You work hard to create business opportunities, but making the most of them takes a ready source of cash. Here’s what you might need it for, and how to get it…
In business, opportunities come and go. The secret to growth is to grasp them when they’re there, before they either disappear or your competitors snap them up.
Those opportunities come in all sorts of guises. You might win a large new client or see a peak in seasonal demand. You might want to exploit some new pop culture phenomenon with a well-timed, tightly targeted social media campaign.
It all takes cash, for temporary staff, extra warehouse space or digital advertising. In addition, there’s always the pressure to invest for the longer term, whether that’s in the latest productivity-driving technology or an office pool table to keep the troops happy. With energy costs set to soar, you might just need temporary help to pay a bill that seems to have doubled almost overnight.
Banks and credit cards aren’t the answer
In other words, you need cash in reserve, or at least a reliable source of finance that is there when you need it. When an opportunity presents itself, you need the means to move quickly.
Providing that cash used to be the role of banks, but bank lending has plummeted since the financial crash. Traditional institutions remain nervous about lending to SMEs, so even if they do stump up the cash you could end up paying a heavy price in terms of rates and repayment terms.
In fact, many SMEs miss out on great opportunities to drive business forward because of slow, inflexible loans that don’t offer the speed, ease and security they need.
That’s if you can get a loan at all. There’s every chance you can’t. When considering your application, banks and other lenders will certainly want to know exactly what the money will be spent on. They’ll reject anything that doesn’t meet stringent criteria.
In addition, by the time many businesses are ready to grow they’ve maxed out any bank credit they have been able to access, whether that’s in the form of loans or an overdraft. Credit cards can offer temporary relief but APRs can be punishing, and the same is true of much non-bank funding too.
The upshot for many businesses is that money is simply not available when you need it most – which is often when an opportunity arrives to take your business to the next level.
The importance of financing
Whether the money is from a traditional or alternative source, many SME leaders can be almost phobic when it comes to borrowing.
But when sourced and used correctly, borrowing is just another form of upfront working capital. It drives investment which in turn drives growth. It can give your business a stronger credit score, making it easier to access further capital in future.
If you can operate successfully without outside capital, that’s great, but for most growing businesses it’s an unrealistic goal.
When intelligently-sourced financing pays for extra staff, better technology or extra stock, it’s clearly a force for good in your business. When it pays an urgent bill or even a night out to reward hard-working staff, it’s investing in your long-term success.
Access to outside capital is essential for your business, as long as it comes from a responsible lender and repayment terms are realistic and appropriate. In fact, it’s one of the chief drivers of growth.
Show me the money!
In other words, businesses grow and succeed when they’re prepared to create opportunities and grab them before they disappear. They do that by taking calculated risks and partnering with the right people at the right time.
In this case, a calculated risk is using a sensible level of debt to invest in the people, equipment, merchandise or processes that can push your business to the next level.
The right partner is one who will help finance your ambitions in a way that works for you.
And that’s where we come in. Previse is an award-winning, London-based fintech company that helps you make the most of the opportunities you create by providing a simple source of finance that’s always there when you need it.
Simple, secure finance
InstantAdvance from Previse is such a simple idea that you wonder why nobody has thought of it before. It’s a way of securing the finance you need – when you need it – without having to prepare a complex business plan or reams of supporting paperwork.
We can give you up to twice your monthly revenue, with no equity dilution, no hidden fees and no personal guarantee. Loans of between £10,000 and £100,000 are available without security.
Of course, we do our due diligence, but that can be as simple as linking your online accounting and bank software to our systems.
After that (subject to approval), our algorithms go to work, you’re given a credit limit and the funds can be in your account quickly. We charge a fixed fee starting at 3%.
Repayments are calculated on your revenues, so you pay as you profit. That means your repayments are always affordable, and you can repay the loan as soon as you want with no penalty.
And that’s it. InstantAdvance is a simple, transparent and instant way to secure the finance you need to drive your business forward.
Seize the day
In a nutshell, InstantAdvance from Previse lets you seize every opportunity. Once you’ve paid off one loan, you can simply draw down another.
What does that mean for your business? Well, it means the hard work you put in identifying and nurturing new opportunities need never go to waste. We’ll provide the capital for extra stock, a new vehicle, better tech, a recruitment drive or whatever it might be.
And that’s the real difference with InstantAdvance. We know that, around the world, SMEs aren’t short on ideas, inspiration and energy.
What they are sometimes lacking is the capital to bring their ideas to life. With simple, transparent finance from Previse, finance is no longer an obstacle to growth.