Reinvent In Your Business With a Loan
Your business may have hit that point where you realize it’s time to make a decision—do you stay the course or reinvent yourself? If you decide to reinvent yourself, you may need to take out a loan. Thankfully, there are great ways that a business loan can help you become a better business. Here are three such examples.
Give Your Business a Makeover
Sometimes in business, we start out doing things in a certain way and it’s hard to shift gears when it time to make those necessary changes. Start by making a plan for your business makeover. Prioritize the things that drive you crazy, and think about how to address them. Upgrades and infrastructure improvements are common and appropriate reasons to seek a business loan. For example, you may want to seek a loan to make your property more energy-efficient, and then advertise your business as a green business. The experience of other businesses who have done similar things has shown that spreading pain effectively can help ensure proper insulation and improve your building’s energy efficiency.
Make Major Capital Improvements
Sometimes, you need more space or equipment to expand. A loan can be incredibly helpful here, as it can allow you to purchase more space, expand your building, or purchase a piece of machinery that can allow you to create a new product line. More often than not, a business does not have the cash flow to make these improvements without borrowing money, and that’s why a loan can be so important. Fortunately, most capital improvements will allow for a business to generate more revenue, thus creating the cash flow to allow for the payback of the loan. There are also a variety of public and private programs that may be perfect for this type of loan.
What is a Major Capital Improvement
A Major Capital Improvement (MCI) is an improvement or installation that improves the overall condition of a building that is subject to rent stabilization or rent control laws. Examples of MCIs include new roofs, boilers, windows, plumbing, or electrical rewiring.
Hire a Marketing Team
Marketing teams are essential to business success. They are asked to do everything from building awareness of your brand, promoting your products or services, and providing customer service and social engagement in public forums. The goal of a business loan, in the long run, should be to help you make more money.
As such, using a loan to hire a marketing team can be a great reason to take out a loan. If you make the right hire and give them the right resources, a marketing professional can be invaluable in helping you get your business out there and make more money. As such, it may make perfect sense to view the loan as an investment in your staff resources.
Business owners should consider hiring a marketing team because:
- A marketing team will modernize your strategy
- A marketing team will free up time to run your business
- A marketing team will help you keep payroll costs down
- A marketing team is a sound investment that produces long-term results
Reinvent Your Business
Sooner or later, all businesses, even the most successful, will need to reinvent themselves. Everyone and every company need to continually learn from their experience and adapt to a changing world to stay on top, or even to stay in business. “If it ain’t broke, don’t fix it” is an old adage that really doesn’t work in today’s business world. If you don’t plan to reinvent your business regularly, your competitors will make you obsolete, and any success to date that you had will likely be short-lived.
Taking out a business loan can be a nerve-wracking experience, and adding debt is something that should only be done with a great amount of study and diligence. However, if done right, loans and debt can be a great thing for your business, as they can allow you to expand in all-new ways. This, of course, can help you make more money.
If you’re looking for a business loan to reinvent your business, let us know! Apply for a loan from us today!