How to Use Your Wholesale Business Loan | Fora Financial Blog
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How to Use Your Wholesale Business Loan
August 09, 2017
How-to-use-your-wholesale-business-loan

How to Use Your Wholesale Business Loan

If you’ve recently received a wholesale business loan, you’re probably wondering how you can best utilize it. You applied for a loan because you knew you were ready to improve your business, but knowing exactly how to prioritize these funds can seem a bit overwhelming.

In this post, we’ll share a few ways to use your wholesale business loan. Once you’ve considered all of your options, be sure to take a step back and think about the top priorities of your own business. These wholesale business tips are just that – suggestions. Only you know your business enough to make the final decisions!

Purchase inventory

Not only can additional funds insure that you can keep enough inventory stocked, but you can also use these funds to invest in a more advanced tracking and managing system for your wholesale products.

Everyone involved in the process, from your vendors to your operations department, should be on the same page when it comes to your products. A wholesale business loan can save your team a lot of stress on an inventory-management level.

Hire more employees

Are your employees feeling overworked? Running a wholesale business that’s understaffed can affect your overall productivity. It can be challenging to fill orders if you don’t have enough employees to do the work. With your additional funds you can build your team and ensure that you’re able to meet your customers’ needs.

Marketing projects

Keeping up to date in the fast-paced, extremely digital world we live in is no easy task. Your retail customers are busy trying to run their own businesses, and being able to capture their attention can feel daunting.

Instead of focusing on all the ways you think you should be marketing to your desired audience, think about how they want to interact with you. Research industry trends. Learn to think outside the box and come up with new, refreshing ideas.

Here are a few options to consider:

  • Turn your old marketing content into videos that you can share online and in your email campaigns.
  • Create physical items like brochures and pamphlets. These are easily shared in the workplace and stand out from all the digital marketing tactics.
  • If marketing is not your forte, hire on a marketing master who can take on these tasks for you.

Update equipment

Working with old equipment can take its toll on you and your team, and you know just how dangerous it is to fall behind schedule. Investing in updated equipment ensures that things move quickly and efficiently. And if something does go wrong, you are that much more prepared to handle it.

To use an age-old adage: you need to spend money to make money. Now that you have financing for your business, consider our wholesale business tips when deciding how to use it!

Fora Financial

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

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Fora Financial is a working capital provider to small business owners nationwide. In addition, the Fora Financial team provides educational information to the small business community through their blog, which covers topics such as business financing, marketing, technology, and much more. If you’d like to see a topic covered on the Fora Financial blog, or want to submit a guest post, please email us at [email protected].
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