Business operation isn’t linear, and no entrepreneur is immune from unexpected financial struggles. It’s up to you as the business owner, to be aware and decisive by recognizing the struggle and taking action before it overtakes your business. If your struggling small business is failing to address minor problems before they grow, falling behind on inventory orders, or missing accounts payable deadlines, it’s time to take action. Small business financing could be just the answer you need.
Address Minor Problems Before They Grow
The easiest way to damage your small business is by ignoring problems when they come up. A minor problem can quickly turn into a major issue when it’s not addressed in a timely manner.
Stay on top of any small bumps in the road by financing repairs and needed improvements as soon as possible. Having access to business financing when you need it, can prevent a small problem like an unexpected repair bill from snowballing into a cash flow issue that spans many months and affects every aspect of your business.
Get Ahead on Inventory
You can’t make sales without products on the shelf, but inventory purchases cost money, and if you’re struggling to keep up it could be tempting to order the bare minimum, or delay orders altogether. But there’s a problem with that approach: your customers can’t buy products that aren’t on the shelf. If customers find that you don’t carry what they need, they’ll go to the competition, and you’ve lost not only an initial sale but the potential of a long-term loyal customer relationship.
There’s no reason to fall behind when you can take advantage of business financing to get ahead of the game. Having a business line of credit at your disposal can help you maintain a full inventory stock when you have an unexpectedly slow month. Use only the amount of capital that you need; for instance, $20,000 for a purchase order, and you pay fees only on that amount, not the entire line of credit. Your business operates as usual, customers enjoy a full selection, and you’ve mitigated a small disaster.
Keep Up with Accounts Payable
Falling behind on the bills is an easy way to damage your relationship with your vendors. When you’ve had unexpected repairs or a slow sales month, it can be hard to gather the capital needed to take care of accounts payable by the due date. It’s too easy to let an account slip past due, accruing late fees, delaying shipments, and giving yourself a reputation as unreliable for payments.
Rather than letting your bills lapse, take charge of your finances by taking on a business loan. Taking on temporary debt gives you power over your finances, so you don’t have to fall behind on the bills and damage a long-term vendor relationship. A temporary cash bridge could be exactly what you need to float from month to month until your business operations are back to normal.
Fix Equipment Malfunctions Now
If you run a restaurant, a broken pizza oven could bring business to a screeching halt. If you have a retail store, a malfunctioning POS system could make it impossible to take credit card payments, forcing you to turn away customers who don’t have cash. Every business is reliant on fully functioning equipment, but no type of equipment lasts forever. Pizza ovens, POS systems, hydraulic lifts, and HVAC equipment are all vulnerable to wear and tear, and it’s to be expected that they will break eventually.
When you have a significant equipment malfunction, you have to act immediately to prevent this problem from damaging the business’ ability to operate normally. This could mean getting a repairman to come on an emergency call, or express shipping a replacement for next-day delivery.
Whatever the solution, it costs capital. This is yet another reason that business financing access is so important to small businesses when struggling with unexpected obstacles.
Mulligan Funding Can Help
Maybe your business is struggling now, or maybe you’re creating a contingency plan for the next emergency you experience. Either way, the answer is Mulligan Funding. We offer access to flexible business financing solutions for small and medium-sized businesses, and we know that you can’t always predict how daily life will impact the business and its finances. That’s why we offer high approval rates and fast application reviews, so we can help get you back on track as quickly as possible.
Our funding solutions include working capital loans which function similar to a business lines of credit. When you partner with us, you can expect:
- A single-page application process so you don’t waste any time when it counts most
- Easy automatic repayments in fixed amounts so you can plan accordingly
- Access to a financing expert who can answer questions you have about your loan
Ready to turn your struggling small business around 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.