This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/07/03/ask-the-experts-three-questions-about-retail-cash-flow-and-inventory/
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by Allison Lilly of Kabbage, Inc.
The retail sector is undergoing tremendous change, with a growing volume of sales shifting to online stores. But for owners of all types of retail businesses, issues related to cash flow and inventory remain a primary concern.
According to an exclusive Kabbage survey of independent retailers, more than 40 percent cite inventory as their largest expense over the course of their first decade in business. Given the seasonal ebbs and flows of the industry, a number of those small-business owners wind up borrowing money in order to cover their costs.
What can you do to make things easier for your retail business? We asked the experts, including experienced consultants and successful business owners, about three common inventory and cash-flow concerns that arise in the retail sector.
1. Should I take out a line of credit to pay for my inventory or cover it with a credit card?
Longtime retail consultant Allison Boswell says a line of credit, whether through a bank or an online lender, can “take the pressure off” in ways a credit card can’t. She says a number of clients she advises wind up putting all their inventory expenses on a credit card in order to get points or miles that they can use for their personal vacations or expenses.
“But they’re not in the miles business,” she says. “They’re in the retail business.”
The problem with using a credit card, Allison says, is that things go wrong. She cites a mix-up that happened to a client who put $10,000 worth of merchandise from a vendor on her credit card. When the shipment wasn’t what she wanted, it took her nearly six months to get a refund.
A line of credit, on the other hand, will give you control over the situation—and the flexibility t… Read More
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