Because a Merchant Cash Advance is best used for growth strategies, one smart way to use the money is to invest in training for you and/or your employees.
Consider the opportunities:
- Salons and Spas: If you are a salon or spa owner, you could train some of your employees to offer a new service. Facials, pedicures, or maybe body wraps could be an option. Adding a certified practitioner of another type of service can create an additional, ongoing revenue stream for your business. By adding new services and options, you might be able to bring in new clientele and strengthen relationships with your existing customers.
- Restaurants: A restaurateur could train a wait-staff on wine pairing, tableside preparation, or other types of value-added customer service. Sending the kitchen staff to advanced culinary training could introduce new techniques that help the menus improve and diversify. The restaurant owner could train in marketing or accounting techniques that help the business stabilize and grow.
- Retail: There might be a number of good training opportunities to explore depending on the type of retail store you are running. Don’t overlook the value of training someone in your organization in the use of office-related software. The improved use of Excel, Quick Books, or other accounting software could have a big impact on your bottom line. By using an employee instead of a third-party provider you can reduce costs and perhaps improve your profitability.
Training in new and better service techniques is the way many small businesses retain a competitive edge. Don’t get left behind – use specialized training to allow your business to lead the competition, to set the bar high.
Generally speaking, the best advice for using a Merchant Cash Advance is to use it to invest in a strategy to improve your business. Paying for the training costs associated with being able to offer a new specialty or reduce costs are examples of using a Merchant Cash Advance wisely.
What do you think? Is there some specialized training you could use in your business that would open up new possibilities?