With amazing loan products like the Maya Flexi Loan now out on the Philippine market, there’s never been a better or safer time to get loans for your small business. But as great as these new loan products are, maximizing loans for businesses still requires a thoughtful and comprehensive view of your business’s short and long-term goals. Here are several ways to ensure that your next business banking loan becomes a catalyst for long-term success:
1) Focus on Revenue-Generating Areas
Even if you’re able to pay back a business loan, it can still be quite a feat to ensure that you’re able to use what you borrowed productively. For the most productive use of your new funds, prioritize leveraging them to reinforce your business’s key strengths and avoid wasting funds on projects that are unlikely to be of direct benefit in the short term. This way, you can ensure that the loan creates a multiplier effect that benefits your business both immediately and over the long term.
With its simple application process and fast approval times, the Maya Flexi Loan is especially handy for injecting cash into critical operations at short notice. You can apply for a Maya Flexi Loan right on Maya Business Manager, the same platform used for activating and managing other Maya Business solutions, saving you even more time on loan processing.
2) Invest in Your Marketing
Targeted investments in marketing are a good use of business banking loans, as marketing efforts provide a foundation for your sales and other revenue-generating activities. Because different marketing strategies provide different ROIs, you have to be selective in the marketing areas you spend your loan on. Focus on marketing activities that generate high value relative to their cost, such as loyalty programs, social media marketing, video content, email marketing, and search engine optimization.
3) Eliminate Inefficient Processes
Enhancing operational efficiency is a smart way to maximize the impact of your small business loan. This might involve updating internal processes, making new human resource and tech investments, or optimizing supply chain logistics. By making your operations more efficient, you not only utilize funds wisely but also position your business for sustained growth in the long run.
4) Improve Your Human Capital
If you want to take your business further, you need to invest in the people who make it work. A well-trained team is invaluable for your business’s productivity, customer satisfaction, innovation, and reputation. Consider using your loan to update your training programs for employees as well as to provide competitive salaries and benefits to attract and retain top talent in your industry.
5) Upgrade Key Technology and Infrastructure
It’s hard to think of any industry that hasn’t been digitally transformed. If your business is still reliant on manual processes and previous-generation technology, it will have a hard time keeping up with the competition. If this is the case, then using your business loan for much-needed tech infrastructure upgrades is completely warranted.
6) Consider Diversifying Product or Service Offerings
Diversification can be a good way to mitigate risks and expand your business's revenue streams. Use your loan to explore new product or service offerings that complement your existing portfolio. Before you diversify, however, be sure to reduce your risk exposure by conducting market research to identify untapped opportunities and avoid investment in unprofitable areas.
7) Strengthen Financial Management
Allocate a portion of your loan towards improving accounting systems, implementing robust financial reporting tools, and hiring financial experts if necessary. Paying attention to your finances in this way ensures that you have a clear and accurate picture of your business's financial health. In turn, you’ll be better placed to make strong data-driven decisions that meaningfully grow your business.
8) Don’t Spend Your Entire Loan at Once
While strategic investments are vital, it's equally important to plan for unforeseen circumstances. Allocate a portion of your small business loan to create a contingency fund that can be accessed in times of emergencies or economic downturns.
Seize Opportunities and Navigate Risks Safely with Maya Flexi Loan
Maya Flexi Loan stands out in the Philippine market for its convenience, accessibility, and selection of business-friendly features. Create your Maya Business Manager account to get a business loan Philippines’ SMEs and startups depend on.
Signing up for Maya Business Manager instantly grants you access to the Maya 1-2-3 Grow bundle. Maya 1-2-3 Grow lets you save with a 1% MDR (merchant discount rate) discount on all QR Ph transactions for 3 months after signing. That’s PHP 14,600 in savings for every PHP 1 million in QR Ph sales.
As part of the Maya 1-2-3 Grow bundle, you can also take advantage of opening a Maya Business Deposit account and using it as your settlement account. It comes with an industry-leading 2.5% per annum interest rate, growing your funds 20-25x faster than competing banks. This means your business can earn an additional PHP 25,000 each year for each PHP 1 million deposit. Thanks to Maya Business Deposit’s zero maintaining balance and free transfers via InstaPay and PesoNet, you’ll also enjoy better everyday banking.
Lastly, the Maya 1-2-3 Grow bundle also qualifies you for a Maya Flexi Loan offer as large as PHP 2 million in just 3 months, which you can use for any of the strategies we suggested and much more. For bigger loan offers, just use Maya as your primary processor for all wallet and card payments.
Send in your Maya Business application today to start reshaping your business with Maya Flexi Loan.
