Invest in marketing
Marketing is a great way to introduce your brand to the world. Social media is used each day, by most of the world. Using this platform for marketing is the best way to get to your client’s attention. Taking advantage of Facebook and Instagram boost features can increase your reach, but these ads can be costly, especially in the beginning as you attempt to reach your target audience. Using short term loans to cover the cost of advertising will keep your cash liquid and give you the option to invest in your product or equipment to improve your service.
Purchase more inventory
If you are running a business, it may be difficult to invest in inventory and cover day-to-day operational expenses, because when bills arise they must be paid! Using short term loans to purchase inventory is a great use of capital, since inventory is important to the success of your company. Using short term loans to purchase additional inventory will keep your company alive and healthy.
Cover payroll
It is not uncommon for small businesses to borrow funds to cover the cost of payroll. Since payroll is a recurring expense that varies based on the hours and number of employees, businesses can struggle with balancing the timing of revenue and obligation of payroll. Short term loans can buy your business additional time to generate the revenue to cover payroll.
Purchase New Equipment
If your business is in the service industry, you depend on equipment to service your customers. Using short term loans to replace or repair equipment will improve efficiency, restore customer confidence, and boost future revenues. Using short term loans to fund equipment purchases is a great way to grow your small business.
Pay company taxes
As a small business, you have several tax liabilities including sales tax, state income tax, federal income tax, payroll tax, and other specific taxes for your city or county. These liabilities may be higher than you expected and can be intimidating if you don’t have liquid cash. Short term loans can allow you to buy additional time to generate the revenue needed to pay these obligations. They can save you money when comparing loan interest rates to the interest and penalties involved with paying these debts late.