If you run a small business, then you are looking for ways to grow your company, improve your profits and expand your client base. Small business loans help NZ businesses reach their short and long-term goals by providing them with the funding they need.
However, it’s not enough to acquire the loan itself – you need to use it wisely. How can you use the money to grow your business and your profits to pay back your loan and improve your company in the long run?
Exploring Strategies For Small Business Loans
There are so many ways you can boost your business with extra funding. So, before you apply for a loan, you must formulate a plan for what you will do with your money. Understanding your business plan will make you appear more serious to lenders and will help you know how much money you need to ask for.
What can you do with NZ small business loans?
Boost Your Marketing Efforts. Even if you have incredible products or services, you will have trouble selling them if no one knows about your business. Marketing allows you to reach out to countless potential customers, getting your branding out there and telling people about your unique services.
Explore different marketing methods you could use for your business:
- Print Marketing. Traditional marketing involves putting ads in print media, like magazines, newspapers or physical posters.
- Online Marketing. Online marketing is a must for modern businesses because so many people are online nowadays. Invest in ads for websites, videos and more to get your name out there. Additionally, make sure you set up a website for your business and create a Google Business Profile so that potential customers can learn more about you online. Digital marketing and SEO (Search Engine Optimisation) efforts can draw more eyes to your company.
- Social Media. So many of us use social media every day, which makes social media platforms very powerful tools for modern businesses. Set up social media profiles on different platforms so you can post about your products, services, events, deals and more.
- Creative Campaigns. Feel free to get creative with how you show off your goods. For example, you could host a contest, and the winner could win a prize from your product line. This will bring attention to your business and give customers a chance to interact with your brand.
Upgrade Your Commercial Space. If you have a physical storefront where your team works and your customers come to visit, consider using your NZ small business loan to improve it. Even small upgrades can have a major impact on your hardworking team and your valued customers.
You could put effort into improving functionality:
- Renovate your space to improve the layout or functionality of your workspace, improving workflow.
- Invest in better furnishings to create a better working environment, encouraging your team to stay productive.
You can also improve customer experience so that your customers will want to visit you again:
- Redecorate to create an inviting, modern environment that your customers will enjoy being in.
- Create areas to sit or relax so your customers can feel good when they’re waiting.
Improving your space itself will leave a lasting impression on your team and your customers, promoting staff well-being and creating a nice place for your customers.
Invest In New Equipment Or Technology Upgrades. Modern, efficient tools and machinery can streamline your operations, improving your productivity and your product quality.
Replace or upgrade your current equipment to:
- Increase Efficiency. Get work done faster or create products more quickly, without cutting corners or harming quality.
- Boost Product And Service Quality. Invest in modern machinery that’s designed to create amazing results more effectively, making life easier for your team and your customers.
- Reduce Energy Usage. Choose equipment that’s made with energy efficiency in mind, reducing your running costs and your energy consumption.
Although new machinery often has high upfront costs, it can make up for the initial investment through better output and reduced running costs. Plus, the improved production can increase profitability by enhancing your goods and services.
Hire And Train New Staff. Does your current team feel overwhelmed? Could you use some extra help? Use the funding from NZ small business loans to expand your team, hiring and training new staff.
Your new staff members can help fill gaps in your current operations. They can serve more clients and boost your production. Ensure each new staff member is adequately trained and equipped for the work. Your loan could help with hiring the new staff members, purchasing equipment for them, training them and ensuring they get paid.
Enhancing NZ Companies With Small Business Loans
Your loan can be used in countless ways to uplift your small business. Of course, the first step is to plan for and secure your small business loan. We welcome you to work with our Spinach team to learn more about your business loan opportunities.
Get started by calling us on 0800 SPINACH. Or, send us a message online.
Spinach: Let’s pave your way to success with a small business loan.