Without funding, you might not be able to keep your business operations and eventually have to shut down. That’s where additional funding comes in.
Additional funding is a crucial requirement for your business’s growth. It allows you to have access to enough money to invest in various opportunities, pay necessary bills and improve your operations. There are different kinds of funding options, including traditional bank loans, merchant cash advances, private loans, business lines of credit, working capital, etc. At Whitestone Fund, we offer all kinds of business financing solutions to businesses in New York. Our experts have discussed major signs of additional funding needs you should look out for.
Cash Flow Issues
One of the most common signs that your business requires additional funding is poor cash flow management. A healthy cash flow is crucial to keep your business up and running. Did you know 82% of small businesses fail because of poor cash flow?
If you don’t have enough cash to pay for everyday expenses or bills, you should consider taking a loan. If your business relies on credit card sales, you can opt for a merchant cash advance loan. This type of loan is quick and has lenient terms, so you can receive your funding within a few days and make necessary payments.
Another common issue most small businesses face is not being able to pay their employees. This can lead to a high turnover rate and eventually other major problems. Instead of waiting for your business to recover, you should seek business financing to pay your employees on time. Not paying your employees on time will force them to leave your company.
You can take a small business loan or business line of credit loan to overcome these issues.
Low Customer Satisfaction
When a company is low on funds, most business owners start to cut corners to keep up with the operational costs. However, doing this leads to low-quality products and services and eventually lower customer satisfaction. You can apply for a business line of credit loan to make payments for inventory and equipment on an as-per-need basis and maintain the quality of your products.
Expanding Your Business
Whether you want to hire new talent, invest in advanced technology or expand your operations, these things require significant funding. If your business doesn’t have enough funds to invest in such opportunities, you can take out a loan. Traditional banks might take a long time so it’s best to opt for private lenders for a swift process and easy requirements.
Not investing in new technology or talent can prevent your business from meeting your customers’ current demands or getting ahead of the competition.
If you’re any of the above issues or some other finance-related problem, contact our business loan agents in NYC now.
We have leading private money lenders in NYC onboard and our agents help you secure suitable funding solutions according to your needs. You can get business loan services like cash advances, working capital loans, line of credit loans, etc. Learn more about our services here.