Now is the time to spend money, says Western Capital Consultants

2/23/2011

The economic recession left many entrepreneurs thinking twice about spending money, and this frugality has carried over to 2011, although several indicators point to a recovering economy.

As Western Capital Consultants notes, the U.S. Small Business Administration found that the total value of outstanding loans to small businesses dropped by $43 billion - 6.2 percent - from June 2009 to 2010. Entrepreneurs should take advantage of this and begin spending more money to grow their businesses, asserts Craig Vogel, president of Western Capital Consultants.

"Now's the time to prepare for a more profitable future," Vogel says. "Businesses should go ahead and spend money for marketing. Cash is readily available for other capital needs."

Vogel advises that small business owners use commercial loans for other relevant expenses as well, such as new equipment.

Many small business owners have found success using Facebook to market their products. According to a recent report from Advertising Age, small companies account for more than 60 percent of the advertising revenue generated by the social network.