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How to manage an urgent cash need for your engineering business

  • Highlights

  • Sell redundant assets

  • Avail a merchant cash advance

  • Renegotiate payment terms with vendors

  • Fund urgent needs with Engineer Loans

An urgent need for cash could arise in any business. In an engineering business, this could mean the need to purchase new software, repair existing machinery, hire staff or invest in IT infrastructure. In order to keep your business prepared for any eventuality, it is important to be aware of the various ways in which you can meet your financial needs. Here are 5 ways to manage your urgent cash needs.

1. Sell off redundant assets

Your business could have various redundant assets like old machinery, unused premises or vehicles. Having a large number of redundant assets can block the working capital in your business. Sell off these assets to earn money for urgent business needs.

2. Generate cash through sales and discounts

Sell products or services at a discount to speed up sales. These funds can be used to meet the short-term capital requirement of your business.

You can also offer discounted quarterly or annual packages to loyal customers who are willing to pay in advance for reduced prices.

3. Use merchant cash advances

Based on your past business revenue and cash flow, you can get a cash advance on debit or credit card sales in the future. Be careful about these deals as you may be paying high interest rates. So, choose one after reading the fine print and doing some research.

4. Renegotiate terms with vendors

Depending on your contract with vendors, you could be bound by terms like paying their dues before a certain deadline or even paying them a fixed margin. In cases where your business has not received payments from customers, repaying your vendors in a fixed period of time according to the clauses of the contract may be difficult. In such cases, you should make it a point to review payment deadlines for interim financial relief. You can use the money you save here for urgent needs.

Personal Loan Features & Benefits

5. Raise finance through a Business Loan for Engineers

You can raise affordable finances through a customised loan like the Bajaj Finserv Engineer Loan. This loan provides you with a range of benefits like simple eligibility criteria, nominal rate of interest, quick approvals, flexible tenor and much more. It is ideal for a range of purposes like paying vendors or for use during business expansion. With approval in 48 hours, you can easily get the money you need to meet immediate business expenses.

Be it tiding over cash flow issues or raising finance for new projects, these 5 methods will ensure your business gets funds as fast as needed.

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