6 Ways Working Capital Can Work For Your Business (PODCAST)
What Could You Do With a Working Capital Loan?
Cash flow. It’s something you probably think about every day as a business owner. Without cash on hand, running a company is a challenge. The solution? Apply for a working capital loan. If you’re curious what your business could do with working capital, consider these six ideas:
Marketing – One popular reason for seeking a working capital loan is to pay for marketing and advertising. Whether you want to refresh your brand, update your digital presence or launch a new advertising campaign, tackle the costs with the flexibility of working capital. Enjoy the freedom to experiment with new promotional strategies or hire a consultant to take your marketing efforts to the next level.
Inventory – Running low on inventory is a small business owner’s nightmare. If you’re going into your busy season or you hear about a great promotion, go ahead and stock up. With working capital, you can take advantage of bulk pricing or even purchase new products for your business to sell if the opportunities arise.
Taxes – Faced with a steep tax bill your business can’t afford? A working capital loan could be just the thing to help pay it off. The IRS even recommends financing your tax payment with a loan because the cost “may be lower than the combination of interest and penalties set by the Internal Revenue Code.”1
Staff – Employees are our greatest resource at Envision Capital Group. Your people are the driving force for your business, too. Extra working capital might help you cover your human resource expenses even in tough times. Retain your top performers and grow your team by using working capital to bridge payroll gaps.
Remodeling – Thinking about sprucing up your business? Tear down the old wallpaper and refresh your space for an improved customer experience. Working capital can also help fund expansions if your business is ready to take on more room.
Unexpected opportunities – It often pays to be spontaneous, even in business. Seize the day by using working capital to buy out a competitor, upgrade equipment, move to a new location, or take advantage of whatever else may come along.