Since the start of the COVID-19 pandemic in 2020, small businesses have been weathering many challenges. These changed with time. Reduced foot traffic, government-mandated closures, inflation, and supply chain problems are just a few examples. Some large businesses benefited from their economies of scale and specialized staff. Entrepreneurs, often making big decisions with little assistance, have been under increased pressure.
There are strategies that help small businesses succeed, despite the challenging environment. These include reallocating resources. Data shows that hundreds of businesses cut their spending overall during the pandemic. They often did this while increasing expenditures in key areas. For example, small business owners might cut marketing, but spend more to reward their staff. That might mean beefing up benefits, or increasing pay. Many small businesses have also become found ways to become more efficient. They took steps like upgrading software and investing in automation.
In spite of all these hardships, figures show small businesses have grown over the past year. Almost 6 million new small businesses were started across America between January 2021 and January 2022. These businesses are creating thousands of new jobs. In many cases, these new jobs are also paying significantly higher wages than in the past. It’s clear there’s an economic rebound happening, whatever the headlines are saying.
Investing in a small business is key to its success. That can be challenging in an environment where sales have been uneven and the cost of some supplies has increased. At Alliance Leasing, we specialize in financing equipment for businesses in a variety of industries. We have shorter applications than most banks and credit unions. Typically, we also make lending decisions more quickly. And finally, we can help businesspeople finance used equipment. That can amount to significant savings up front.
We finance everything from construction equipment to software. In some cases, we even provide working capital for our clients. Those funds can be used for things like marketing, which is one expense many businesses found themselves cutting during the early days of COVID. Whatever challenges you’ve been facing, chances are we can assist you. Give us a call today. We’ll talk about your goals and how we can help you reach them.