4 good reasons to get a business loan

Commercial banks and credit unions give small loans to small businesses. Business loans can be given using inventory or accounts receivable as collateral.

There can be several reasons why a company may want to take out a business loan. For instance, you may need a business loan to invest in equipment, start a new branch, and maintain business operations. Business loans are not just beneficial for escalating businesses, but they are also easy to obtain as there is a multitude of licensed money lenders who are willing to lend money to businesses having a stable income, a decent business plan, and a credit score of 720 or higher. However, the major advantage of a business loan is that it allows you to increase working capital and expand the business. Thus the loan can be paid back through the income generated from expanding the business.

Here is a rundown of some good reasons to get a business loan.

1.     Manage Working Capital:

Business loans are greatly beneficial in meeting working capital requirements and expanding the business. It helps to maintain the cash flow during the tough economic times. During the financial instability, business loans can help strengthen the financial situation of your business. Moreover, a business loan is usually lent to a corporate entity and not the business owner himself, which means the loan will not have to be paid by the business owner in the event of loan default. That’s why many business owners take advantage of the business loan. The business liquidation helps to pay back part (sometimes all) of the loan in case of failure. You can also get a business loan at www.smartloan.sg.

2.      To Expand Operations:

There are cases when companies need a business loan to finance their big move. While expanding your business operations, the change in overhead and up-front cost can be significant. Moreover, banks are likely to loan funds to firms that want to purchase real estate to expand their operations. If a firm wants to expand, it means it has been successful at its business and has the potential to generate revenue from its expansion. That’s because the firm is already turning a profit and a positive cash flow and making a positive forecast for the future. A licensed money lender can also give a business loan for real estate in the form of a mortgage. Real estate is usually used as collateral in term loans.

3.     To Purchase Equipment:

Purchasing equipment that can improve your business offering and productivity is a good reason to get a business loan. You need certain equipment, machinery, or other IT tools to give service or make your product. You may need a loan from a licensed money lender to purchase that equipment. The equipment itself serves as collateral for a business loan. But you must do a cost-benefit analysis before applying for a Smart Loan application to analyze whether it can prove to be the best investment for your business.

4.     To purchase Inventory:

Small businesses also take out business loans from banks to purchase inventory. Some small businesses and retail businesses are seasonal in nature. For instance, if your business makes most of its sales in the winter season, you’ll want to purchase most of your inventory before the winter season. And for that, you need more cash on hand, and a business loan can help you replenish your inventory with plentiful and high-quality options. Business loans to purchase inventory are usually short-term in nature that can be paid back after the seasonal sales.

Top 10 reasons to use promotional merchandise

Using marketing merchandise has always been a  good way of promoting a business. However, in recent years, the digital age has taken over.

Thus, most people are either doubtful of how effective marketing merchandise is or rely on other, more modern marketing tools.

But we still believe that marketing merchandise can bring about plenty of benefits. In fact, we can think of ten reasons why everyone should consider it!

1. A form of low-cost marketing

One of the best things about marketing merchandise is that it’s far less expensive than some other promotional methods. Furthermore, other types of advertising, such as TV ads, will stay in circulation for only a limited time. Thus, branded merchandise is more economical, and it tends to give the business more coverage at a reasonable price.

2. It breeds happiness among our current customers

Another great thing about marketing merchandise is that it can also be used for corporate giveaways. These giveaways will not only help our brand keep up with the times and stay relevant. They will also remind our customers that we’re there for them and that we care. Moreover, the merchandise will tell them that they can always come back with more orders, should they need our services again.

Imagine that, for example, you’re selling iced beverages in the summer. You could give people printed reusable straws with these and you’ve got yourself relatively cheap brand exposure. These will at the very least help your brand stay top-of-mind for a season.

3. Longer lifespan than some other traditional marketing methods

What’s incredible about promotional products is that they will continue generating brand exposure for a very long time. How? Well, it’s rather simple. There is a variety of promotional products that we can use — clothes, branded water bottles, keyrings, etc. Thus, all these products can easily end up on someone’s body, in someone’s bag or everyone’s hands. As such, they will be used on a daily basis, always reminding everyone of our brand, which means that we will get frequent and consistent brand exposure.

4. It shows that we care about our audience

Promotional items are free, which means that we’ll provide our audience with useful products they won’t have to pay anything for. Thus, they will be happy, and we will, essentially, show them how much we care about them. That way, the relationship we share with our audience will only grow, as we’ve shown them that we are not reluctant to give back.

5. It helps us become an industry leader

With promotional products, we can be as innovative as we want. What’s more, by giving our customers practical or entertaining products, we will show off a side of our company that’s rather appealing to everyone — the creative side.

6. It impresses exhibition and trade show visitors

Hosting a booth at trade shows and exhibitions is a good way of promoting our company. But add some promotional products to the mix, and we’ll find ourselves surrounded by potential customers. After all, nothing makes a business stand out more than free, branded gifts.

7. It helps us develop company loyalty

Promotional products, especially those that come in the form of clothes with printed logos, can help us boost brand awareness. But what’s even better is that they can also inspire our customers to keep coming back to our brand. Yes — marketing merchandise can also help us build a client base full of loyal customers.

