Finance can make your business more resilient
Businesses are facing a lot of uncertainty at the moment. A high level of inflation and high energy bills have led to greater instability in the economy, but there are still many potential challenges left to overcome. It may be necessary for businesses to find alternative means of bolstering their finances and preparing for unexpected events. Using business finance, you can boost your business’ resilience and take on these challenges with confidence.
Increases cash flow
It’s important to keep a healthy cash flow to pay your suppliers, deliver your contracts, replenish your stock and earn profits. Recent developments may be pushing up costs, depleting your cash flow faster.
You can boost your business’ cash flow by taking out business finance. A line of credit can be the right choice if you need quick cash and want to spread costs out over a few months. A business loan might be a better option for businesses seeking a larger loan amount or longer term borrowing. Stocking loans are also a great option if you buy and sell high value machinery or vehicles.
Prepares for the unexpected by creating a buffer
There are times when your business needs to pivot quickly. Extra finance can help to prepare for the unexpected, whether it comes to a pandemic, increased demand or supply chain disruption. The process of building up a rainy day fund from income alone isn’t always easy.
There are other ways to secure cash flow buffers, including business finance. Financing can give you the breathing space to navigate uncertain times and plan with confidence, whether it comes from a line of credit or a business loan.
New opportunities can be taken advantage of
Being able to capitalize on new opportunities when they arise is one of the keys to growing your company’s resilience. When you can’t afford that bulk discount on stock you’ve been eyeing, or you can’t afford that shopfront you want, then business finance can make all the difference.
Because speed plays a major role in decisions like these, we have focused on making our application process as efficient as possible. We can process your application in just 10 minutes, and give you a decision in an hour.
An opportunity to invest in growth
Growth is another way to create business resilience. By expanding your business, you are able to diversify your markets and products and become less dependent on what you have, so you are able to generate multiple streams of income.
Capitalising on these growth opportunities is possible with business finance. A business loan gives you a larger influx of capital that you can then pay back in smaller monthly installments for up to six years. You can use this to tide you over until your new venture is successful.
Refinancing or consolidating can help lower monthly repayment amounts
A consolidation or refinance could reduce your monthly repayments if you have existing business debt. Credit cards, for example, have variable interest rates that can be higher than business loans. By consolidating your debt, you’ll be able to make one, fixed monthly payment. Spreading payments over a longer period can also reduce outgoings and free up working capital.
A refinancing option can be used if your interest rate is higher, or variable. Your interest rate could be lowered to reduce your overall costs, and if it’s a fixed rate loan, your repayments will remain the same. By doing this, you always know what you’ll be paying every month.
Partnering With a Business Loan Specialist
Business financing specialists such as the team at First Oak Capital can help you find the right asset and cash flow finance products for your business’s needs. Get in touch with our team at 0800 066 3677 or get a quote to get started today!
