Although we all love a well-deserved holiday, Business Owners often find that their cashflow is impacted.
Every year we like to circulate to our clients some tips that may help avoid unnecessary financial pressures.
Tip 1 - Review forecasts
Take the time to review revenue projections for the next 3 to 4 months. What impact will holidays coming up have on your financials? Try our Free Business Forecasting Tool.
Tip 2 - Review your debtors and payment cycles
If you are having issues with prompt payments, options are available such as Invoice funding which is often an easy solution.
Another option to look into is offering a discount to clients who pay promptly.
Tip 3 - Operational costs
Review operating costs on a regular basis. Can savings be made by changing suppliers or negotiating a better rate?
Ask suppliers if they will discount for advanced payment or if they have flexible payment terms.
TIP 4 - Be proactive
Plan ahead, not in the moment. A plan will keep you on track and also provide piece of mind.
As an example, if you are looking for a Short Term Unsecured Business loan the best time to apply is before you need it.
At time of application, many funders will request your last 90 days bank statements and base their assessment on revenue for that period. If you apply for finance when turnover is down due to a Holiday period, it may impact on the assessment and approval amount.
Tip 5 - Enjoy your holidays
Take time to relax without worrying about the business. Before you know it, the break is over and you're back to work.
For information on Funding solutions please don’t hesitate to give our friendly team a call on 1800 011 981, we are here to help.
One of the first questions a Finance Broker is asked is “What is your best finance rate?“.
It is a question that is often imbedded into us as consumers and it's important to understand that there are a number of factors lenders look at when assessing an application and determining a rate. Your credit score is one of them.
Recently, Australia’s credit reporting system changed significantly as a result of legislative reform.
Some of the changes include:
1. Assessing your credit account history
Some other factors that can impact your credit score:
Knowledge is power.
You can obtain a copy of your personal credit file for free via the below links;
Keep in mind that when applying for business finance the lender will complete both personal and commercial credit checks.
As mentioned, your credit score is one important component of applying for a loan or credit. Your Finance Broker can share other factors that will help you.
For more information or a friendly chat with a Bizpal Broker simply call 1800 011 981. Bizpal have over 25 lenders on our panel and an approval rate of 98% .
Businesses Trading over 24 months:
New Business or Trading under 24 months
Usually finance rates for a new business will be higher, however as your business grows a good Finance Broker will be able to keep you updated on your funding options.
Remember; the Broker is on your side and wants to secure the right and best option for you to build a long-term relationship.
Some handy Bizpal Tools available:
Call our friendly Bizpal Team today to discuss your requirements. Our approval rate is 98% with over 25 lenders.
Bizpal Services Pty Ltd
1. Purchasing Inventory
Purchasing inventory that will turn quickly and provide additional profits can be a good reason to use a short-term business loan.
2. Overcoming a cash flow gap
Businesses sometimes require additional capital to meet expenses while bridging one season to the next.
3. Meeting project start-up costs
Starting up a new project sometimes requires more capital than what is available from cash flow.
4. Emergency repairs
Paying for repairs on equipment that is critical to the operation of your business can be a good reason for a short-term small business loan.
5. Marketing expenses
Getting your name out there and attracting new business can be a good use of a business loan.
6. Investing in new talent
This can be a great move, if there’s a clear connection between the hiring decision and an increase in revenue.
Bizpal can help with a range of finance products!
Call us on 1800 011 981 to discuss your finance options.
(Fixed Term Rent To Own - 48 or 60 Months)
For a no-obligation quote or more information call our friendly team on 1800 011 981 or contact us.
Internal Finance Broker
Bizpal recently assisted Ben from B & T Trucking with his purchase of a Mercedes Benz Actros for his growing Transport Business.
Congratulations Ben - looks great!
Give Bizpal a call today on 1800 011 981 to discuss your finance needs.
Use past data from previous years or maybe take an average month & divide by working days. This will give you something to work from. Every business is different, some even experience higher revenue over Christmas.
Now you have your forecast, if there is a short fall consider how you can minimise it. Can there be a reduction in your operational costs over the period?
Look at ways you can get cash in before the break. Look at shortening terms or offering a discount to customers for early payment.
Access to working capital. Do you need to transfer funds from another account to cover short term? Or maybe a short term Unsecured Business Loan. The best time to apply for an Unsecured Business Loan is actually before you need it. Most Cashflow funders assess your last 90 days bank history, so if you apply after you need cash it may reduce the amount you are approved for.
Be proactive in advance to the break, let yourself relax rather than worrying through what could be a great break.
For information on Unsecured Business Loans, simply visit our website and apply within minutes or call us on 1800 011 981.
Starting a new business or managing a growing business can be challenging. The good news is there are finance providers who will help new & fast growth businesses.
Bizpal have a panel of 25 Lenders and an approval rate of 98% for new, fast growth, and established businesses.
Below are few helpful tips to consider before applying for new business finance:
Reducing payments for Existing Businesses:
As a business becomes established more funding options become available. In some cases, it could be a case of an easy refinance to reduce payments, or keeping in mind that with your next equipment purchase more competitive options may become available due to your time in business.
A few things to take into consideration when looking to refinance:
Call us today for a no obligation chat and let us take the fear out of finance for you!
1800 011 981
A good repeat customer of ours recently noted “It seems that to borrow from a bank, you first have to prove that you don’t need the money”.
It can sometimes appear that way, so it is important to remember that a financial lender makes their revenue on approvals - not declines.
We have over 25 lenders on our panel, with some happy to consider new businesses (or what are deemed fast growth businesses), and others who are more conservative and prefer businesses operating for at least for 24 months with financials and security to support. Discussing your business situation with your broker upfront leads to a faster and easier application process.
Over the last 12 months we have seen a substantial increase in lenders offering commercial unsecured loans.