If you’ve had a busy winter, there’s a chance that you haven’t had much time to purchase new equipment. A working capital loan or lease could be just the thing to help you cover the cost of your new equipment purchase. Acquiring working capital often comes with training employees on the new equipment and installation—all things you’d want to have completed before the busy season begins.
3. Hire some additional help. If spring time is going to be a busy time for your business, consider a working capital loan to help you hire on some new seasonal employees. Working capital can be used for almost any business expense, and new hires are no exception. One of the best way to ensure you’re able to provide great customer service to your customers during a busy season is to make sure you have an adequate number of employees to handle the rush.
4. Debt Consolidation. If you’ve previously taken out a Merchant Cash Advance with a high interest rate, you know how hard it can be on your business to pay it off within a reasonable amount of time. With a working capital loan, you can consolidate your debt and lower your interest rate, ensuring you get out of debt quickly and efficiently without damaging your cash flow.
5. Keep Cash Flow Consistent. If you’ve been struggling to maintain a steady cash flow, a working capital loan could be a great idea, especially if the upcoming warmer months happen to be some of the slower months for you. This allows you to have enough cash on hand to take advantage of opportunities, stay on top of bills, payroll & vendor/supplier payments. Successful businesses always strive to keep their cash flow consistent despite the natural ups and downs of the business cycle.
By: Lauren Rockwell, a business writer and works on the marketing staff at Liberty Capital Group, Inc. She writes about the latest business trends and industry conditions from tax laws to the latest financial trends. Her blogs are intended to offer accurate and concise advice to readers.