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you're open—and this requires promotions. It can be a core advantage of a cash advance. Not paying employees
difficult for SMB owners to keep up with the costs of on time can result in them leaving, slamming you with
advertising in print, online and television. But there is no bad reviews online, lawsuits and more. Having cash on
substitute for a well-developed marketing plan and the hand can mitigate this.
ability to implement it. It is preferable to take out a cash
advance than to lose money due to a lack of marketing New location
efforts. When business is booming, it's often time to move to a
Rainy day fund new location. However, sometimes the costs involved are
too high. Moving requires not just the packing up of a
Everything in a shop may function smoothly until some business, but also setting up the new location, unpacking
piece of a store fails or the refrigerator conks out. Having there, and advertising in a new neighborhood. Borrowing
money stored for emergencies can help for times when the money to cover the costs of a relocation can be a wise
unexpected expense pops up. To handle situations like move. The loan will be likely returned in full when the
this, small businesses need money set aside to cope with business expands.
calamities so that operations return to normal as soon as
possible. In certain cases, applying for a loan to obtain When it comes to building a business, setting up a budget
money you don't need yet may be irrational. But the cost is essential. This includes assessing current expenses plus
of the loan outweighs the loss of revenue from not being anticipating future needs while factoring in unforeseen
able to conduct business, which can impact a business circumstances. Proper planning, and help of funding
significantly. needed to start, grow, sustain and build a successful
operation will go a long way to reaching your business
Employee payroll goals and financial success.
Paying employees on schedule and avoiding check bounces
is essential if a company wants to keep staff happy and Elie Y. Katz is founder, president and CEO at National Retail Solutions.
productive. It can be tough to pay employees when money Contact him by phone at 201-715-5179 or by email at ekatz@nrsplus.
is tight. Paying staff on time and doing so comfortably, is com.