It’s never a nice feeling to see more money leaving your business’ bank account than going into it. You might be having a slow month with fewer customers, or you’re not able to keep up with the costs of business ownership. Whatever the reason for your financial hardship, it can be worth checking out some options to help improve your situation. Here are some of the most popular ones below.
1. Reduce Your Own Pay
Taking a smaller wage can be a short-term fix to keep as much money in your business bank account as possible. If you find yourself personally short of funds as a result, there’s always the option of quick small loans. You can apply for these small loans online, then pay them back with manageable repayment terms. While they are not a long-term solution, they can allow you to manage your personal costs while waiting until it’s feasible to draw more money from your business.
2. Raise Your Rates
If it has been a long time since you visited your pricing structure, now might be the ideal time to do so. Think about the value you provide, what your competition is doing, and how much profit is being made through your current pricing model. However, it’s essential to approach this change with caution. Make sure you give your loyal customers plenty of warning and consider gradual price changes rather than significant ones.
3. Cut Business Costs
After using a budget planner, you may have discovered there are plenty of ways to cut costs in your business. Put these cost-cutting measures into action as soon as possible. Consider options like putting the café-style coffee machine out of action, choosing cheaper stationery, and canceling software subscriptions you no longer require.
4. Change Your Payment Schedule
Personal finance options like payday loans are ideal for when you want to take less out of the business to cover your bills but don’t want to end up with less in your personal bank account. Another way to keep as much money in your business as possible is by shortening the payment window your customers have. Many businesses allow 90 days for invoice payment. However, by shortening that down to 30 days or less, you may be able to enjoy a continuous income stream.
5. Apply For a Business Loan
Our favorite thing to do is help business owners to get as much funding as they can to help their business. All clients go through a discovery process with one of our trained staff. The discovery process is where we ask you a series of questions and give you the honest truth about your file. Our staff will figure out all the different financing options for you. Each client’s situation is different. Clients are in different industries and have different credit scores, gross sales, revenue and profit margins. They make and show different amounts of income depending on corporate structure, equity and fluctuations in cash flow. Business funding is not a one size fits all model. This is what our trained staff is here to determine. Our capital comes from hundreds of different sources (Banks, wholesalers, crowdfunders, private lenders and investment groups) and they all have different underwriting criteria. This is why the discovery process is needed. If you are looking to end your daily payment MCA loan or looking for a longer term flexible business financing program we just might fit your needs!
As stressful as it can be to realize your business is running out of funds, it doesn’t have to spell the end. Some of these options above may be able to put you back in a desirable financial position.
Thinking of Starting a Remote Business?
Of course there are more options, which we will share on our next blog, but the key is to start exploring now. Don’t just sit at home watching Netflix and letting this opportunity go by. If you have the dream, we can help you get the funding to take the next step.
It’s becoming all the rage now, with people looking for opportunities and creating new business ideas. If you are one of the bright new entrepreneurs looking to weather this storm by building a strong boat, we can help you find funding options that are right for you. Why wait another moment?
Financial restraints have been a complaint for many of the dreamers, limiting themselves to their immediate funds. There is an alternative. If you have the dreams and decent credit, Small Business Loans and No Doc Loans are available to you. Our goal is to provide you with the knowledge you need and the resources available to make your dream a reality. Give us a call – we have the education and the perspective to help you obtain the loans you need for your small business. Visit our website or give us a call to find out what financial backing is available to make your business soar!
Unsecured Finances has over 10 years in the consulting business! We specialized in educating and assisting clients on acquiring Unsecured Business Loans and Start-Up Business Specialty Loans including; Unsecured No Documentation (No-Doc Stated Income) Loans, Unsecured Business Loans, and Unsecured Start-Up Business Loans and Lines of Credit from $10,000 to $500,000 without Assets.
Apply on our website to find out if you qualify, or call today for a free consultation: 1-888-294-2584