3 minute read
Savvy business owners see financing as a strategic move, not a fix for when funds are tight. The ability to access the money you need, when you need it can improve operations, support growth, and enable you to capture business-building opportunities.
Read on to see how some of our clients are putting financing to work to fuel their success.
1. Expanding company offerings
Tracking industry and customer trends and adapting as needed is essential to staying competitive. Your company may periodically need to add products to meet customer demand or refine offerings as your market shifts. Funds from a loan or line of credit can allow you to research new offerings, test them before you commit, and spread the word through marketing. Having money on hand can help you to quickly evolve to stay on course.
Sluggish or sub-par work tools can hinder productivity and stifle innovation. Nearly half of respondents in a survey by Oxford Economics and data storage provider Nimble Storage said they lose more than 10 percent of their workday waiting for software applications to load. Outdated equipment anywhere in your company likely eats up valuable time. Check with your team about upgrades that could help them work more productively, and involve them in choosing tools that meet their requirements and work styles.
3. Investing in staff
Your employees are essential to your company’s success, and the skills they need are continually evolving. Keeping performance levels high requires regular training and support. When financing is secured and available, you can easily take steps to maintain your competitive edge, such as sending employees to conferences on new industry trends or bringing in a trainer to teach an in-demand skill or specialization. Providing frequent training can come with the added benefits of improved retention and expansion of your team’s professional networks.
4. Improving your space
Investments in design improvements can pay back beyond their aesthetic value. Research shows they can also make workers happier and more productive. A redesign can allow you to organize your space to support how your team works best. In an office setting, this might mean investing in walled-off, private spaces as well as more open, collaborative areas. In a warehouse or distribution center, it could mean reorganizing pick routes to minimize employees’ travel time. Or even making updates based on what the future of business might look like post-Covid.
5. Boosting your online presence
Today, most people start their search for the things they need online. To capture these prospective customers, especially if in-person meetings are limited or unavailable, your business should be easy to find and learn about. Tapping financing can help you make adjustments that improve your online visibility, such as optimizing your website for search engines or launching an online advertising campaign. Also consider adjustments to improve your current web content, such as revising outdated pages or optimizing your site for mobile devices, or investing more in dedicated marketing personnel.
6. Refinancing to save
If the interest rate on your current debt is high or your monthly payments are straining your cash flow, borrowing to refinance the debt can be a cost-saving move. It could let you lock in a lower rate or spread out payments over a longer time period, making them easier to manage. Refinancing can help to free up cash for your company that you need for smooth operations and business opportunities. Even if the monthly savings are minimal, the accumulated savings over a longer period of time can be significant.
When you’re considering financing, having a partner that understands your business’ unique needs and goals is key. First Foundation Bank will work with you to explore your options and design a program that fits your company. Contact us to learn more or get started today.