If you haven’t already, it’s time to start setting resolutions for your business. So much has changed in 2020, resulting in higher anxiety for what is to come in 2021. Resolutions and goals are more important than ever as your business is likely to continue to have to adjust into 2021. Here are 3 simple resolutions to consider to help you have a strong upcoming year.
Optimize your financing relationships.
As 2020 proved, having key financing relationships can help your business survive during unforeseen hardships and be a great resource to help maintain your cash reserves. Review your current lenders, whom are you currently lending with and what type of lending support can they provide. What part of your business operation can their lending help most? Other opportunities for common business funding sources include:
-
- Business lines of credit
- Business credit cards
- Small business term loans
- SBA loans
- Equipment financing
- Vendor trade lines
- Accounts receivable financing
- Purchase order financing
- Working Capital loans
Understanding how each type of funding can best support your business will allow you to better use available funds when you need them. For example, most businesses find having relationships that compliment their bank relationship to handle specific business expenses, like equipment financing, leaves their bank lines open for immediate or operational expenses.
Regularly evaluate your equipment.
So often we get calls where customers are in a bind because they need to replace or acquire equipment immediately. The time gone without necessary equipment can cost your company anywhere from hundreds to thousands of dollars. Do a walkthrough of your equipment and review how each one is operating at least once a quarter, and depending on the age and hours that equipment is being used, possibly monthly. Is the machine able to keep up with the demand or is there newer equipment that can do the job faster? How much have you spent and will spend on repair costs? Staying ahead of potential equipment failures will help keep your business operating efficiently.
Have a Contingency Plan.
While it’s unlikely we will see a similar event as we have with Covid-19, an emergency or economic event can disrupt your business at any moment. Take what you have learned this year to prepare for another crisis. You may have found ways to operate more efficiently to reduce costs when necessary. Or you may have realized you need to update your website to make your product and services more accessible if people can’t easily get to your brick and mortar location. The important thing is to get the plan ready so you can navigate and survive the next crisis and begin to thrive sooner.
While these are just 3 simple resolutions your business can adapt for 2021, they are bound to help your business not only for the next year, but for many years to come.
American Capital Group helps business owners through good times and hardships get the equipment they need with customized equipment financing solutions. Learn more about how we can help your buisness here.
If you haven’t already, it’s time to start setting resolutions for your business. So much has changed in 2020, resulting in higher anxiety for what is to come in 2021. Resolutions and goals are more important than ever as your business is likely to continue to have to adjust into 2021. Here are 3 simple resolutions to consider to help you have a strong upcoming year.
Optimize your financing relationships.
As 2020 proved, having key financing relationships can help your business survive during unforeseen hardships and be a great resource to help maintain your cash reserves. Review your current lenders, whom are you currently lending with and what type of lending support can they provide. What part of your business operation can their lending help most? Other opportunities for common business funding sources include;
-
- Business lines of credit
- Business credit cards
- Small business term loans
- SBA loans
- Equipment financing
- Vendor trade lines
- Accounts receivable financing
- Purchase order financing
- Working Capital loans
Understanding how each type of funding can best support your business will allow you to better use available funds when you need them. For example, most businesses find having relationships that compliment their bank relationship to handle specific business expenses, like equipment financing, leaves their bank lines open for immediate or operational expenses.
Regularly evaluate your equipment.
So often we get calls where customers are in a bind because they need to replace or acquire equipment immediately. The time gone without necessary equipment can cost your company anywhere from hundreds to thousands of dollars. Do a walkthrough of your equipment and review how each one is operating at least once a quarter, and depending on the age and hours that equipment is being used, possibly monthly. Is the machine able to keep up with the demand or is there newer equipment that can do the job faster? How much have you spent and will spend on repair costs? Staying ahead of potential equipment failures will help keep your business operating efficiently.
Have a Contingency Plan.
While it’s unlikely we will see a similar event as we have with Covid-19, an emergency or economic event can disrupt your business at any moment. Take what you have learned this year to prepare for another crisis. You may have found ways to operate more efficiently to reduce costs when necessary. Or you may have realized you need to update your website to make your product and services more accessible if people can’t easily get to your brick and mortar location. The important thing is to get the plan ready so you can navigate and survive the next crisis and begin to thrive sooner.
While these are just 3 simple resolutions your business can adapt for 2021, they are bound to help your business not only for the next year, but for many years to come.
American Capital Group helps business owners through good times and hardships get the equipment they need with customized equipment financing solutions.
