In October last year, the government introduced temporary full expensing of eligible business assets in a bid to help businesses continue to survive the economic fallout of Covid-19 and the restrictions and chaos that ensued and to help boost Australia’s economic recovery. If you are wanting to upscale your business and start the new financial year on the right foot, equipment finance may be the way for your business to take advantage of this scheme.
It is estimated that 1 in 3 Australian small businesses close their doors within the first year, two out of four by the end of the second year, and three out of four by the fifth year. Running a successful small business takes hard work, perseverance, the ability to pivot when necessary, a good business plan and clear goals.
As many small business owners are struggling at the moment, we want to share with you our tips to help you achieve your goals and keep your business dreams alive.
As finance professionals we sometimes catch ourselves using jargon and acronyms that may inadvertently render our message useless to a person who is not familiar with the language of a lender.
With this in mind, we thought it was a good idea to put together a guide to help you make the most of your finances, by understanding some of the banking terms that are commonly used in the ever-changing world of finance.
At Seek Financial, we have the privilege of meeting with business owners from all types of industries and backgrounds. Whilst they are very good at what they do, they often find that navigating through the finance application process can be quite frustrating. Well that’s where we come in, helping people secure finance for both their personal and business needs is our speciality. It’s what we do every day.
So we’ve put together our top tips to help streamline the process for you.
To be successful in business it’s essential to effectively manage your money.
Seeing more go out than come in within a month, or debt that seems to continually be growing without the same levels of growth on the profitability front can be a real worry. Managing your money is more than just knowing how much is in your account and mistakes can be quite common in the small business community.
At Seek Financial we’re here to help. We take a personalised approach and get to know you so that we can really help you to upscale your business, achieve your goals and be successful.
We’ve put together some of our top tips when it comes to smart money management as a small business: