Small businesses are considered the lifeblood of any economy. They comprise a majority of all companies and employ over a significant portion of a country’s workforce. Small business owners behind these enterprises usually work long hours and are committed to the future of their businesses and staff.
For a small business owner with a growth mindset, it’s never been easier to get the funds your business needs to grow. However, building a business also requires preparation and a solid strategy on both your people, products, physical location, and day-to-day operation.
There are four essential factors to consider for any small business owner looking towards raising funds and growing their business.
1. Your Employees
For the majority of business owners, having the right people in your business is essential to success. Therefore, it’s vital to have a talented team that is invested in your business.
That is why it is important to invest in your staff and expand their skill set to match the expansion of your business. You may want to focus on the career development of your primary workers, and help them achieve their goals.
Helping your staff grow through learning and development will have a positive impact on their morale, and they will eventually help you grow your business.
You can begin setting goals for your employees so they have a clear purpose and direction that is aligned with your growth plans.
Once your employee training needs are in place, you’ll also need to re-assess your training, remuneration and working benefits regularly, so they’ll always be motivated to do their best for the company.
2. Your services and products
It would help if you also had a strong product offering, that can evolve, grow and expand is as essential as having the right employees for your business. Always remember that having service goods that complement your main product is a great way to help the bottom line.
However, you need to ensure that you have the right processes and technology in place to help you manage new product opportunities.
3. Your business processes
Are your policies and procedures set up for growth? Are they tried and tested, scalable, and well established? Alternatively, do you need to refine them to fit your current growth plan?
There are a lot of business owners who are turning to technology to achieve business efficiencies.
In the last two years alone, 28% of businesses have introduced some form of automation technology to help save time and increase the productivity of their services and reduce human error and improve the quality of their products.
4. Your current location
For most business owners, expanding would mean relocating to larger premises or moving to a new territory and establish a second branch there.
Aside from moving into a new building, it is also essential to consider its geographical location. You need to check if it’s accessible to road networks, transport hubs, and public transport.
You may also want to be close to other related businesses, since it can improve your supply chain. Thus, increasing your productivity and profitability through economies of scale.
Growing a small business is challenging, but it is also rewarding. However, with planning and having access to the right finance, you can ensure that your investment will provide good returns in the long run.
If you want to take out a small business loan, you can always contact us here. We can help you find the best lender based on your business situation. You can also get a free quote below, which won’t affect your credit score.
No Security Necessary
The main thing that makes unsecured loans more attractive than secured loans is the fact that they’re no security. It might be an obvious thing to highlight but it clearly matters. You won’t be weighed down by the pressure and worry associated with having collateral hanging over you and potentially being lost to the lender if you fail to make repayments. If you don’t want to take the risk of losing your collateral, you just need to opt for an unsecured loan instead. It’ll allow you to avoid any risks associated with secured loans.
Build Up Your Future Credit Score
By taking out a loan and then paying it off on time, you will help to build or repair your credit score. Many companies are dealing with poor credit, but by taking out an unsecured loan with a lender that is happy to lend to companies with poor credit, you can start to turn the situation around. Meeting regular repayment deadlines shows the world that you are able to stay on top of your financial obligations and pay off the money you owe, and that will only help your business going forward.
Why Your Business Might Want to Take Out an Unsecured Loan
There are lots of reasons why your business might take out a loan, as well as reasons not to. You shouldn’t take out a loan to cover running costs, but if you want to do other things, such as the things we’re going to discuss below, an unsecured business loan can be ideal.
Grow and Expand
Most entrepreneurs have big plans for their businesses. They want to ensure that their business is one that’s got a bright future. So if the time has come for you to grow and expand your business, you should think about whether taking out an unsecured business loan might help you to do that. It could be exactly what you need to get your business moving in the right kind of direction. It takes money and investment to grow your business and a loan might just be the ideal solution.
Take on More Clients and Customers
If your business doesn’t currently have the resources to deal with more customers and clients, it could be time to scale things up. However, that’s something that costs money, whether you like or not. Taking out an unsecured business loan could help improve the resources your business has available. It could mean hiring more people so that you have the human resources needed to take on more clients and make more customers happy. The loan will cover the costs associated with doing that and it’ll pay for itself if you’re able to improve your profits as a result.
Fund a New Marketing Campaign
Maybe it’s the case that attracting new customers to your business is where your problems lie. It’s not always easy to get your voice heard and make people aware of why they should be taking notice of your business. An unsecured loan could be used to fund a new marketing campaign that gets your message out there and makes more people interested in your business and what it’s offering. So if you have an idea for a marketing campaign that you think might work but you don’t have the financing for it, consider a loan.
Improve with Fewer Risks
The chance to improve your business in the many ways mentioned above offers you a real opportunity that you might want to grasp. Secured loans can offer the same access to financing but come with more risks to your business. With an unsecured loan, you can reap all the rewards that come with having the cash to invest in your business without having to worry about the risks adversely affecting the business in the future. The chance to improve with fewer risks attached to that chance should not be ignored or dismissed.
The Requirements for Getting an Unsecured Business Loan
There are some requirements you’ll need to be aware of before you take out an unsecured business loan. These aren’t too harsh or restrictive at all, but they are important.
24 Month Limit
When you take out an unsecured loan from Bizzloans, you have to pay the loan back within 24 months. That’s the maximum repayment term that’s on offer. Of course, that won’t be a problem for the vast majority of businesses out there. It’s important that you look at the finances closely and decide for sure that this is something your business is going to be able to do. You’ll have a chance to do this when you get a quote from us, so you’ll know exactly what you’re signing up to.
Business Bank Statements
To ensure your business is in a financial position to take on a loan of the size you’ve applied for, you’ll need to simply submit your business’s bank statements. This allows us to ensure that we lend responsibly and don’t burden you with a debt that is too much for you to take on. It’s in both your best interests and ours that you’re able to handle the loan that you take on.
Photo ID
To ensure everything is correct and proper, and you are who you say you are, you have to submit a photo ID. This is common practice and ensures that all financial transactions are above board and in order. It’s very easy to do and needn’t be a headache for you. Once we are satisfied with your application, you’ve provided the bank statements and we’ve checked your ID, it won’t be long before you have access to the loan you applied for.
Getting an unsecured business loan for your company could be just what it needs right now. It’s a much safer option than taking out a secured loan and you’ll be accepted much faster. Don’t hesitate to get in touch with us here at Bizzloans if you’re thinking of taking out an unsecured business loan.
