Every business owner wants their company to succeed, but it is often the case that entrepreneurs get so caught up in the day-to-day minutiae that they fail to recognise the issues that are holding them back. Here we look at nine common signs that a Business Cash Advance is needed before growth can be attained.
- Too few staff
Contrary to popular belief, this is a good problem to have. Having too few staff indicates that you are on the right track and your business is already growing. However, where many business owners fall short is that they fail to address the issue of a growing workload soon enough. Leave this too long and real problems are sure to follow, such as unhappy overworked staff. Financial investment can assist with expensive recruitment and training costs.
- Old equipment is slowing progress
Updating your business’s essential equipment can be easily overlooked, as an overhaul in this department will likely cost your company a pretty penny. However, the key is in the word essential. If updating your existing equipment will speed growth and move your company forward then this expenditure should be seen as an investment, not an expense.
- Your marketing efforts are next to nought
Marketing your business is not a one-time affair. If you want to advance and compete, your company needs to have a marketing strategy that moves with your business – standing still is not an option! If your business doesn’t have a marketing strategy in place, the likelihood of reaching your goals is remote. Investment can help bolster your marketing budget and push your company forward.
- You’re not online
Amazingly, some businesses are still yet to embrace the brave new world of online business. Even if your business does not sell physical products, it is absolutely essential that you have an online presence in the digital age. Failing to do so gives the wrong impression and can seriously hold your business back. Investment in this area is key to success in the modern world.
- You need more space
If you feel as though the walls are closing in you may need to take a look at your business premises. As with the issue of not having enough staff to cope with the workload, this is a good sign that your business is heading in the right direction. Outgrowing your existing premises means that you are on the right track, but it’s important that you recognise and address the problem quickly.
- Administration issues are slowing you down
Slow processes can really prevent a business from moving forward and hitting the heights that it is capable of. Thankfully, this is easy to overcome in the majority of instances, but it does take an initial investment to streamline these processes and speed things up. Software is usually the answer, and a new or upgraded suite will often see increased productivity and growth quickly restored throughout the business.
- You’re constantly running out of stock
This is both a good and bad thing for a business. While stock is obviously there to be sold, running out of items disappoints customers who wish to purchase your product. Failing to maintain an inventory can lead to those customers heading elsewhere and, if they receive a good service from your competitors, getting them back can be an uphill battle.
- Your competitors are beating you
If you feel as though you’re not competing on a level playing field, your business could likely use a little investment to help you to compete. Things such as the level of service you provide and the speed of turnaround that you offer can all be easily addressed, but only if you have the finances to do so.
- Your business is lacking new ideas
In order to progress, your business needs to innovate. As every niche has its competition, this is true across the business spectrum. Research and development into new products, or even improving on existing items, can give a business the impetus needed to move on to the next level. Investing in this department will often show a company handsome returns when implemented wisely.
Obtaining finance for your business couldn’t be easier thanks to our range of flexible cash advances. 365 Business Finance has a 90% approval rate and we can give you a response within 24 hours. Contact us today and take the first step toward greater business growth.