It’s no secret that retail revolves around inventory. If you run a retail business, you probably spend the vast majority of your working day physically dealing with inventory, ordering new inventory, calling your suppliers, or meticulously tracking product. Take some of the pressure off by taking advantage of fast inventory loans, giving you the capital necessary to maximize your inventory tracking system and keep your shelves full of product.
Avoid Product Shortages
Every retail business owner has struggled to keep their top selling products on the shelf. Remember that every time a customer comes in and can’t find the product they want, they walk out without making a purchase, and it’s very likely that you lose them because they see your business as unreliable at fulfilling their needs.
Use a business inventory loan to get ahead of the game. Use sales data to forecast your biggest selling items and the busiest weeks of the quarter, and order extra inventory to make sure you don’t sell out prematurely. Keeping inventory on hand is the best way to make sure that your customers don’t leave disappointed, so don’t let cash flow be a reason to run your business light on inventory.
Take Bigger Orders
Have you turned down customers in the past because you couldn’t fulfill their potential order? Every massive order that you take pads your bottom line, and it’s in your best interest to encourage these large orders wherever possible. Any order could be the start of a lifelong customer relationship, and everyone knows it costs much less to maintain customers rather than acquire them.
Of course, it’s hard to be prepared for a large order when you don’t have the working capital to buy the inventory. With a business line of credit at your disposal, you can always have the extra capital on hand to fulfill bulk orders at the drop of a hat.
If you use $20,000 of credit to fulfill a $50,000 purchase order, you’ve created significant profit; so make sure you’re looking at retail business loans as a potential source of growth and revenue rather than a financial burden.
Invest in a Better Inventory Tracking System
Getting ahead on inventory means that it’s important to keep track of everything accurately in order to minimize loss and shrinkage. If you’re currently handling inventory the old-fashioned way, with an Excel ledger and no automation, consider using a business loan to upgrade the way you track inventory.
A complete inventory management system can consist of software (and a computer or tablet), a scan gun, a barcode printer, and the wireless infrastructure necessary to support Wi-Fi throughout the parts of the building where you’ll be conducting inventory counts. It’s a simple system, but it’s easy to consider it a “non-essential” upgrade and keep pushing it off for another day.
Instead of manually tallying and entering product counts into Excel (where there’s no cloud backup), your inventory team can scan barcodes with ease, cutting down on the manpower and payroll hours needed to get the job done. You save significantly in terms of resources and cost in the long run, making the investment into the equipment more than worthwhile.
Choose a Lending Partner Who Cares About You Succeeding
So you’re convinced that an inventory loan is the solution you need to help your retail business thrive. The next step is to find the right lending partner to provide that capital to you. It’s important to partner with a funding provider who is genuinely interested in your success as a business owner.
Mulligan Funding specializes in providing funding to small- to medium-sized businesses, so we understand the unique challenges you face as an independent retailer. And most importantly, they see you as a partner, not just a financial transaction.
When you partner with Mulligan Funding for an inventory loan, you can expect benefits such as…
- A quick, single-page application process
- High approval rates
- Convenient daily repayments
- A variety of loan types to meet your needs
Furthermore, Mulligan Funding’s team of financial experts are happy to sit down with you and answer questions you have about the lending process. If you’re not sure how much capital you need to get your inventory in order, or whether you need a working capital loan or a business line of credit, an expert from Mulligan Funding is only a call away to help you find the answer.
Why wait until tomorrow when you can overhaul your inventory management today? Call Mulligan Funding at 855-326-3564 to discuss your financing options today!
*The information shared is intended to be used for informational purposes only and you should independently research and verify.
Note: Prior to January 22, 2020, Mulligan Funding operated solely as a direct lender, originating all of its own loans and Merchant Cash Advance contracts. From that date onwards, the majority of funding offered by Mulligan Funding will be by Loans originated by FinWise Bank, a Utah-chartered Bank, pursuant to a Loan Program conducted jointly by Mulligan Funding and FinWise Bank.