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Find Additional Capital
– March 18, 2011
The best, and cheapest, money around comes from managing your business more efficiently. But if you come up short, here are some other ideas to consider. Some of them are old ideas that merit a new look.
- Convince your suppliers to extend longer-term credit. Provide your suppliers with credible plans along with forecasts showing that they will be paid.
- Leasing equipment is a way to get equipment without tying up cash or inhibiting borrowing ability.
- Look for economic development grants and loans. Contact the U.S. Department of Commerce Economic Development Administration office in your region. There are often grants available for job generation or retention.
- When you need cash, think in terms of bringing in some other investors. This can be an easy solution to your cash flow needs.
This is Profit Enhancement Idea #45 in Heard, McElroy & Vestal's 100 Ways: The Profit Enhancement Process series. The purpose of the series is to assist business owners and managers in cutting costs and increasing revenues by working smarter, not harder.
Walker Coburn
318.429.2109
wcoburn@hmvcpa.com
Walker is an Audit Manager in our Shreveport office. He received his Bachelor of Administration in Accounting and a Masters of Accountancy from Millsaps College in Jackson, MS. Prior to returning to his hometown of Shreveport and joining Heard, McElroy & Vestal, Walker worked for KPMG in Jackson and Memphis, and more recently as a financial reporting advisor for FedEx Corporate.
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