As more people are getting vaccinated, businesses are preparing to open up for customers once again. The lack of sales driven by foot-traffic over the past year really impacted a number of businesses. However, with the economy turning around and people eager to get out and make purchases, businesses need to prepare for a potential surge in sales.
Business Preparations in a Post-Pandemic Economy
As we make our way to the finish line with the COVID-19 pandemic, existing and emerging businesses are looking to boost sales. But reopening is not as simple as turning on the lights after a year of being in lockdown. Businesses need to purchase inventory and supplies, make sure they can cover overhead, and put together marketing campaigns to get people away from their computers and into their establishments. From late-April forward, businesses are expected to see an upward trajectory in sales, not to mention this summer and holiday season.
Finding Capital to Reopen Your Business
To prepare for the impending wave of returning customers, businesses need working capital. Unfortunately, reliable financing sources are scarce right now. Traditional lenders, such as banks, are tightening their credit and collateral requirements while simultaneously lowering the amount of funding they give to borrowers. This is partly because traditional lenders are being cautious as a result of a large number of loans that were defaulted on when many businesses went under in 2020. At the same time, business owners are wary about taking on any more debt on top of any they have already accumulated.
To get adequate financing without taking on debt, sacrificing collateral, or impacting credit ratings, businesses are using merchant cash advances. A merchant cash advance is an injection of working capital that businesses can use for anything they need to reopen successfully. Merchant cash advances are also much more flexible than traditional loans. Instead of rigid monthly payments, a merchant cash advance is repaid from a small percentage of credit card receipts. This allows businesses to repay the balance over time without placing a strain on cash flow.
At Web Finance Direct, we work with businesses across all industries to provide merchant cash advances so they can reach their goals. Contact Web Finance Direct today, and get the financing your business needs to make this spring the most successful reopening in over a year.