When it comes to getting additional business funding, many business owners think in terms of covering expenses — such as emergency repairs to buildings or vehicles, paying a higher-than-expected tax bill, filling a temporary gap between receivables and payables, and so on.
Naturally, these are viable and appropriate uses for business funding. But they certainly aren’t the only ones. Indeed, business funding can help businesses exploit opportunities and make investments that generate significant revenue. Here are 7 proven ways to make this happen:
Hire New Staff and Retain Key People
Additional business funding enables you to pay for a comprehensive recruitment process, so that you can onboard talent that will move your business forward. In addition, more funding helps you ensure that your key people are appropriately compensated, which keeps them engaged and on the roster.
Open New Locations
A growing number of customers — B2C and B2B — are leaning towards local businesses, even if the majority (or sometimes all) of the communication takes place over the phone, web and email. This is also important for online visibility, since search engines like Google give ranking preference to local businesses in the map pack.
Acquiring competitors and integrating them into your operations helps you enter new markets, leverage economies of scale, and increase your negotiating power when dealing with suppliers and vendors.
Add New Product Lines
Adding new product lines boosts sales to existing customers, and brings in new ones. It also helps generate buzz and excitement about your business, which is essential in competitive, crowded marketplaces.
Renovate Existing Space
Refreshing or re-inventing your environment is not just about improving aesthetics and beautifying your space. It is smart investment that achieves ROI and improves the bottom-line.
Launch Marketing and Advertising Campaigns
While relying on word-of-mouth marketing is fine, it shouldn’t be your exclusive source of fresh, quality leads. Additional business funding helps you ensure that you aren’t the “best kept secret in your marketplace” by giving you the ability to launch marketing and advertising campaigns for your business.
Add or Upgrade Technologies
Adding or upgrading technologies is not a question of whether you need to upgrade, but of when and how soon. What’s more, having the latest technology (e.g. project management software, billing software, tablets for field sales reps) can help you impress customers and win more business.
The Bottom Line
While the above covers many of the ways your business can use funding to stay successful for years and decades to come, it’s not an exhaustive list. The key takeaway is that funding is not limited to covering expenses. As you can see, it is also a proven way to generate more revenue for your business —and surge past the competition!
To learn more, contact the National Business Capital team today or fill out our two minute application!