Merchants who have recently achieved that sweet-spot and are getting steady income might grow comfortable and lose sight of an even better future.
Although steady productivity is not a bad thing, a business owner should be prepared to make moves that will propel the enterprise forward. However, taking the next step upwards often requires additional capital. And while you could reach out to your bank for a loan, it’s never a good idea to plan an expansion with the weight of debts on your shoulders.
Your best alternative for funding is a merchant cash advance. In comparison to loans, cash advances are processed and finalized faster and allow for more financial flexibility. But the best thing about them is they’re paid back through present and future credit card receivables. This way, advances enable you to give more attention to expanding productivity than raising money to service debt.
Using a cash advance to grow your business
A merchant advance can give you the finances you need to improve or increase productivity. You can accomplish this goal by implementing the funds into the following causes:
- Expanding inventory
SME owners often use cash advances to stock more products and satisfy a growing demand. You could also use the funds to try new items and tap into a different customer preference.
Moreover, an advance can help you prepare for the busy season by giving you the funding you need to stock as much inventory as possible and maximize sales.
- Growing the brand
A merchant’s aim is always to reach more customers. If you’re in e-commerce, for example, you may want to get your products in as many retail sites as possible. Similarly, brick and mortar businesses envision to have at least a few premises in different locations to broaden their reach.
Instead of compromising the control you have on your business with investors, approach a cash advance provider like First American Merchant and get the funding necessary to grow your business.
- Paying existing debts
Among the major hindrances to the growth of a business are debts. Merchants find it difficult to focus on increasing productivity when debtors are breathing down their necks. Furthermore, failure to pay these debts in time will only increase the amount owed, because of late fees.
A merchant cash advance can be a great alternative to financing a debt by relieving the pressure and allowing more time for your customers to clear receivables.
Expanding your operation may require more money than you can raise on your own, but that shouldn’t stop you from achieving your goals. Get a merchant account today, and increase the productivity of your business.