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What a cash advance can do for your Lancashire business


When your business is up and running, there may come a time where you need a short term cash injection. Whatever business needs you need to meet, a cash advance can serve as the perfect solution.



What a cash advance can do for your Lancashire business

When your business is up and running, there may come a time where you need a short term cash injection. Whatever business needs you need to meet, a cash advance can serve as the perfect solution. FSB provide you with this list of just some of the things a cash advance can help your business with.

 

Expansion and relocation

Eventually, your business will likely reach a point where your current premise isn’t sufficient for meeting business needs. You’ve grown enough as a business that you’ve begun to plateau. If you find yourself in this position, it may be time to look into moving to a larger office, or expanding into a second office alongside your main premise.

Your cash advance can help secure the new location by providing you with the cash upfront to cover initial rent and moving costs, while the extra business the move facilitates will help you pay back the cash advance sooner.

 

Adding a new service

With more space available, you may be able to expand your business in terms of the services you provide to your customers. Whatever you do decide to add to your business, a cash advance will help you cover the initial costs of implementing it. Keep in mind that each kind of business and industry will have different costs associated to adding a new service depending on the scale of the addition.

Say, for example, that you are a manufacturing business looking to expand your role in the market. To do so, you want to start providing a 3D printing

service, but you can’t currently afford to invest in the 3D printers. In this case, a cash advance will provide you with a short-term lending solution that enables you to invest in the necessary machinery.

 

Training

Training could be provided for any reason at all to your staff. Perhaps the training even ties into the new service you might just have added? For example, you need to know that your staff can effectively and safely operate certain pieces of new machinery in your business, in order to demonstrate that you’ve kept relevant health and safety legislation in mind at all times.

It could be certain qualifications that you’d like to put your staff through, such as a food safety certificate, or perhaps a larger scale conference that you’d like your staff to attend on current best practise in the industry, or a conference where a number of thought leaders in the industry are speaking. Anything that’s for a lot of your staff at once, and will certainly benefit their personal development, is a perfect opportunity for a cash advance to help you pay for it all.

 

Surviving difficult clients, or a quiet business period

Consistency in a business’s cash flow is vital to ensuring that you are able to pay staff wages, maintain stock levels, and meet business overheads, such as rent and utility bills.

So when a client or clients are being a little difficult paying invoices on time for services that you’ve provided, it can make the immediate future feel a little uncertain if you can’t be 100% sure you’ll be able to keep going if some payments don’t clear in time.

For situations like this, where you need a cash injection to make sure your business can continue operating, then a cash advance can help you smooth over any uncertain periods, and reduce the impact that a lack of consistent cash flow could have on your business.

 

Cash advances are certainly a flexible and useful lending option for a wide range of business needs.  If you’re looking to grow your business in some way, or you’ve fallen on some short-term difficulties, the financial injection provided by a cash advance can pay dividends for your business in future.






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