Your business thrives on the services you offer. Any opportunity to improve quality, efficiency and cost effectiveness, or add a new offering, should be something you consider carefully.
A cash injection can help you refine your services and cover the cost of new equipment. So what should you keep in mind to make sure you maximise the effectiveness of your loan?
After you’ve identified the area within your business that you want to improve, you next need to research how you will go about accomplishing this.
Maybe you need to upgrade tools that allow you to continue to offer a service more effectively. Or perhaps a new technology or method has emerged, which makes offering that service more environmentally friendly or cost effective.
This research can help you to decide how to proceed, and to understand if you need to divert funds into training, to help staff utilise new tools and methods, or maybe it’s better for you to invest in building work to help accommodate new technologies.
For example, if your business is manufacturing you might want to add 3D printing to your repertoire. This would mean new technology, materials and, potentially, training.. You might also need to invest in extending your business premises to accommodate the new equipment or provide additional material storage.
Once you understand what you need, you can begin to look for the right equipment to suit your needs.
Are there different options available in terms of equipment you can use, for instance? Do you need something that provides the basic function you require, like tools to carry out a particular type of work? Or would an advanced tool or machine, which has additional settings to do a wide range of jobs, be more useful for your business?
You could be simply testing the waters with a new way of working, so it might make better financial sense to buy more entry-level equipment first. You could use this for training and assessing the improvement it could have before you commit fully and invest in higher quality equipment.
This could allow you to experiment with new working methods, without making a major financial commitment, allowing you to find the best ways of working for your business. By doing this you can also find the best technologies that could be adapted into your services.
Adding a new service or upgrading your equipment can put a major strain on your business finances. Trying to find the right tools and researching your needs can be off-putting, especially if your budget is an issue. A cash injection could be the jump-start you need to refine the way your business operates.
This is just one of the reasons why FSB offers a cash advance service to our members.
Benefits of the FSB Cash Advance include:
To find out more about how our business loan could help support your finances and benefit your business, please visit our FSB Cash Advance page or get in touch with a member of our team.