U.S. job growth showed strong, positive signs as 2013 drew to a close, indicating that small business owners are more confident in economic recovery. Is your small business prepared financially for growth in 2014? Will you be able to add jobs along with the rest of the small business service sector?
Small businesses closed out 2013 with some of their best hiring numbers in two years, according to payroll processor ADP. The service sector carried the lion’s share of growth for all of 2013, indicating that business are growing more confident in the economy and thus increasing their hiring; in fact, the overall private sectorshowed strong growth as 2013 ended.
Between the employment report and the Federal Reserve’s decision to pull back on its stimulus efforts, small business owners can gain momentum in 2014 and feel good about their prospects. Staying on top of growth and profitability then becomes a key concern for businesses.
As 2014 gets into full swing, take a look at your cash flow strategy, along with your overall financial plan. Do you have enough employees to support an uptick in sales? If not, do you have the cash you need to get someone hired and trained?
If your small business is looking to add employees in the near term, it may be useful to consider short-term options like a merchant cash advance. Companies like Wellen Capital provide small business owners with funds they can use to meet expansion objectives, like making payroll obligations. If you’re ready to expand your business—or if you’re already losing customers because you’re understaffed, a merchant capital advance can provide the infusion of cash you need to staff up and support sales growth.
Payroll investments are useful for more than just signing checks, too. New employee training, as well as refresher courses or re-certification, are excellent options that can have a positive impact on your business going forward. As your employees start contributing to positive revenue growth, you may find your funding fees are covered without having an impact on profits.
A stronger U.S. economy with solid job prospects are exactly what we’ve all been hoping for since 2008; small businesses play a major role in that development. Prepare for your own strong 2014 with a fresh look at your financial plan and cash flow strategies.