You know the phrase about being stuck between a rock and a hard place? It seems to be very applicable in many business finance situations. Being a business owner, you’ve probably had to learn how to be resourceful and creative in tough circumstances. But even on our best days, we all sometimes run up against a wall we just can’t quite get around on our own. The trick? Knowing when to keep persevering, and when to call an expert “mountain-mover” to help.
If you find yourself stuck in any of these financial hard places, then it’s time for you to consider bringing an expert on board with your business to help bring the turnaround you need.
- The banks shut their doors.
While it never hurts to ask, sometimes the answer will remain “no” despite how nice your request might be. Small business lending is at a 12-year low, and banks reject more than 60% of small business loan applications. That means a lot of business owners just like you are feeling like they’ve run out of options. Sometimes the reason isn’t even bad credit; even financially stable businesses find it hard to secure financing for ventures that would grow the profitability of their company.
- Your main assets are your outstanding invoices.
This doesn’t necessarily mean you don’t have cash flow, it just means your cash flows very fast and runs quickly in and out of your hands. This sometimes leaves you feeling like you just can’t get ahead. Getting credit without many assets is tricky, but that is the key to helping your business’ cash flow. The good news for you is that there are more options than a traditional line of credit, and we know several different ways to help use your assets as collateral to secure financing for you.
- Your business is changing hands.
Have you been wondering what it would take to sell your business? It’s obviously a big decision, and one that shouldn’t be taken lightly. So much goes in to selling a business (or acquisitions and mergers), we think it’s crucial to have an expert walking with you through the process. Even as your business transitions, it’s possible to still do so in a strategic way that will set you (and your business) up for success in the next stage of life.
- Tax season “snuck up” on you.
If taxes are due, and you don’t have the funds to pay, you probably feel a little stuck! We’ve talked more about this topic HERE [link to IRS penalty post], but we’ll briefly recap. Not paying your taxes or paying them late is essentially taking out a very expensive loan from the government, and it’s never worth it in the long run. Though it may be tempting to go this route since it can seem like your only choice, there are financial strategies you can use to avoid this scenario.
These are just a few of many factors that could have your business stuck between a rock and a hard place. If you’re seeing your business heading the opposite direction of where you want to see it go and these are some of the things contributing to that situation, don’t give up! We are “turnaround experts”, and our specialty is providing you with options to help bring profitability and cash flow back to your business.