5 Advantages Of Having Working Capital For Your Business
You know the old saying, it takes money to make money? Well, it’s true. Businesses of all kinds need to have cash on hand in order to cover the costs of doing business like payroll, marketing expenses, office equipment and supplies, office lease/rent payments, fuel, and so much more.
Many businesses all across Canada are put in the difficult position of not having the cash flow to cover their business expenses each month because there’s a backlog in accounts receivable. But that’s where a working capital loan from Money in Motion comes in. Money in Motion can help you bridge the gap between your daily expenses and your accounts receivables so that your business can grow and thrive.
Let’s take a look at five ways that a working capital loan can help:
- Smooth operators
Having working capital ensures that your business runs smoothly throughout the year. You’ll be able to pay your employees and keep the fuel in the tank while you’re waiting to get paid for work that you’ve already completed.
Maybe there’s a new contract that you’d like to pursue but you can’t because you’ll need to hire more employees and you don’t have the cash flow to cover the cost of their wages. Or maybe you’re thinking of expanding your operations in a different city but need cash flow to be able to do it. Working capital gives you the freedom to build your business when opportunity presents itself.
- Problem solving
With working capital at your disposal, you can easily take care of those little bumps in the road that might otherwise harm your business. Equipment failure or other short term setbacks can force some businesses to close their doors if they don’t have the money required to fix the situation quickly. A working capital loan can help you weather the storm.
- Flexible repayment terms
If you need some cash to cover a short term problem, like a seasonal lull or slow period, then you’ll need a repayment plan that works with your cash flow. Money in Motion’s working capital loans come with repayment terms designed to meet the needs of your business.
- Capital when you need it
Negotiating a bank loan can take months. The process is lengthy, complicated and impersonal. They make you jump through a whole bunch of hoops, and in the end, you might not get approved anyway. Working capital loans are designed with urgency in mind, that’s why we make the whole process as quick and pain-free as possible.
Working capital allows you to pay for all of the expenses that keep your business running, whether they’re part of your monthly budget or unexpected expenditures. Grow your business with a working capital loan from Money in Motion. Contact us or call one of our account reps today to learn more!
Money In Motion Team