By: First Union
5 Ways You Can Use Funding to Expand Your Business
Business funding can truly open a lot of doors for your company. Whether you're a newly formed enterprise or have been in business for a while, getting a line of credit, merchant cash advance, or short-term loan could mean the difference between thriving in a competitive landscape and falling victim to that competition.
First Union works with companies all the time in terms of getting them the money they need to expand and successfully navigate future challenges. What could you do with a line of credit or short-term loan in order to grow your business?
1. Not only hire more staff, but better train them. Hiring staff is one thing, implementing the curriculum and programs necessary to ensure that they are at the top of their game is definitely something else. Talent acquisition is only as good as the resources you have to offer new employees—where does your training program currently stand?
2. Speaking of staff, invest in a social media manager. Isn't it time to up your marketing game? Social media is quickly becoming the most prevalent channel through which businesses can market their message. That said, you probably don't have the time to man Facebook, Instagram and the rest. A dedicated social media manager could be just what you need.
Time for new equipment. Whatever type of equipment your business depends upon, it may just be time to upgrade. From hardware to machinery, to devices, genuinely evaluate your need to throw away the old and bring in the new.
Roll out a new product. The worst thing you can do is sit tight in the land of status quo while your competitors are doing bigger, better and newer things. It may be time to integrate a new product offering into your lineup. The rollout may cost money, but in the end, consider the benefits.
5. Look into buying another company. This may be the perfect opportunity to acquire another company. That is definitely one way to expand fairly rapidly.
Whatever plans you have for expansion, we would love to help. Our fast, flexible loan programs make it possible for clients to procure the cash they need in as little as two business days, and bad credit is not necessarily going to prevent you from getting the funding required. Call today and let us help you grow!