In some cases, not expanding may even negatively impact your business. It may impede your ability to deliver sales or stop you from gaining the recognition that your business, product or service deserves.
The good news is our working capital loans could be your fast track to the fast lane. We can lend you up to £250,000 to keep your wheel turning. We aren’t a stuffy high street bank. We don’t want to see proof of concept or financial projections for the next 25 years. We want to empower you to live your spirit of entrepreneurship and drive your business forward. We want to help you – whether that’s by putting cash in the bank to fuel your growth or providing enough capital to see you through a cash flow crisis and out the other side.
There’s no red tape and no long wait. In fact, we could have money in your bank in as little as five working days. So, the only question now is, how will you use your funds to expand your business?
1. Invest in new equipment
You can use a working capital loan to invest in essential new equipment for your business. That could mean buying a new vehicle to allow for even more deliveries or keep your team on the road visiting customers. It might mean buying a specialist new piece of machinery that will allow you to ramp up production or streamline a certain aspect of your manufacturing process.
Whatever you need equipment for, having the cash at hand to acquire the resources you need to power your business forward is vital. New machinery is less prone to breakdowns and often more efficient than older pieces of kit, so as well as boosting efficiency and helping with productivity, you may also save money in the long run.
2. Finance a marketing campaign
Marketing is critical to business success in the digital age. But it doesn’t come cheap. Ad space costs money. Trade shows are great for networking but come with an eye-watering price tag. Maintaining a social media account, investing in search engine optimisation and having a modern, fully functional website are all vital components to running a successful business.
Whether you plan to outsource to an agency or prefer to create your own in-house team, you’ll need a decent marketing budget to finance things like content creation, paid search campaigns and web development. Of course, marketing doesn’t just happen on its own. You might also need to invest in suitable software tools and equipment like a decent camera to take product images.
The payout is more than worth it. Marketing drives new leads and new sales to your business. It can help you stand out in a crowded industry, establish your reputation as a thought leader and give you an edge over rivals.
3. Develop new products and services
Investing in research and development isn’t cheap, but it might be essential to securing the long-term success of your business. If you don’t want to use up all of your cash reserves, a working capital loan is a fast and convenient way to generate the funds you need to begin the development process.
4. Break into new markets
If your business is crushing it in its existing market, it may be time to look further afield. Whether you’ve identified a new town or city to break into, or have your sights sets on launching overseas, a business loan can help you drive forward your expansion plans.
The good news is you can use a working capital loan for anything. It could be used to pay the deposit on new business premises or help you to develop a new supply chain and cultivate essential new partnerships in a new location.
If you’re expanding overseas, you may also need to pay legal fees and licensing – all of which can be made possible with a business loan.
5. Hire new team members
Recruitment isn’t cheap. In fact, it can be prohibitively expensive. All told, if you hire one person on the average UK annual salary of £27,600 you should budget around £62,890 for their first year of employment, according to figures from the British Business Bank.
If you use a recruitment agency, you can expect to pay around £3,000 for their services.
Then, in addition to your new recruit’s salary, you’ll also have to factor in additional national insurance payments and pension contributions. You may need more office equipment such as a new computer and could have to finance training, too. You’ll need to consider the cost of holiday cover, any bonuses, additional software licenses, sick pay and perhaps even a new company vehicle.
Many small businesses just don’t have that amount of spare cash hanging around. Given that it can also take time for your new hire to get up to speed, it could also take months to see a positive impact on your business so you may be hesitant about financing recruitment out of your regular cashflow.
6. Invest in additional stock
If you’re coming up on a busy period of the year, you may want to have your stock order placed well in advance with your supplier to avoid any hiccups with customers during peak sales season.
But what if your customers haven’t paid you for their orders yet? This leaves you facing a shortfall. A working capital loan could be used to acquire new stock in bulk, potentially allowing you to secure a better price per unit from your supplier and setting you up for increased profits down the line.
Whatever your reasons for considering a working capital loan, we can help. We work fast and can have cash in your bank in as little as five working days. Our customised solutions are created to match your needs, with transparent repayment arrangements and one-to-one support from our business experts when you need us. Get in touch today.
