ExecutiveChronicles | 6 Great Ways to Spend Your Small Cash Advance | Running a business takes more than just guts and determination. It also requires funding and sometimes that can be hard to come by. When facing tough times, you may need to source finance elsewhere, or if you’re a new business trying to get up and running, you may need help with the start-up costs. MCA Loans can be a great option for you as it allows you to borrow money against your future sales. Typically, you’re able to borrow more than if you were to take out a small personal loan too. However, once you have your funding, you may not know what to do with it. To help, we’ve put together a handy guide, showing you 6 great ways you can spend your small cash advance.
1. New Equipment
The most obvious thing you could spend your cash advance on is new equipment to help run your business more efficiently. However, if it’s a relatively small advance, you may not be able to purchase the larger things that you may need. Instead, you can focus on the smaller items that will really have an impact. For example, if you run your own bakery business, you could invest in a brand new set of scales that are designed for commercial use. It may not seem like much, but these sorts of things can really improve your daily operations, which in turn, increases your business growth.
2. Invest In Training
Apart from the physical aspects of your business, it’s also crucial that you invest in your staff and their training. A small cash advance can be a worthy spend when it’s used for your employees as it can really help boost their skill level and their motivation in their role. You could simply spend it all on courses that will upskill your staff, therefore your business will benefit from their increased knowledge. You could even use the money to send yourself on training courses so you can improve your business running skills too. When it comes to managing a business, knowledge is key, so don’t overlook this aspect of it when spending your cash advance.
3. Upgrade Your Technology
When you first started your business, you probably had the most up to date technology, but over time, it actually becomes outdated. This is because technology is constantly evolving and developing, so you need to make sure you stay on top of it. Brand new technology would be a great place to start spending your small cash advance as it can really make a difference to your business. Not only will it improve the lives of your employees, but it will also impact customers in a positive way as their experience with you will be a smoother one. For example, if you previously only had a telephone line that customers could contact you on, you could look at spending some of your cash advance on an app. There are brilliant apps out there that can automate responses to queries and resolve them without them even needing to speak to customer service. This then cuts down on your workload without you having to spend a fortune.
4. Stock Up Your Inventory
As a business, you always want to ensure your stock is full as often as you can. Your small cash advance may be just enough to restock depleted areas, allowing you to increase your profits and pay back your finance quicker. Without stock, it can be hard to generate a profit and keep your growth expanding, so try spending some of your advance on your inventory and see the difference it can make to your business.
5. Brand Marketing
If you want to get your name out there, then you really need to look at spending your cash advance on some decent marketing. With people spending hours a day looking at their smartphones, it’s never been easier to get your advertisement seen. You could do it yourself, but unless you’re an expert in that area, you could be missing the mark. Hiring marketing specialists to help you promote your company can do wonders for your profit and growth because they know what works and what doesn’t. You could even use the cash advance to help pay for the filming and editing that needs to be done for any promotional photos and videos. Spending a decent amount of a cash advance on marketing alone may seem like an odd expenditure, but it’s a fantastic way to increase your growth and brand awareness.
6. Premise Improvements
A small cash advance probably won’t afford you a brand new office building, but it can help a lot with the interior and any DIY that needs to be done. For example, you could spend it on fixing that leaky tap that’s pushing up your water bill, or you could grab some new, fancy desks for you and your employees. Things like the heating or air conditioning are also great things to spend it on as, without them, work can become unbearable in extreme weather. These little improvements won’t cost you much, but they’ll really help improve the quality of life within the workplace. Even if it’s something tiny like buying everyone a new laptop stand, it can help your employees feel valued and show that you care.
Cash advances are great tools for businesses to utilise when you need them. No matter how small your advance is, you can be sure to find a way to make it benefit your company, and as this list shows, the smaller things can sometimes have the biggest impact. So, if you’re unsure how to spend your small cash advance, why not compare this list to the things you want to change in your business and see just how much it can do for you. You’ll be surprised at the benefits a little amount of money can bring!