What’s the Difference between an Unsecured Business Line of Credit versus a Secured One
In business, you always have choices. For example, you may be deciding on whether to invest in the newest technology affecting your field or have to weigh cost versus experience when selecting a new marketing firm. You might also be exploring the pros and cons of an unsecured business line of credit versus a secured one.
As a small business owner, your most important task is making the decisions that are right for your business and everyone affected. The choice between an unsecured business line of credit versus a secured one is not to be taken lightly. In fact, the very future of your company could one day depend on it.
How Banks Handle an Unsecured Line of Credit versus a Secured One
Banks always want to give you a secured line of credit. This means that you must put up enough collateral to cover the cost of this small business loan.
For most small business owners, this typically involves offering your home as a guarantee for repayment, putting it at risk. Therefore, you may seek to obtain an unsecured line of credit.
The truth is that banks only offer an unsecured line of credit to their best customers. To get one, you must have exceptional credit, a squeaky-clean financial history and millions of dollars in revenue.
Where is the Best Place to go for an Unsecured Line of Credit?
Financing Solutions (www.financingsolutionsnow.com) is willing to give you an unsecured line of credit using just your future receivables as collateral. They specialize in working with small businesses that have less than perfect credit but a good business model.
It is one of the key reasons Financing Solutions can offer an inexpensive line of credit with approval times in 48 hours. This is a big improvement over banks, which often take months to reach a funding decision.
The Difference between Working on Your Business versus Working in Your Business
When you started your business, it’s likely that you wore many hats and had to be a jack-of-all-trades. However, now that you’re growing, it’s vital to rethink your role and revolutionize your vision. This often involves working on your business instead of in it.
One way to do this is to delegate. Some entrepreneurs find it difficult to give up control, especially when talking about a company they built from scratch. Nonetheless, this is a crucial part of your company’s success. Hire the right people and trust them to get the job done. This will allow you more time to focus on big picture tasks such as responding to market changes and handling growth.
To be an effective leader, you should also practice transparency. When staff and other key stakeholders know more about your goals, plans and desires, they will get excited at being part of the process. Empower employees to offer suggestions and feedback and you will begin to see an increase in loyalty and team building. This ultimately creates an advantageous corporate culture where innovation and profitability can thrive.
The most important aspect of working on your business is getting the right quick business funding. For this, you simply have to contact Financing Solutions.