As we navigate uncertain economic times, it’s not uncommon for a business owner to be hesitant about investing in their business. It’s a natural reaction to protect what you have built. In fact, 57% of surveyed small business owners agree or strongly agree that uncertainty in the economy has prevented them from making investments in their businesses that they would ordinarily make.
However, what you may not realize is that your competitors are investing in their businesses to take advantage of growth opportunities during this time. According to the National Federation of Independent Businesses, 53% of those surveyed made recent capital outlays, and of those, 77% were for new equipment, vehicles, or improving and expanding their facilitiesii. Additionally, 27% were planning capital purchases in the near futureii.
Though it may be easier to maximize your capital structure during good economic times, it is still valuable to look at what you can do in all stages of the economic cycle. By addressing your business’s overall debt picture now, you can take steps to help optimize your business credit to remain financially stable and be positioned to leverage growth opportunities if they arise.
By preparing and adapting now for the economic twists and turns that may lie ahead, you will be working toward the goal most business owners strive for: maintaining strong working capital and positive cash flow to facilitate stability and growth. As you review your current capital structure, consider these questions:
- Should you restructure your current debt to create better cash flow?
- How can you invest in your business to remain strong and outgrow your competition?
- Should you secure access to additional capital—even if you don’t need it today?
The risk tolerance of a business owner will largely determine how they will fund their business and structure their debt. Huntington has helped small business owners examine their company’s capital structure to find a solution that is right for them. We can work with you to understand your goals, your finances, and the specific nuances of your business. Then, we’ll recommend a plan that can help make your company stronger in today’s evolving economic climate.