If you run a business that relies on buying and shifting large amounts of stock, or your overheads fluctuate from maintaining expensive machinery, it’s easy to see where a loan can come in handy to keep up cashflow.
But, if you’re offering professional services such as legal or accountancy, don’t underestimate the opportunities to use a loan to sharpen your game and accelerate growth.
Here are some of the ways you could give your professional services business a boost.
Investing in IT equipment such as laptops and monitors are a staple requirement for any professional services business. What’s more, equipping your staff with mobile technology could mean they’re able to work from home or on the road when they need to. And that’s before you’ve even thought about furnishing meeting rooms to give clients a good impression. A loan can ensure your business has everything it needs straightaway without any trade-offs or compromises.
Recruitment and training
As the owner of a growing small business, you’ve probably worn a few different hats from accounting and administration to trying your hand at sales and marketing. So, loan funds could help you let go of, or become more efficient with non-core business functions such as hiring a permanent or part-time staff member, contractor or investing in some training for yourself.
Equipment or software upgrades
To stay competitive, you’ll appreciate the importance of keeping up to date with the latest technology and software solutions. But the upfront costs can be high. Whether it’s cloud-based practice management solutions or automated search tools for lawyers, using a loan to invest in equipment or software upgrades could lead to higher quality services and a more streamlined operation.
Pursuing new opportunities
Growing your professional services business can sometimes present a conundrum – you need to win fresh clients, but you don’t always the capacity to take on more work before the first payment rolls in. Receiving a fast loan could help you immediately engage the resources to take on new clients or diversify your service offering.
Marketing might not your area of expertise, but you could get more clients through the door with some smart social media, email, or other digital marketing campaigns. While it might not be worth hiring someone in-house, using loan funds to engage experts on a consultancy or project basis could be an effective way to maximise marketing efforts.