As 2017 draws to a close, and 2018 nears, most business owners are looking to the future and trying to determine what the best solutions are for their business. It’s a difficult question, as each business is different, and will have different needs. But preparing can make sure that 2018 will be a good year.
A line of credit or LOC is a loan offered by the bank that allows the borrower to withdraw and repay funds based on the client’s schedule and needs. This makes a line of credit ideal for both new businesses and existing businesses that need access to additional working capital. Understanding exactly how they work, why they are beneficial, and potential downfalls for LOCs will enable you to see if they are right for your business.
When a business needs to establish a physical location the first thing they consider is the old adage “Location, location, location”. What they should really consider is “financial, financial, financial”. Understanding the different types of real estate loans, which ones will apply to which properties, and how they will affect your business, is the first step to figuring out the best path forward for your company’s real estate needs.
A business plan is one of those tools that may seem tedious to create but will be essential to your company’s long-term success. As business owners, we often assume we that we know where our company is going, that the unexpected will never happen, that the company will grow as its expected to.