Bad Credit Business Tips: Loan Time in February for a Sweet Spring
February is a month of transition, if not always weather-wise, at least mentally as thoughts of Spring’s thaw start to get more frequent and Valentine’s Day trappings appear in store windows. While Spring is still relatively far off, the preparation that a bad credit business loans itself now can yield dividends as the weather begins to get warmer and for many business starts to pick up. Spring cleaning imagery is often based on physically tidying up, but in February, setting a mental game plan is more important, especially for seasonal business owners. This foundation will be carried with you, and should be created now so that new ideas can be tested out and expansion planned for, if necessary with required capital accounted for or at least ready to be applied for and put to use. Here are some of the priorities that business owners should put high on their lists in order to plant the seeds for a productive end to the Winter months.
Recalculate your business’s expenses accounting for the ACA, any new regulations you face, and the possibility of a minimum wage increase. The costs of doing business for many small companies may have increased this year, meaning that in order for them to stay competitive they need to take another look at their operating costs and their projected revenues, possibly adjusting their strategies if they find that they can no longer support their current operational costs. Rather than waiting for changes to become an issue, learning more about Governmental and regulatory that can effect business costs in your area should be done in order to avoid incurring fines or other penalties for non-compliance. The trucking industry, for example, has seen many new regulations put into place in an effort to protect driver health. This means that many logistics firms have to re-evaluate their costs, and depending on how much the regulations effect them, they may need to implement new hiring, marketing or operational strategies as well in order to ensure that they are able to make a profit.
If you are planning on expanding in the Spring, start looking for qualified candidates now. While there are many job-seekers out there, finding a qualified candidate for an open position in your business who also meshes well with your established company culture can be more difficult than you would think. You don’t have to make a hiring choice now, but reaching out to your networks in order to get a lay of the land is never a bad idea. In the event that you are looking to fill entry level positions, you may want to consider recruiting some interns now, and then hiring from that pool down the road. The benefit of this strategy is that you can take a close look at their performance and then bring them on-board with the benefit of already having trained them, minimizing the time that it takes for new hires to acclimate to new responsibilities and learn how your business’s environment works.
Lay down some financing plans, taking stock of bad credit options if applicable. In the thick of a busy streak is not the opportune time to make plans for securing capital, especially if your business needs to be more sensitive to how it applies funding due to bad credit, outstanding loans or other financial issues. Even if you don’t anticipate the need for business funding, knowing what options are available to you can also help you understand how strong your business appears on paper, potentially demonstrating areas where you need to improve, which should be accounted for sooner rather than later.
Photo Credit to Scott Costello on Flickr