Prioritizing Your Finances as a Small Business

From small businesses to international corporations; everyone has had to reevaluate their companies finances and reestablish priorities.  “Cash is king” – the old saying is timeless for a reason and owners need to look at it first.  How much cash do you have access to?  How long could your business survive if revenue stopped coming in?  While these are certainly grim thoughts that no owner likes to think about, it needs to be addressed.  Determining cash flow will allow you to make the right decisions for your business.  Establishing your business’ financial priorities will help you to better understand your cash flow situation.

  1. Payroll

Your business will be impossible to run if you don’t focus on payroll.  Whether you are the sole employee of your business or you have a hired staff, your business can’t continue if the people doing the work aren’t getting paid.  While you may need to make cuts to your staff or reduce your own salary, this needs to be a top priority with your available cash. 

  1. Keeping the Lights on

It may seem obvious but utilities are essential to your business’ ability to operate.  Speak with your providers about reduction in services where you can in order to alleviate the financial burden.  Can you change your waste pickup schedule from twice a week to once?  Is it possible to change internet plans? Get creative in reducing your utilities to free up cash for things that will help you to generate revenue.

  1. Don’t Forget to Advertise

Today more than ever, consumers are absorbing more marketing material.  Even if your customer’s livelihood has been largely unaffected by the pandemic, they are assuredly spending more time at home than before and likely consuming more media channels.  Savvy business owners will not sit back but will attack this by focusing their finances towards a strong marketing presence. 

  1. Expansion

Despite financial instability, this doesn’t mean small business owners need to be entirely conservative.  Expansion could pay tremendous dividends for a company right now.  Can you focus financial assets to a new revenue stream?  Is there a product or service in demand right now that is in line with your current business model?  Evaluate your options and do not be afraid to pursue what you see as a potential for a strong return.  

  1. (Honorable Mention) Loans

If you are a small business owner you in all likelihood have taken out loans to help fund your business.  In some cases, you tapped into the PPP loan opportunities.  Defaulting on loans is of course not a good option for your business so you will need to address this with your provider.  

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

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