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How to Deal With Rapid Business Growth

small business owner dealing with rapid business growth

When your dreams come true, and your business is not only up and running, but thriving and growing, it is truly a joyous feeling. Although you may want to take some time to bask in the light of your successful accomplishments, rapid business growth is actually a time for you to take a step back, to regroup, and to refocus.

As counterintuitive as it may seem, business success and growth is optimal for analysis, because if you don’t address the success and growth, you run the risk of false complacency and mindless routine, both of which can quickly derail expansion and progress.

Therefore, after that well-deserved pat on the back, sit down and try to understand why your business is so successful. It may be a strange directive, but by acknowledging what you do well, you can also understand what needs improvement. Your business strengths can be honed even more or expanded to different areas of the company.

Rapid Business Growth Means Big Changes

By going through receipts, invoices, payslips, bills, product assessment and/or services provided, you will be able to ascertain if you are good at budgeting, finances, predicting trends or even data entry. All of these facets constitute a business, and if you can identify the positive factors, then you can see the negative ones as well. It is possible to turn the negatives into positives.

Another source of feedback is customers:

  • Why are your customers so happy?
  • Why are they coming to your business rather than your competitor down the street?

Talking to customers individually or corresponding by email will help you see their perspective and will encourage customer loyalty. Without customers, there won’t be a business, so treat them well and listen to their comments, no matter how insignificant.

It also helps to have a business mentor. Depending upon how your business is funded, you might have private or angel investors who can bring a great deal of sound advice and experience to the proverbial table. See them not only as a cash resource but also as a font of knowledge.

  • How do they handle rapid business growth?
  • What are their suggestions?
  • How can they be of service to you during these exciting times?

Ask Your Closest Allies

Since we are focusing on the people who surround you, also turn your attention to your team. They can offer unique ideas and different perspectives as to the success of the company. By assessing their skills and their compatibility, you will be able to see if your team is a well-oiled machine that works together. This may be a reason for your success or it could use some more grease.

If you conclude that your team can handle the business growth, and continue to do so in the future, then this is definitely fortunate. However, don’t be afraid to add new talent to the team. Take a risk and hire people with more experience or more education, since they can bring entirely new working methods and ideas to the company.

Rapid business growth may spur you to hire new people, as mentioned above

However, before doing so, you might want to see if your team can do the work or to assign different chores to a range of staff. By shifting and sharing responsibilities among employees (and yourself), you create a different dynamic that might benefit you even more. The team could run more efficiently or people might discover hidden talents.

Adding More Employees May Help

If you still feel the need to hire new people, to keep costs low initially, you might contemplate using a temp service. In this way, you can see what roles need to be filled and how the group environment changes. After a certain amount of time, you will better understand your employment options, and you can always transition a temp to full time.

Freelance workers are an additional source of labor. By outsourcing data entry, accounts, or marketing, you can alleviate some of the work burden on staff, while again, keeping costs low, while you analyze your business.

Adapting to new trends and technology is key. As you well know, everything in the virtual digital world is constantly updating, becoming faster and better. Computers, programs, devices, and even wifi service are forever changing and while some of it may be blatant marketing, some products are worth researching.

Don’t Get Left Behind

Why be left in the dust due to a stubborn attachment to an old program or an antiquated banking system? Don’t be afraid to try new things that might actually make your business run smoother and ease your own stress levels.

Even though you must be doing something correct to achieve rapid business growth, studying emerging trends and adapting to them is an important strategy. Adjusting your business model and testing multiple ideas is a means of keeping your company fresh and innovative.

Businesses are often in constant flux, and flexibility regarding that constant flux is a very significant way to manage your rapid business growth.

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Business Loans

How To Use Your Business Loans Wisely

personal loans australia

Borrowing money is not bad if you use it wisely to earn more. The keyword is “leverage”. It is using the borrowed money to buy an asset or increase your capital. But, leveraging is not for the faint-hearted. You have to make it work not only magnify the gains but to cover the losses as well. Learn how to use your business loans wisely in this article.

Business loans for people with bad credit could mean high-interest rates because of the risks that lenders take. But, taking out business loans can help you position yourself and your business in the best possible light to generate higher ROI.

1. Make a solid business plan.

Lenders are more likely to grant your loan application if you have a good business plan. Aside from that, a business can’t prosper without it.

