When business is going well it is natural to start thinking about expanding, but it is also natural that you may be feeling skeptical. There are many factors that go into growing a business and financing is arguably the most important. A great way to get extra finances to grow your company is through asset based lending. Asset based lending is a loan secured by inventory as collateral, which is perfect for high growth companies. Asset based loans will continue to grow as your company’s receivables and inventory grows.
Before you make a commitment to expanding your business you should make sure that your company is truly ready to expand. Here is a list of indications that it is time to expand your business using asset based lending from Ace Biz Funding.
- Your business has been profitable consistently for a few years.
- The industry or market of your business is growing.
- You have steady positive cash flow.
- Your company seems to be running out of room.
- You have more business that your company can manage.
- You have returning customers that are loyal.
- You have strong team of employees that can handle extra work that comes with growth.
- You can see that your product or service is in demand.