How to Properly Use Financing to Expand Your Business

How to Properly Use Financing to Expand Your BusinessIf your business was fortunate enough to receive a small business loan /advance from an awesome Direct Funder like Greenbox Capital, then now is the time to use this advantage to expand and grow your business. Not all businesses are granted a loan/advance so consider yourself lucky because the additional money you will get, can do great things to your business, if it is used wisely. So, before you go off spending the loan/advance you received, run through this short article that will show you some of the top ideas used to maximize the impact of those funding dollars.

Improve your customer service

There are many different ways on how you can improve customer service. To know what your business needs in terms of this aspect, take a look at customer complaints. It also helps to observe how your people interact with your customers. 

Customer complaints usually involve not being able to get in touch with the business whenever their product is defective. From here, you will get an idea that you should be investing in platforms that will allow you to reach your customers fast and easily. On the other hand, if your customers complain about your physical establishment (how it looks, ambiance, etc.), then it is an indicator that it is time for a renovation or an expansion. You can choose to renovate the whole space or build a better branch somewhere else. 

Hire and train competent employees

Since how customers are treated greatly affects your business’ revenue, you should also consider using your loan/advance on getting and developing competent employees that share the same vision as yours. If you have enough money, you can get the best people because surely they don’t come in low rates. To add to that, you can have the resources needed to train your employees so that they will develop business acumen. At the same time, they can be guided by experienced mentors who are successful in the same field of your business. 

Expand your product line

Most of the time, expanding a product line is costly. Aside from the fact that you have to make a new product altogether, the risks are high given that your business is going to enter a market they haven’t been in yet. However, expanding your product line can also gain more customers. Most successful product lines venture in products that are related to the business’ original product. For example, Apple sells phones and since the iPhones can store a lot of applications in them, Apple can choose to develop applications that their customers can buy. 

Expand geographically

Aside from product expansion, you can also make use of the advance by building your business abroad or in a place far from your business’ hometown. In this way, you can increase your scope and the number of customers you will be serving. Like the other three tips above, this will be costly. To make sure that your investments will reap benefits and more profit, do a research on the demographics, preferences, and culture of the people in the place you will be expanding in. In this way, you will know which places will be a perfect fit for your business. 

Here at Greenbox Capital we are 100% committed to your continued business success.  We consider ourselves your Working Capital Partners and have a vested interest in supporting you and your company’s growth.

How can an infusion of working capital help expand your company?  Do you have any projects you have wanted to tackle and need the funds?  How much would those projects be able to help the company grow?  If you have any questions about Working Capital Advances don’t hesitate to call 855-442-3423 or email us at HowMuch@Greenbox.Capital or click here to Apply now.

Our application process has never been easier.  Aren’t you curious to see how much you are eligible for? Click here to see how much you are eligible for.