In today’s marketplace small businesses are at a disadvantage compared to their larger and more established counterparts. According to Business Insider, 50% of small businesses fail in the first five years; 29% run out of cash while 82% experience problems with cash flow. Where does it all go wrong for these budding small businesses?
It is said, “You have to spend money to make money”. Access to the right funding solution is crucial in business growth. Because many entrepreneurs lack sufficient capital to launch their businesses, they turn to traditional loan options or alternative financing solutions. If the business does not take to a running start in terms of sales business owners may find themselves struggling with repaying the debt as their business fights to find stability.
Just as the mighty rise, they can fall. Another challenge facing these businesses is unexpected expenses. For an entrepreneur a lot of the first initial moves being made are a gamble. What will work and what will flop? On top of vital equipment to accidents or even lawsuits, an entrepreneur must brace for the impact of third party expenses that may be out of their control or, their budget.
According to CPA Practice Advisor, only 40% of small business owners feel they are knowledgeable on finance. And unfortunately, the lack of knowledge in how to properly manage money catches up with business owners. As we have learned time and time again, knowledge is power. Building your well of knowledge is what can take your business from good to great.
At Biz Lending Partners we believe in educating our clients so that they can make informed financing decisions. Our process allows you to focus on running and growing the business while we focus on bringing you the right financing option with the right lender for your unique situation
To learn more about small business lending and to access our resources, follow the link provided to our homepage. Stay educated and stay on top of today’s challenges with our team by your side : https://bizlendingpartners.com/
