When businesses are faced with challenges, trying to power through is not always the best option. Some of the biggest business successes came from those entrepreneurs who were able to think outside of the box and adapt to the challenges facing them and their customers. Adaptability is the key to success in both evolution and business, so we’re going to look at how to come up with creative solutions during challenging times.
Changes in Customer Behavior
Changes in customer behavior happen regularly. Products and services that are “hot” at one time may not be later on. Demands in one sector can give way to new innovations. In our current climate, external pressures are preventing customers from venturing out in the world to directly interact with the businesses they normally visit. There are a number of ways to adapt to changes in customer behavior. A business might perform exploratory marketing to see how they can stay relevant to their clients’ needs and wants. With our current challenges, businesses might want to move operations online or partner with other services to deliver goods and services to customers. Think of a restaurant or grocery store that doesn’t offer delivery. Their customers need food, but they can’t come to the store due to quarantine guidelines or risk of illness. To meet the challenges posed by these changes in customer behavior, those stores are partnering with companies that specialize in delivery to minimize disruption on both ends and generate capital. Look for businesses that are aligned with yours for valuable partnerships to overcome challenges.
Working Capital Solutions
There are two major working capital solutions to help businesses maintain operations and thrive during challenging times. First, unsecured lines of credit are available to new and small businesses. Unsecured lines of credit provide fast and reliable access to working capital without any requirements for collateral. Businesses can access financing as it is needed for everything from inventory to purchases, or even to pay down bills. Because these unsecured lines of credit are for small businesses and startups, interest rates are very low. SBA loans offer a second solution for businesses experiencing challenges. SBA loans are extremely versatile, and cover everything from working capital to equipment, business acquisitions, commercial real estate transactions, and more. SBA loans can cover the needs of eligible businesses across all industries with low interest rates and generous terms.
Nanaki Capital provides financing solutions for businesses to help them meet and overcome challenges. Contact our offices today to learn more about our unsecured business lines of credit and SBA loan programs.