In order to use your business loans wisely, it is important to have a solid business plan in place first. Almost all entrepreneurs are optimistic and enthusiastic about building their company. But a lot of them plunge into the competitive world of business without a concrete plan. That’s why operating the business becomes hard and time-consuming because of the absence of a solid plan in place to grow the business.

Here are some risks of not having a business plan:

  • Not anticipating your startup cost can totally drain your capital before you open your business
  • Quality of products or services may be compromised
  • You may go bankrupt for lack of manpower and funds for operational expenses because you have drained up your capital too early

2. Prepare your business and financial statements.

Show projected and current revenues. Lenders approve a business that has a great chance of recovering from losses. It can also serve as your basis when making an action plan in order to meet your business goals.

While you cannot totally predict annual revenues, creating high-quality revenue projections and budgets can help you maximize the odds of being in the right ballpark compared with the actual results.

Here are some factors to consider in making projections and budgets:

  • Total number of potential customers
  • Productivity variables of your team
  • Sales channel productivity variables
  • Buyer behaviour variables

3. Drum up your business by getting out there and connecting with your target market.

Leverage borrowed money by investing in the following:

  • Right people: Put together a team of reliable individuals, with the same passion as yours to help you run your business. Remember that the people you hire can have an enormous impact on your business. You can also leverage your customers by asking for reviews, referrals and by simply doing excellent service so they will spread the word.
  • Topnotch equipment: You don’t want to spend your revenues on repair, do you?
  • Marketing strategy: Use modern technology, social media and other digital marketing strategies to boost your marketing efforts.

4. Deal with alternative lenders like Australian Lending Centre who specialise in bad credit business loans.

You can benefit from the easy and quick business loans application process despite your bad credit score. Enjoy the best interest rates, favourable payment terms and stress-free application process.

Call us now!

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Business Loans Short Term Business Loans

Small Business Loans for SMEs – Don’t make these mistakes with banks

business loans

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 SMEs focused too much on the price of loans in the form of interest instead of the conditions and covenants which can end up causing the biggest problems. Always make sure to leave yourself some headroom or spare capacity when dealing with small business loans from a bank or another lender. Do not wait too long to deal with potential problems. Let your lender know as soon as you can if you are going to be running into trouble so that they can work with you to find a solution.

Do not fail to realize that your bank or lending partner can be the most important relationship you have. It might even be more important than your biggest client or most valued employee. On the other side you should never overestimate your relationship with your lender since they probably do not look at your relationship in the same way. Make sure to read the fine print when getting small business loans because the devil is in the details. If you do not understand the fine print then request that it be made available in simpler terms so that there is no confusion.

Never overestimate your goals with your lender since they will be expecting you to meet those goals and anything short of those goals will be perceived as weakness or default. Shop around for other banks and lenders because no one should have all of their eggs in one basket. Reach out to another type of lender besides a bank and see what they have to offer. Big banks do not always have the best lending solutions for small business loans. Looking around for other small business loan options will give you alternatives so that you do not make the most basic mistakes. Having other types of lenders will give you a safety net in times when a bank will not be able to provide the funds you need. Banking relationships can be very important to SMEs so the more relationships you have the better chance you will have for success.

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Business Loans Low Doc Loans

Banks Shying From Commercial Lending

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Throughout Australia, commercial lending from traditional financial institutions continues to shrink, despite a strong economy. According to Industry Super Australia, commercial lending has plummeted, over the past two and a half decades. Instead of being focused on capital formation and long-term economic growth, banks seem to be shifting their attention toward home purchases and refinance deals.

Navigating the Commercial Lending Market

Not surprisingly, this has created widespread frustration throughout commercial loan applicants, and businesses are wondering what they can do to get the capital they desperately need for expansion and growth. There are three C’s that the traditional commercial lenders look at Character, Collateral, and Capacity.

Commercial Lending Checking Character

In order to navigate the shrinking commercial lending market, companies must be aware of what traditional lenders are looking for in new business loan applications.

First, banks will assess a business’s character – that is, the company’s credit history. Lenders want to be sure that a business has a long-standing history of repaying debts, profitable operation, as well as healthy past relationships with other lenders and vendors. If a business has been plagued with bad credit, a traditional business loan may not be quickly available through a bank.

