Building a business from scratch requires money. It could be just to scale up or to invest in new equipment or to purchase inventory. Thankfully there are many avenues for acquiring business loans. Using the loan to fund daily necessities is standard. However, there are several other investments that you must make to scale up your business.
Here are the top 5 things, in no particular order, that you must consider putting your SME loan money into.
It is your logo, your business cards, your website, the mobile app, and the branding of your company. It is this that your customer notices first and remembers. Hire a reputed design firm and let them develop you company’s design. A good design will require a substantial investment. Do not hesitate to make the right choice.
Not everyone is lucky to be in a niche market. Where there are competitors, there needs to be marketing, more so where there aren’t. For that you need to understand your target audience, your business objectives, and have one succinct communication message. Once again, we insist you hire an expert. Do not try and do this on your own. Marketing is a critical aspect of your business, and if done properly, it can up your sales and expand your business.
Not many people see the importance of technology. It does not mean having the latest computers and mobile phones. You need technology to enhance productivity and improve the output of your business. Investing your SME loan funds in instant messaging systems, document organisation systems and content management system, etc. takes care of flow of information and productivity within your office. However, there are aspects of technology that make an impact on customer satisfaction too. You need to ensure your office, and staff, has impeccable cell coverage at all times. Dropped or distorted calls are detrimental to business.
Your website matters too. It needs to be appealing, should be easy to navigate and contain all the relevant information. In today’s digital age, your website and social media presence are crucial to your business. Do not try and save money on technology. Your business will thank you later.
- Legal Advice
Legal advice is not required just in case of a dispute or illegal transactions. An SME needs strong legal backing to ensure its contracts are impeccable, for the success of the business and also to not get into any legal litigation in the future. Therefore, it makes sense for a start-up to hire a lawyer.
Legal expertise is best acquired from an expert, and not cutting corners on hiring the right person could save your business from potential legal issues.
- Accounting and Financial Service
Unless you are an accounting wiz, hire an expert. Are you currently short on capital? That is in fact the right reason to hire an accounting firm. Instead of wasting your time and effort, or that of employees, on tallying the books and keeping finances in check, hiring an accounting firm will help you optimise your business and be ready for any unforeseen situations. Failing to hire an accountant could see costs and expenses get out of hand, and you will end up with an inefficient business where the money that could be used for growth gets wasted.
Consider all these points when making your budget for the next quarter. And remember, business loans can be used to fund all these requirements.