Small businesses often stagnate at a point in their businesses where they do not know which strategies should be acquired for further growth. Sales decrease, employees are unhappy, inflow of cash decreases and outflow starts increasing every day. For avoiding further loss, either businesses are sold or its workings are ceased. In such situations there are various elephants which cause hindrance in growth. We have created a list of these 4 important Cs of your business, which should always remain up to date. The first among these C’s is
Either go for a small business loan, or ask your family for help, whatever you plan to do inflow of cash should not cease at any cost. Working capital is something without which no business can work efficiently. A steady flow of capital is required by every small business. Many merchant companies offer small business loans, merchant services and business cash advance. It is necessary for every business owner to always keep these financial sources in mind for rainy days.
By capacity we mean the ability of the small business owner to repay the loan. While acquiring a small business loan or business cash advance you should always discuss and provide in writing on how you intend to pay back. Merchant companies ask for these details in order to make sure that your business can easily pay back the loan. Therefore, they ask for complete details on how you earn and timings of your cash flow. After judging your capacity, small banks ask for
Small business owners when applying for a loan should always be prepared with their collaterals. Merchant companies, on the other hand, do not require any type of collaterals. So it entirely depends on what type of loan you wish to acquire and where you are planning to spend it.
You get the money, you create a product; you hire new resources for client services but do not have buyers. It is understood that without customers or clients businesses cannot earn or prosper. With customers come opportunities for small businesses, and the capital earned helps in keeping it in a steady flow. So, invest in acquiring better customers, and know what your competitors are doing.
We often hear advices such as always stay focused to your own work. But in business, especially when it is a small one, focus on what your competitors are doing. Know what new products they are launching, which new offers they are marketing etc. Keep an eye on them and their work, because their work will motivate you in further enhancing your business and making it profitable.