06 17 2015

Short Term Business Financing

06 17 2015

5 Ways To Overcome Short-Term Business Financing Problems

Small businesses typically struggle with coming up with the necessary business capital to fund all of their projects. Plus, depending on the lending requirements from certain institutions, it can be even more difficult to access the financing needed to expand operations and hire new workers. These problems can make or break a small business, and many times, companies may have to close their doors because they can no longer remain profitable at their current levels and there aren’t enough financial resources available to help them change course.

Though short-term needs are typically more pressing than long-term goals, it’s still best to play the long game, especially when it comes to business financing. If your business is having trouble creating more working capital, there are a number of things you can do to free up resources to help you through a rough patch.

  1. Cut unnecessary expenses

    It doesn’t do any good if your business is routinely overspending or unable to stick to budgets. While it’s certainly difficult to keep every project on the straight and narrow, sometimes it takes a little more financial savviness to make up for increased expenses. For instance, every business has a few areas where expenditures can be revised downward.

    Whether it’s energy costs or excess credit card processing fees and anything in between, it could be time to take another look at just where your money is going. You can save money by holding off on equipment replacements or switching to more efficient transportation or billing methods.

  1. Work with what you have

    At the end of the day, the only way your company is going to survive is if you are able to solidify your current position, even if it means taking on more debt for the time being. To get around this, you can negotiate your contracts with other companies and refinance your debt obligations. This strategy will help you get through in the short term while making your business more lean for the long term in the process.

  1. Look for new sources of revenue

    You don’t always need the best equipment to do the job right. In fact, adding a few new services on a small scale can lead to real-world streams of revenue immediately. For example, if you provide maintenance services in homes, you can also expand to include some commercial buildings as well.

    Also, finding new clients and customers should be a continuous process, and because seasonality affects many sectors, brighter prospects may be just around the corner. Tailoring your services to meet the needs of the changing weather pattern can help bring in new revenue and create a year-round business model that works.

  1. Adjust your business plan

    You probably have a definite business plan in place, but it does little good if it is effectively holding you back. Sticking with numbers that worked the previous month but might not work now isn’t a forward-looking strategy. If you have to cut investments in some areas to make money elsewhere, then you should revise your business plan accordingly.Without the financing available to accomplish all things at once, you have to focus on a few guaranteed sources of revenue, even if they throw your initial strategy by the wayside. Remaining flexible and speaking with creditors can help ease worries for the time being, as you look for new financing options.

  1. Find alternative lenders

    A small business loan from a traditional lender isn’t for everyone, and realizing the benefits of alternative lending could be the key to finally obtaining the capital you need. With a merchant cash advance from National Funding, you can acquire a short-term business loan, which could be the boost you needed to get you out of a slump.

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Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.

 

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The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.

 

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