For any business owner, having additional working capital can provide peace of mind. Knowing that you have business financing available can enable you to make necessary investments in your operations. In addition, it will allow you to avoid adversity, such as low cash flow, or being unable to afford necessary costs.
As an irrigation business owner, there are specific ways that you can utilize your business loan to pursue growth. From marketing to equipment to payroll, there are a myriad of possibilities that you may not have previously considered!
In this post, we’ll explain five potential investments you can make using your irrigation business’s additional financing.
1. Pay for Marketing Campaigns
It’s imperative that you’re consistently looking for innovative ways to attract new clients. Although there are a variety of marketing methods to pursue, effective marketing strategies will usually come with a cost. For example, you could create sponsored social media posts that target individuals in your typical customer demographic and geographic location. Check out all of the ways you can target potential customers via sponsored posts.
Another way to market your irrigation business is to pay for advertising space in local publications or community boards. These can be beneficial because they can give you exposure and allow potential customers to learn about your business. Make sure that your advertisement includes an eye-catching call-to-action, and gives potential clients a way to contact you.
These are just a few examples of ways that you can market your irrigation business. With your loan, you can devote more money to your marketing strategies, and can invest in projects that prove to have a large ROI.
2. Hire More Employees
If your company is successfully attracting new business, but doesn’t have enough manpower to serve all your customers, you should consider hiring additional irrigation employees. Having more irrigation techs on-staff will enable you to take-on more customers, and you won’t have to worry about feeling rushed or understaffed while on-the-job. Using your loan, you can pay for recruiting, onboarding, and payroll, without dipping into existing cash flow.
3. Purchase or Lease New Equipment
If your irrigation business is using old or outdated equipment, it’s likely that you won’t be able to provide the best possible service. Due to this, you should contemplate using your loan to buy or lease equipment. When using your loan for this area, ensure that the equipment is high quality and the latest model available. By making this investment now, you can save your business money in the future, as you won’t have to worry about frequent repairs or replacements.
4. Invest in Technology
Having state-of-the-art technology can advance your business’s processes. Unfortunately, technology can be expensive, which is why having a loan can make these advances possible. Below, you’ll find a few examples of irrigation technology that you can invest in with your loan:
• Scheduling services
• Billing services
• Automated tracking
• Smart Controllers
• Fleet tracking
5. Implement New Services
You might offer basic irrigation or lawn services, but if you add additional services you could increase sales. For example, you could start providing bug and disease treatment for customers that have infestation issues in their yards, or you could provide mulching services in the spring. Using your loan, you can purchase the necessary equipment or tools to implement these new services.
Using a Loan for Your Irrigation Business
Having a business loan can help you enhance your irrigation services and give your customers a better overall experience. Hopefully after reading this post, you’ve brainstormed how your operations can be improved with the help of your loan. Every irrigation (and green industry) business is different, so we hope that you can determine how your business can progress!
Katie Alteri is the content marketing coordinator at Fora Financial, a company that provides small business loans to businesses across the U.S.