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When used appropriately, financing allows companies to make smart investments in their own future. Access to funds can be an engine for growth and allow for exciting opportunities that wouldn’t otherwise be possible. That includes shoring up existing staff and assets, taking advantage of growth opportunities, and investing in equipment and systems to streamline operations.
Want to learn more? Here are the top ways companies use financing to help reach their goals.
In today’s tight labor market, retaining team members is essential to maintaining a competitive edge. With the right financing, you can afford to upskill high-potential employees, send your team to conferences, offer in-house seminars, or provide one-on-one coaching. This can have a vital impact on your ability to retain quality staff. As the 2019 Deloitte Human Capital Trends report notes, research shows that “the inability to learn and grow” is a leading factor in why people quit their jobs.
Expanding into new products, services, or markets can help you retain your competitive edge — but you lose any advantage when you can’t move quickly. A well-timed infusion of cash can help you beat the competition, while an incremental investment might mean you’re only moving with the pack — not ahead of it. Funding can help you move decisively and stake a claim on an innovation or offering, establishing your business’s appeal more firmly in the minds of your customers.
An upgrade of your workspace is not only about cosmetics. A redesign or relocation can improve your appeal to customers or help you recruit quality employees. A better location can boost productivity among your current staff as well — for example, if it cuts down on employees’ commutes or simply provides a better space in which to work. In other cases, it can improve access to inventory or other supplies. Purchasing a commercial space also provides tax benefits. Having funding in place means you can seize opportunities when they arise to reap the rewards of an improved workspace.
It’s easy to put off upgrades, but failing to prioritize spending on new technology can lead to sluggish output and dissatisfied customers. In a recent survey, more than 70% of employees said their computers or software were outdated, and a staggering 98% of employees report that old tech of all kinds impedes productivity in some way. Additionally, you may lose your customers’ loyalty if they can find a faster, easier way to work with a competitor. Close to 90% of customer service teams in a recent survey said that service expectations are higher than in the past. Investments in technology to improve your internal and external processes will help you keep pace and exceed customers’ needs.
Protect and strengthen your company with the right financing. Citizens Bank can help you find the financial tools you need to meet your objectives.
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