3 Ways to Recover From an Unexpected Financial Hit
A financial setback can hit your business in more ways than one. Whether you’re facing hard times because of unexpected expenses, a sales slump or a larger economic crisis, there are a few steps you can take to get a hold on your finances and continue to serve your customers.
#1 | Explore financing options.
Loans, grants, venture capital, peer-to-peer lending – there are many ways to generate cash for your company. But it’s sometimes difficult to know where to start. The Small Business Administration (SBA) offers a free 30-minute training course that helps you determine your company’s monetary needs, as well as the financing options available to you. The course also covers the pros and cons of each option, ultimately helping you decide which is best for your business. You can enroll in the course here.
#2 | Use crowdfunding or fundraising to generate cash and excitement.
A slowdown in foot traffic or a delay in cash flow can quickly create a crisis for many small businesses. Crowdfunding or fundraising platforms can help you meet your financial goals, while also providing an opportunity to connect with current and prospective customers. Both options have pros and cons – like hitting a certain dollar amount before you can withdraw funds – and you’ll need to decide which method works best for you. Wondering how to get started? Visit the U.S. Chamber of Commerce website for helpful tips and tools.
#3 | Get the word out about your business.
Is it necessary to spend money in order make money? Not necessarily. The SBA and the Chamber of Commerce offer several tips for winning new leads without spending a significant amount of your budget. From frequently posting to social media to creating a referral program that incentivizes current customers to recommend your business to friends and family — you can use marketing tools in tandem with crowdfunding, fundraising and other methods to generate new revenue for your company. Learn more about successful marketing strategies from the SBA here.
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