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Q. As a new small business owner, how can the potential of profits be used to invest in my business?
A. Generating profits is the ultimate goal for all small business owners. Attaining profitability opens numerous possibilities, and what you as a business owner choose to use your profits for will depend on the type of business you own and the needs your business has.
Profits could be used to purchase additional inventory which in turn could boost sales and generate further profits. You could purchase or upgrade equipment to help your business be more efficient, increasing your bottomline. Possibly you want to get the word out and may choose to invest more dollars into your advertising and promotional activities. Or, you might just want to keep your profits to build up a ‘rainy day’ fund, save for future expansion or simply boost your business’s retained earnings which could provide certain tax benefits.
There are many resources available to business owners. These include your tax professional, or business consultant, and your local economic development officer or Community Futures office. There are also special programs to assist new business owners that have just started up. Explore all avenues, there’s truly a wealth of information out there.
At Synergy, we offer various financial tools to assist our business members. A ‘Quick Loan’ designed for businesses who purchase inventory but have to wait a couple of months for profits on these items to come back. A new and enhanced business MasterCard which offers cash back on your business purchases...it’s certainly worth checking out! And, at our specialized Business Banking Centre located at 50th Street, Lloydminster, you have access to quick service through our designated Member Service Representatives…they’re dedicated just for your business transactions.
In addition, Synergy has the expertise to assist you and your business. Make an appointment with one of our Business Relationship Managers or Wealth Services Investment Specialists. We’re here to help you succeed. Just give us a call.
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