There is a common misconception that only start-up businesses need funding but the reality is that growth businesses with 6 – 24 months of trading history are more likely to require funding.
Some of the main requirements for funding include:
- Expansion of your premises– it’s time to move out from that hot desk and into proper premises
- Managing Cash Flow– Growth businesses are constantly balancing their income and expenses. By being able to build up a bit of a buffer and ease cash-flow constraints
- Hiring additional staff– The right hire can have a major multiplier effect as your business gets traction
- Equipment purchase– Expansion of your business often comes with capital expenditure – how will you be funding this expansion?
- Marketing –As your business moves into a more competitive segment of the market and competes for higher quality clients, you are going to need to up your marketing spend.
- Buying Inventory– What’s worse than winning an order and then not being able to complete it because you can’t afford the inventory for the order? Purchase Order / Contract or Tender finance can make a huge difference for your SME.
If you are looking for a lending solution to help you tackle these growth challenges, two online solutions geared to the South African market are LulaLend and .
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