8. It appeals to everyone

Since promotional products come in all shapes and sizes, they also have a variety of functions we can choose from. Thus, no matter if our audience is young or old, we will easily find a gadget or a promotional gift that will appeal to them. Moreover, promotional products are able to attract anyone’s attention, which means we can easily reach a wider demographic.

9. It shows how fun our business is

Most promotional products are not only practical but fun to have and use as well. Hence, by giving them away to our current and potential customers, we can show our fun side to everyone. In fact, our business will even be deemed relatable, which can also lead to more brand awareness and more loyalty.

10. It reinforces what we stand for

A brand’s tone is what determines which promotional products we pick in the end. Why? It’s because marketing merchandise can easily strengthen our brand message. Once someone gets a promotional product from us, they’ll immediately know what we are trying to convey and what kind of a business we have. Fun or serious — it doesn’t really matter.

What’s important is that promotional products can convey our brand’s tone in the best way possible.For more promotional products, visit GoPromotional.co.uk.

Author Bio

Richard Larson is the Marketing Manager at GoPromotional, the leading UK promotional keyrings company He enjoys sharing his experience on a range of subjects to enable customers to increase their brand awareness through the use of promotional products.

6 reasons to consider podcasting for your business

Podcasting seems all the rage right now, doesn’t it? The barriers to entry are low, so anyone can start a modern-day radio show and discuss subjects they are passionate about.

Unlike video, people can listen to podcasts anywhere, such as in the car on the way to and from work, or while they are preparing a meal. Without the need to focus their attention on something visual, people can enjoy podcasts at any time of day—which means they are an excellent platform for educating your customer base.

While it’s true that particular industries might feel oversaturated with podcasts due to their ease, you can make sure yours stands out. Here are a few reasons to consider adding podcasting to your business’s digital marketing strategy:

It’s beneficial for education

Many people are aural learners, which means they absorb information best when listening. Though folks are probably performing other tasks when listening to a podcast, you still have much of their attention, which means it’s an opportunity to educate them about your industry. Stephen Woessner says in his podcast Onward Nation:

“You can’t demonstrate your credibility without sharing your expertise, and by sharing your expertise you become helpful. You become valuable for your listeners. It’s much more likely you can then develop a business relationship from someone in your audience when you’ve established your credibility.”

Podcasts are a perfect time to discuss common industry problems, answer questions people reach out to you with, and address consumers’ pain points. By proving your knowledgeability in an accessible and engaging way, listeners will know that you are a viable resource for your products and services.

Podcasting can be fun for both you and your listeners

Learning is best when it’s fun. Podcasts should not be dry narrations about why your products or the best or what problems people in your field often encounter. Listeners enjoy when the host (or hosts) is personable, non-condescending, and charismatic. Amicable banter keeps people entertained and more likely to continue listening, and it helps them retain whatever information you communicate.

It’s inexpensive

Podcasting can be an inexpensive venture. It can rack up a price tag if you rely on professional sound recording and editing services—which can cost several hundred dollars per month—but you might spend as little as $20 per month for the hosting fee if you perform all of the editing tasks yourself. There are microphones and related equipment available for less than $100 as well.

Podcasts are effective for driving sales

According to Social Media Today, many podcast listeners don’t mind commercial breaks, and they are more invested in the message. One survey asked 300,000 podcast listeners about their habits and found that 63 percent of respondents purchased a product that a host had promoted on their show. 71 percent even said that they visited a sponsor’s website after hearing an advertisement, and 62 percent noted that they contemplated a new product or service.

They typically have consistent audiences

Podcast listeners are often subscribers, which means that their devices automatically download new episodes when they are published. This is unlike other media, which you usually have to fight to put in front of people on social media or via email. Your video and image reach will probably be a bit more nebulous, while the individuals who listen to your podcast will (hopefully) be more consistent (and thus more loyal, and more likely to become advocates). Plus with podcasts you avoid the issue of having to find the top video editing softwares online, unlike you do with video.

A few caveats to keep in mind

Podcasts are excellent for education, but they might not drive as many leads as other media (at least for now). Podcasts are much more searchable on the internet than they were a few years ago, but while YouTube remains the number one channel for video, there isn’t a go-to platform for audio content just yet. Many of your listeners will probably find you on iTunes, but this means that there are no in-platform search engines that will make your content easily visible.

Some people also struggle with deciding which podcasts to listen to because unlike text or video transcripts, they cannot skim them to determine if it’s worth their attention. Consider providing transcripts so that people can quickly decide if your content is relevant to them, and make sure that your first episode (and the beginning of every following chapter) is as enticing as possible.

Why is podcasting important? It’s because it’s a unique opportunity to sit down with your audience and talk about whatever you need to. Would you like to answer questions about your industry? Do you have market insight that you’d like to share? Do you want to make hilarious jabs at your co-host for twenty minutes? It’s all possible with podcasts, and people can listen to them anywhere.

Photo by Jonathan Velasquez on Unsplash