Ali Habib Mayar‘s background in finance has exposed him to different kinds of businesses, entrepreneurs and the challenges that make or break them. AS CEO of Platinum Rapid Funding Group (PRFD, Ltd), he helps entrepreneurs get the funding they need to get their businesses off the ground or keep them running.
Platinum Rapid Funding Group occupies a special niche in the business community because they specialize in providing small business loans to entrepreneurs. Small business loans are notoriously difficult to get and often come with wide restrictions that add to the strain that many entrepreneurs are under.
Ali Mayar and his team aim to make these loans more accessible to each client because he understands how important it is for businesses to have reliable funding.
Here he sits down with us to share 5 reasons why funding is important for any business.
Funding is crucial to get a business started or to keep it going. Many small business entrepreneurs make the mistake of thinking that they’ll attend to funding issues when the budget starts to get low, only to find out that they can’t get the right amount of funding in time to keep the business afloat. Funding or the lack thereof can make or break a business. Here’s why.
Seed money
Funding is important if you want to start the business the right way. If you are cutting corners from the get-go, you’ll likely be underperforming and under delivering to target consumers and it won’t look good. It’s also the worst tactic if you want customers to come back for a second or third visit.
Day-to-day operations
Even if you got the business off to a good start, funding is needed to continue operations. Most businesses don’t start recouping losses well until the second or third years of operation which means you need to have a good amount of funding to keep operations running before you start seeing real profits.
Repairs
Running a business, especially one with a physical location, comes with a set of risks. You may have insurance to cover accidents like fires, flooding, earthquakes and the like, but cash coming from an insurance payout only becomes available weeks or months after the disaster. You need a funding source that you can tap into to get repairs started immediately so you can be up and running after any disaster. This same funding source will also prove necessary for other needs like routine maintenance, equipment upgrades, and minor repairs.
Maintain Quality
Funding is important if you want to maintain the quality of goods and services. Even if you hit a few bumps in the road that can cause you to lose profits, having a reliable funding source to back you up ensures that you don’t compromise on quality during challenging times.
Expansion
After a few years of solid performance, your business may be ready for expansion. You may need to get a bigger location or start offering an expanded menu of goods and services. All these require money. A reliable funding source can take care of the cash needed to rent a bigger location, pay for additional staff, or finance product marketing and research.
Running a successful business requires more than just grit, creativity and belief in your product or service. You also need a reliable funding source that can prop you up financially when the need arises.Get more tips and insights on business funding and entrepreneurship by visiting Platinum Rapid Funding Group Team, Ali Mayar Facebook and Twitter.