Tuesday, 8th March 2022 | Small business financing Canada
5 business needs you can fix with a small business loan
Small business loans can help your organization with a variety of benefits. Read our blog to know more about iCapital's small business loans and how they can help you expand.
You've probably heard the saying "you have to spend money to make money," and it's true. If you want your company to develop, you need to be able to spend money on things like equipment, advertising, and real estate.
The problem is that handling all of those fees on top of the expenditures of running your business is challenging. Paying for your firm's demands in advance is usually impossible until your organization expands. It's a vicious circle. Of course, you can't grow until you invest but how can you invest while maintaining money in the bank for operating expenses?
Small business loans in Canada might be the answer. While going into debt may be intimidating for small business owners, a loan can help you fund improvements to your company that will yield a good return on your investment.
Five business needs you can fix with a small business loan
Expansion
The most apparent reason to consider a small business loan is to invest in your company's expansion prospects. But, of course, future growth comes with a bevy of costs, like advertising, new property, building maintenance, and growing your employees. It's unlikely you'll have enough cash on hand to pay them all unless you take money from your company's operating capital. Small business loans can help you cover the costs of increasing your business without depleting your operating cash, allowing you to keep impressing consumers while expanding.
Inventory
In many businesses, inventory is one of the most significant and difficult-to-manage expenditures. The problem is that you must invest in the items you wish to offer before your customers can buy them and cover your costs. Once you've got your business up and running, you'll need to keep expanding and replacing your inventory to keep up with demand and provide your customer's additional options. This expense becomes considerably more difficult when your company has seasonal items, such as winter apparel. You can stay ahead of trends and client demand without impacting your cash flow by taking out a loan to cover inventory expenses.
Equipment
Every business has equipment that is required to complete the work, such as machinery, as well as equipment that clients use. Unfortunately, equipment is costly, as it deteriorates and becomes obsolete over time.
Unexpected costs, such as the repair or replacement of faulty equipment, can devastate your budget, and going without such equipment isn't usually an option. Small business loans in Canada can assist you in managing the expenses of equipment that will enable you to accomplish your work and provide a better client experience. They may also help you keep your company up to date with new technologies that will improve your offerings and consumer interactions.
Cash flow
Cash flow is always a concern for a small business. And it can become much more of a problem when you're dealing with unpaid invoices or unsold inventory that has to be moved to bring in new items. A short-term loan can help your firm stay afloat with low earnings by providing money for routine operational expenditures. As a result, you may continue to bring in new clients and increase revenue while making up for other losses by keeping money moving through your firm.
Stay up to date
Small business loans in Canada from iCapital can save your business. An online small business loan allows you to maintain your business and keep your organization up to date. For example, you may now consider purchasing new production machines, installing better replacement parts, and even updating your software for back-office tasks such as bookkeeping. Business loans are helpful in these situations.
Let's fix your business needs with iCapital
If you want to succeed in life and in business, you must be willing to take risks. You may perceive a business loan as a danger but it is a calculated risk that will benefit your business if you spend it correctly. We know that there is no shame in asking for help, so why not seek assistance from iCapital, which can support you in your business endeavors. Get small business loans in Canada in 5 minutes with a 98% approval rate and 24/7 access to your accounts. Contact us at 1.877.251.7171 to get the best services in Canada.
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Marketing ideas for your business in the new year
As the end of the year approaches, it’s time to revisit your marketing strategy to meet current consumer expectations. Forecasting trends is tricky, but what’s clear is that in 2023, customers value privacy, inclusivity, transparency, and overall authenticity, and it’s your job to show them how your business practices meet these ideals. Read on for six steps you take right now to market your business in 2023.
Understand your changing audience
The first thing you need to do is revisit your market. Review your sales and marketing data to make sure you have a realistic grasp on the size, demographics, and character of your target market. Pay close attention to any changes in your ideal customer and use this updated intel to seek out new opportunities. For example, if your business has grown or taken a new direction in recent years, it might be attracting a new audience. Make sure you’re communicating with the most appropriate market segment.
Update your website
Your website is one of your most valuable marketing assets so it’s crucial that it be in good shape. Review your site to make sure all the content is correct and up-to-date. Check to make sure that it loads quickly and displays correctly across desktop, tablet, and mobile platforms. You probably look at your site regularly so consider getting someone with “fresh eyes” to take a look. Ensure that your site works intuitively and offers a seamless customer experience. A site that’s pleasant to use will help you convert new visitors and retain returning ones.
Maximize the potential of social media
With more than 4.7 billion people using social media, your business cannot afford to ignore it. If you’re just starting out on social platforms, now is the time to claim your presence. Set up accounts for your business on top platforms like Instagram, Facebook, and TikTok. Investigate which sites your ideal customers might be using and ensure you’re on them too. Post relevant content, regularly, and make sure that you keep your profiles fresh and current. Try running contests or promotions to boost engagement, and take advantage of the built-in shopping capabilities available on many platforms. You can communicate a lot about your brand values by aligning yourself with other local small businesses through collaborations or sponsorships.
Leverage video content and live streaming
Video content has been a rising trend for the past several years, and is well-suited to businesses who want to increase awareness, improve lead generation and sales, and reduce support calls. Consider how video content might work for your business, keeping in mind that consumers appreciate being entertained. Live streaming is popular and an effective way to connect with your audience in real time. Engage your audience with quality storytelling. Inform them with a clear and concise script. Be creative.
Get interactive with your audience
When was the last time you did an online quiz or game? How about worked with an online calculator or map? Interactive content is engaging, which is why audiences–and marketers–love it. It’s low-cost and can help you increase brand loyalty, generate leads, and drive sales. Think about ways your business can use interactive content to grab your customers’ attention.
Respect consumer privacy
More than ever, consumers are concerned about privacy. Demonstrate respect for your customers’ privacy by compliance with standards like GDPR, by properly acquiring and using user data, and by continually informing your customers of exactly how you’re handling their information.
If you want to stay ahead of your competitors in 2023, now is the time to fine-tune your marketing efforts to communicate your business’ authentic brand and values. Take an inclusive, transparent, privacy-first approach, to reach your target audience.
Marketing