Having a relationship with a bank is almost as important as any other business relationship in the life of a small business. To ensure that your relationship with your bank stays in a good place it is best to avoid the most common mistakes when dealing with banks and getting small business loans.
Small Business Loans
Sometimes […]
Working from home is a growing trend and more and more Australians are choosing to have a home office or finding options to work at home. Setting up a home office is easy to do and over one million Australians have done it. The traditional office space is usually set up for efficient use of […]
25 June 2010
Thinking of starting a small business? Once you have decided to start your own business, there are many steps required to get your concept up and running.
Before you even set the wheels in motion you should find out if people are interested in buying your products or services. Find out who your competitors are and whether the market can sustain your business.
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Sooner or later all businesses need a short term business loan, whether it’s to get the operating capital for starting up a business, to finance a business expansion or even to pay pending bills such as wages or tax bills.
Regardless of where you go to apply for a short term business loan, the lender will have a set of expectations to qualify you for a loan. You can greatly increase your chances of successfully securing a short term business loan by being prepared to meet those expectations and choosing your lender wisely.
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Many of the large banks in Australia are launching new campaigns to encourage their business customers to seek new business loans. Advertising has heated up in the rivalry among the banks with the constant addition of new advertisement in every medium.
To intensify the rivalry, the banks have started adding incentives for a business to bring their loans with promises of up to $20,000 for some. Smaller banks who are struggling to compete with these large promises are trying anything to keep their current customers which include adding fees to businesses trying to leave.
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Starting up and managing a successful small business is no easy feat in these competitive business days. It is a well known fact that keeping a small business afloat without spiralling into debt is difficult. The Australian Bureau of Statistics recently reported the “business exit rate during 2006-07 was 14.6%” which suggests small business failures are significant.
The big struggle to stay afloat in the opening years has been made even more difficult in recent times with increased costs such as interest rates and petrol prices. While labouring to establish a business within your market, not falling deeply into debt is a key objective, as Debt specialist Rory Mathews warns “Bad debts can be catastrophic no matter what the size of the business”. […]
Small businesses in Australia are continually finding themselves in a questionable position with the current financial standings for Australia. Their optimism and outlook for the current year are looking bleak due to interest rates creeping up and a strong exchange rate. Additionally, the floods and cyclones have created a point of no return for many […]
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