Sometimes, it feels like you have to prove you don’t need a loan in order to qualify for one. What is interesting, however, is that, sometimes, business loans are exactly that: money you don’t really need but could use creatively to advance your business. Here are few creative uses for funds you could obtain through business loans.
- Bulk purchases- If you have a material or product that you purchase often and could get at a lower price if you bought a lot at once and you have the warehouse space to store it, you could save far more than what you’d pay in interest on business loans.
- Invest in growth- If you have been turning away business because you lack the workforce, warehouse space, or other assets to be able to meet the demand, business loans could bump you into higher production and profits.
- Buy good will- Spur your company’s reputation by a few acts of generosity. Increase employee morale with a nice bonus this year or gain community recognition by helping a local charity.
- Attract great employees- If you’ve been struggling to compete for top-quality employees, use business loans, so you can put together better job offers. Doing things like putting in a childcare area, setting up profit sharing, covering more of your employees’ healthcare costs, and allowing more personal time are great for increasing morale of your current employees and attracting new ones. Before you know it, your business could grow in leaps and bounds, leaving you in a great position to continue the benefits and pay off the business loans.
- Invest in marketing- The sign of a dying business is one that cuts back on marketing. Don’t make that mistake! Use business loans to get more recognition which equates to more customers and more profits.
These are just a few of the more creative ways you could use proceeds from business loans to advance your company. If you would like to learn about the types of loans out there and the terms available, reach out to us at the BRM Lending Team. We’d love to be a part of making your business more successful.