Nowadays, technology is a must-have for small and medium-sized businesses everywhere. With the right tools, business owners can extend their market reach (due to e-commerce and social media platforms), hire talent from all over the world (due to remote collaboration and communication tools), and reduce their costs (due to automation).
Additionally, in order to stay competitive, SMBs need access to data-driven marketing campaigns and data specialists who can help them understand the market and the trends. So, technological transformation is no longer an optional matter – it’s a must-have for anyone who wants to continue attracting customers and turn a profit.
However, even though accessible, the necessary modern technology to keep a business running smoothly (even a small one) is a serious investment. And, in many cases, business owners and entrepreneurs don’t have the funds needed to start the transformation.
Luckily, there are ways to finance this project, and today we’ll go through the most common options:
Apply for a Loan
A bank loan or credit is the safest and most obvious option, but it can be lengthy and time-consuming since banks need a lot of paperwork and the verification process is quite extensive.
So, if you don’t need a large amount, you may want to orient yourself towards other sources such as short-term loans. If you check the requirements for a Nimble short term loan, you will notice the verification process is quick and the application is quite easy. Moreover, the conditions are easy to fulfill and there’s not much paperwork needed.
Lastly, if you’re a beginner entrepreneur and don’t want to get involved with financial institutions, you may find the funds with a friend or a family member.
An investor (or more) provides entrepreneurs with a way to get the funds without having to return the money. Therefore, it’s important to participate in networking events (online and in-person) and create as many connections as possible. Promote your business and projects to all the established businessmen and women who are willing to listen and pitch them the idea of an investment. You never know who might be interested.
Quick tip: To make sure you don’t miss your best chance, put together a solid business plan and make sure your business’s vision is easy to understand from a stranger’s point of view.
Consider an Alternative Method
Nowadays you can find funding through crowdfunding or grants, so pay attention to the news and trends. While it may take a bit longer than a loan or finding an investor, alternative methods are the ideal solution when you want to maintain your control over the company.
However, in both cases, you will have to convince people your project is worthy of their support. Therefore presentation and marketing are of utmost importance.
Another method to raise the funds you need is through fundraising events (parties, auctions, opening night galas, and so on). Still, this means your company has something interesting to offer in exchange for participants’ generosity and that your network is extensive and varied enough to gather enough people interested in your offer.
According to the latest Global Statshot Report, Australians love social media and mobile technologies, which means they use their mobile devices to find the products and services they need. Therefore, if your business is not easily available online and doesn’t have enough visibility, it will become increasingly difficult to find customers and get a profit.
Moreover, as things progress towards voice search and intelligent technologies, a business without a solid online presence won’t be able to stay competitive. So, now is the time to make all the necessary efforts to find the funds for your business’s technological transformation!