The global pandemic caused by the novel coronavirus has taught us that far too many workers in America are only a missed paycheck away from financial wreckage. On the bright side, though, this pandemic allows us an opportunity to re-engineer our economic system to make it more inclusive and sustainable. We must respond and recover from COVID-19 by re-engineering a future around economy-boosting careers and businesses. And in order to have a positive impact on the upward trend of your business, the most important factor is adequate funding. Crest Hill Capital, a leading business finance lender, offers the best working capital solutions for small businesses.
The unemployment rate from February 2020 onwards has increased considerably. This basically means that there are millions of people who have become unemployed. Workforce reductions were primarily focused on places where there was more ‘person-to-person’ interaction, such as education, hospitality, retail, health services, and leisure. As social distancing reached its peak around April, consumer spending fell when compared with February. Everything from the car and light truck sales to mortgage applications declined due to this rippling effect. Typically, smaller and newer businesses were hit harder as they had a less financial cushion.
Online Presence & Digital Marketing
The COVID–19 pandemic is here to stay until an effective vaccine is found. This should not be a deterrent to run a successful business. This would be the right time to invest in technology where you make your presence known in the digital marketplace. In these trying times of the pandemic where social distancing is the new norm, customers prefer to make their purchases online, whether it is food, groceries, or even medicines. And this trend is set to continue until we get the vaccine. Not having a website or an online portal or an app where customers can efficiently and effectively make their purchases could have a detrimental effect on your business. You will need to invest in upgrading your technology as well as for digital marketing to reach out to your potential customers to make this entire experience a holistic and seamless one. With the convenience of opting for a cash advance from Crest Hill Capital Limited, you will be able to meet your financial requirements to keep you at the top of your game.
Meeting Day-to-day Expenses
In order to meet your fixed expenses such as staff salaries, inventory, utilities, and rent, you would require some amount of revenue. If these expenses are not met by revenues generated, they will pile up over time and cause stress and anxiety. In the best interest of your business, it is imperative that these expenses are not ignored. Timely financing in the form of a merchant cash advance is perhaps the best option at this stage, with flexible repayment terms as provided by Crest Hill Capital Limited. This will enable you to meet your financial requirements at critical times with a hassle-free process.
Fuel your Expansion Plans
You could look at expansion by opening a new store, adding more
space to your existing store, or by diversifying your business, which will
leave you with more opportunities to improve your portfolio. The best time to
experiment with diversifying is when the market is down. From here on, the only
way to go is up. The year 2020 has been a year of trials so far, but with a
little planning and help, the well-experienced team at Crest Hill Capital can
make the rest of the journey a very successful one for you.
