Building and running a small company is no easy feat, particularly when cash is tight. But as most small business owners know, cash shortages practically come with the territory—which makes growing a company that much trickier.
But just because other small business owners have had to navigate cash gaps doesn’t mean you have to suffer a similar fate.
Instead of letting cash flow problems derail your company’s progress, you can apply for a small business loan to give you the money you need to accomplish your goals. Here are seven things your small business could do with a $250,000 loan.
1. Develop a new product
You can’t sell the same products to your customers forever and expect your sales to continue to grow.
Even the best, most successful restaurants in the world add new dishes to their menus every now and again. With $250,000 in your small business’ bank account, you can devote extra resources to developing new products to differentiate your offerings and grow your bottom line.
2. Open a second location
From small construction companies to hardware stores to restaurants and everything in between, a large number of small businesses stand to benefit from having more than one physical location.
A small business loan allows you to expand your company’s footprint. You can finally open that second store in the great spot you’ve had your eye on for some time. As a result, your customer base will expand.
3. Upgrade your technological infrastructure
Your employees won’t be able to reach their full potential if they are relying on outdated tools and technologies.
Use your small business loan to overhaul your technological infrastructure by investing in the platforms and equipment your employees need to get their jobs done, like business messaging services (e.g., Slack) and mobile devices. Such investments are directly linked to an uptick in productivity as workers no longer have to be in the office to tackle projects and collaborate with business partners.
4. Purchase property or equipment
If you had a choice, would you rather own a piece of property or cut a landlord a check every month? If money wasn’t an issue and you owned a restaurant, would you prefer your staff to cook dishes on an old stove or have access to a state-of-the-art kitchen?
A small business loan of $250,000 can help you make strategic investments in property and equipment. Owning property can help you eliminate rent expenses. Adding brand-new equipment to your company’s arsenal will enable your staff to produce better work more efficiently.
5. Hire additional staff members
A recent study revealed that a whopping 53% of U.S. workers are burned out. Quite simply, they have too much work on their plates at any given time.
Instead of making your employees responsible for an ever-increasing volume of work, use your small business loan to hire a few additional staff members when your company needs it. In doing so, you increase the chances your employees remain engaged with their work instead of feeling overwhelmed every time they step foot inside the office.
6. Target a new customer segment
When’s the last time you launched a new marketing campaign? Have you ever tried to market your products to customers who might not fit in with your original target market?
When cash is tight, it can be difficult to find money to invest in anything. All the cash you have is set aside for paying bills and taxes and making payroll. A small business loan of $250,000 gives you the cash you need to create a strong marketing campaign without worrying about being unable to cover your recurring operating expenses.
7. Gain peace of mind
No matter the industry, every small business is susceptible to incurring unplanned expenses. Maybe someone decides to sue your company. Maybe a piece of technology fails unexpectedly and needs to be replaced. Maybe a storm causes flooding in your office.
Whatever the case may be, such incidentals can give cash-strapped small business owners quite the headache. With money from a loan in the bank, however, small business owners get the peace of mind that comes with knowing they’ll be able to cover costs in the event disaster strikes.
There’s no sense in hamstringing your small business by constantly scrambling to piece together funds to cover costs at the last minute. If money’s tight and you want to grow your business, apply for a small business loan today. You won’t regret it.