You have many options to get working capital for your small business to ensure you have enough cash flow. Here are common questions to ask to help you find a small business lender that best meets the needs of your company.
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A company’s executives came across excessive cell phone bills, so they asked their manager to review the bills. Naturally, the first thing most people thought was that some employees may be abusing their cell phones to make personal calls. That wasn’t the case.
After doing a little detective work, the manager figured out that the high phone bills resulted from employees having different usage needs and working in different locations. One employee, a frequent traveler, racked up roaming charges whenever he traveled to another country. The company found a better plan to fit the employee’s usage and cut the bill by more than half.
Businesses often think they need to borrow money when they shouldn’t. Still, there are times when it’s a good move to get working capital financing, especially when it contributes to growing the business.
A bank approving an application for a loan isn’t a sign that a business needs it. All it indicates is that the bank believes the business can pay back the line of credit or loan. That’s their main goal regardless of how it affects your business.