Finance & Lending

 

09 24 2014

09 24 2014

Owners Spotlight Financial Benefits of Small Businesses

Whether you’re researching funding options or the tax advantages of leasing equipment for your small business, chances are you don’t regret becoming your own boss.

According to a recent study conducted by Harris Poll on behalf of Bank of the West, the majority of small business owners don’t regret their decision to start from scratch. Seventy-three percent said it had improved their financial well-being, while 55 percent said it doesn’t even feel like a job.

Fifty-two percent said running a small business provides better financial peace of mind, while 41 percent enjoy being the boss.

As for what advice they’d give other small business owners just starting out, 31 percent of survey respondents said to separate personal finances from business. Meanwhile, 27 percent said to maintain healthy cash reserves, 22 percent said manage cash flow and 17 percent said create and stick to a budget.

Of course, the value of these tips applies throughout the lifecycle of any business, not just ones beginning their journeys.

That’s what makes it important to explore options regarding things like small business loans and merchant cash advance. These alternatives can give small businesses the funding they need to stay afloat during difficult times or simply expand operations through new employees, marketing efforts or equipment purchases. Regardless of how the money is used, having access to it can make all the difference.

Additionally, with equipment leasing services giving businesses a chance to get the tools they need without taking on high levels of debt to buy them, there are various ways for small business owners to maintain healthy cash reserves and better manage cash flow.

With a recent study from GOBankingRates showing that 66 percent of Americans are most concerned about money when it comes to fears, it’s easy to see how different cash and leasing options for businesses can be a huge relief.

Don’t go it alone

Survey results from Harris Poll showed 76 percent of small business owners said at some point their operation would have benefited from advice and consultation. In fact, one in three small business owners said they wish they would have sat down with an expert for help with things like marketing or financial advice.

Fortunately, it’s never too late for small business owners to reach out and work with experts regarding their needs. When it comes to necessities like loans, cash advances, equipment leasing and more, business owners of all experience levels would be wise to consider their options and speak with professionals in these fields.

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