Football season is here! This is the time where people like to go out and enjoy some food and brews with friends at local restaurants and bars. This gives your business an opportunity to have a great season alongside your favorite football team. There are times where you will run into certain ‘situations’ and you will need the right ‘play’ to keep the momentum rolling. We’ve put together a series of posts on the way financing can help your restaurant business.
Situation: Fourth And Goal
The competition down the street is taking your season down to the wire. Everything has been going great, but during the two minute warning your refrigerator breaks and you lose all the food inside. Now, you need equipment and more inventory due to the loss. This seems like a perfect time for the competition to capitalize, but this is not a time to give up. This next play can get you a touchdown on a fourth and goal situation.
Play: A Winning Combination
Many lending institutions only offer working capital or equipment leasing separately. In a time like this, you need a lending institution that can provide both at the same time. A combination play such as this will help you get everything you need in one go, so you do not need to get funding from separate lenders.
This play will also help give a one up on your competition because it helps you keep cash in your pocket! When most businesses just go for equipment leasing, there are soft costs, installation, inventory costs, etc. Since this play includes a working capital loan*, it helps pay for all these expenditures and most importantly does not hurt your current cash flow. It allows you to pay over time and keep you in the game.
That’s how you can beat opposing teams at their own game.
Free eBook: Working Capital 101
Terms You Need to Know
Whether it’s interest rates vs. rate factors, or determing ROI vs. cost-of-money, this ebook is a glossary of terms that every small business owner should know.
*Working capital not available in the following states: AK, DE, ND, VT