By Elie Y. Katz
National Retail Solutions
Cash is a necessary part of running a business efficiently and ensuring its success. Almost all components of a business require funding. Whether a business is just starting up or has existed for some time, cash funding offers multiple benefits. In this article, I will touch on the various advantages of cash funding that ISOs and merchant level salespeople (MLSs) can point out to merchant customers who may be unaware of them.
Advertising and staying in touch with customers is a vital component of running a business. First, showcasing what a store has to offer and making the retailer's unique presence known can help attract more shoppers. Available marketing can make this easier. These can include running advertisements, sending out emails, or registering a business with search engines. Services, such as Mailchimp or Constant Contact, can make sending email blasts much easier.
Retailers can also benefit from updated websites and social media accounts. If a store doesn't have a website, it is worth hiring a developer. It should display available deals, discounts and an up-to-date catalog showing what the business has available. Social media accounts also bring more attention to businesses. This could include a Facebook and Instagram page. They should be well maintained with adequate information, such as products and how to get in contact.
From hiring a website developer to advertising, cash is a major piece of making it all possible. Therefore, using cash funding and potentially applying for a cash advance can be a major step for a retailer.
It is of major importance that a business to be properly stocked, especially with the current issues in supply chain distributions. The delays caused by shortages and pandemic overall have caused stress for retailers worldwide. Therefore, placing orders for product shipments should be done well in advance. Cash funding ensures businesses are able to pay for what they need.
In addition, merchants must keep track of what their stores need. They should know when they are almost sold out of items and replace them as soon as possible. Empty shelves should be avoided at all costs. Furthermore, they need to pay close attention to what products sell more than others. Ordering products customers are drawn to is a good use of cash.
A retail business should be clean and updated. Customers should feel comfortable shopping at a merchant's store. A fresh paint job, new flooring and a well-managed restroom will enhance the overall environment, contributing to a positive impression. It can be fatal to a business to ignore how a store's look impacts customers.
Additionally, a well-functioning air conditioning and heating system is also key. If a store is too hot or cold, customers will not want to be in there for long. Updating these aspects of a business can ultimately strengthen relationships with customers. Cash funding can help pay for these projects.
Employees play a major role in making a business run smoothly. One of the most important responsibilities for merchants is paying their employees. Sometimes this requires a cash advance to make sure they are paid on time. Employees should not have to wait to receive their paychecks.
Cash funding opens a lot of opportunities for merchants. I mentioned a handful of them in this article. When it comes to advertising, social media, inventory, store appearance and paying employees, resellers can take advantage of cash funding. There are many ways to better a business, but they all take cash. Encourage your merchant customer to not be afraid to apply for cash advances when they need them. Remind the retailers you serve that the future of their businesses depends on the decisions they make today.
Elie Y. Katz is founder, president and CEO at National Retail Solutions (NRS), https://nrsplus.com. Contact him by phone at 201-715-5179 or by email at firstname.lastname@example.org.
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