Commercial Lenders Evaluate Collateral

Lenders will also review a company’s ability to provide collateral for a new business loan. Business assets are used to back a loan, either in full or in part, in order to greatly reduce the risk for the bank. Pledging assets for a business loan may be a viable option for some, but it may create a situation where borrowing more capital at a later time could be a difficult task. For those companies without collateral to offer up to a bank, traditional lending may not be an option.

Ability to Payback – Capacity

The last aspect of a business loan application that banks will review is the company’s capacity, or its ability to pay back debt obligations from company earnings. Numerous financial documents are required to prove the financial stability of any business, and this creates a complicated scenario for companies that require an influx of capital in a short period of time. If these documents are not in order at the time of application, banks are much less likely to start a business relationship with the applying company.

Non-Bank Lenders to the Rescue

As the cost of capital formation continues to increase, it is important for businesses to be aware of and understand options both with the bank and with alternative lenders. For companies with bad credit, little to no collateral, or those who find it difficult to produce the financial documentation some banks require, seeking capital from a source other than a traditional bank may be the only option.

Fortunately, low doc loans exist that simplify the application process for business owners, and some alternative lenders can work with companies with bad credit or otherwise insufficient collateral to offer. In order to make the best decision for you business, it is important to understand the three C’s in lending as well as the full array of options available to your company.

Don’t meet the three C’s? Check out Australian Lending Centre’s business loans!

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Tax Debt Loans & Relief

Business Owners: Done With Dirty Tax Debt

business loans||short term business loans

[fusion_text]Tax season is a nail biter this year for many Australians. Through the year, business runs as usual, and then the bill comes. Like the end of a five-course dinner, the ATO check drops. OH MAN – There is no way that is payable unless you want to skip employee pay checks this month – as tempting as that is. Don’t let it sit and fester, seek a tax debt loan solution!

Don’t feel alone, the tax burden this year is heavy for many Australians. Particularly for small business owners who are unaware of the tax loop holes that the larger companies use. Yeah the big guys are making more than you and paying less for it, hmm, that seems unfair.

The regulations that are in place create an unfair market place for small to medium businesses. With the current tax laws, big companies are paying an effective tax rate of 10 percent or less. Nobody likes tax, but even more, nobody likes to know that the big business bullies are practicing tax avoidance and creating an unfair, noncompetitive market place. This is in spite of various business groups who have cautioned the Federal Government against routine tax avoidance for the effects it could have on the economy.

Company directors experience tax debt difficulties for many reasons, ranging from late debt payments, lack of tax insight, to poor advice from experts. Don’t let yourself drown in tax debt, there are many off ramps, including tax debt loans. Work with experts who have an extensive network of private funding at their disposal. We know tax debt loans and want to help you make the business tax cutoff on October 31st!

If you find yourself in this situation, reach out to the business loans experts, and avoid the stress this season. Hear how we worked with Alan, an Australian small business owner, helped him pay off his tax debt and return to a positive balance sheet.

Tax Debt Loans Saved Alan’s Business

He first set out to approach his business bank for a loan; however, they would not touch him, because:

  • He had defaulted on a loan
  • He had no business savings
  • He had a large tax debt

All of the factors combined to result in a rejection to his loan application. Just like his primary business bank, all the other banks declined his loan applications as well.

He was amazed to find that the Australian Lending Centre offered an ideal solution for his needs. We help business owners pay off their tax debts by understanding the small businesses circumstances and tailoring tax debt loans to their individual cash flow needs.

After calling our offices and speaking to a friendly consultant, Alan was able to secure a business tax debt loan that not only provided him with the funds to cover his tax debts he could also pay wages this month.

This approach helped Alan to get rid of the tax debt that was weighing heavily on his shoulders and to put the business back into profitability. Tax debt loans saved the day and his employees rejoiced as they were handed the paycheques they deserve.

Take Advantage of Tax Debt Loans

If you are struggling to repay your tax debt, apply for a business tax debt loan from the Australian Lending Centre.[/fusion_text]

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Business Loans Tax Debt Loans & Relief

Tax strategies for investment property and business expenses

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Tax strategies for investment property and business expenses

The tax season is undoubtedly a stressful time for most of us. That is why we always hear advices from the experts to start planning ahead of the taxation deadlines to avoid any hassle. Early preparations can also help assure that we take possible advantages of all possible tax deductions that we can avail of.

Are you aware that there are possible tax deductions from investments in properties? Of course, it is a common knowledge that those deductions abound for business owners as well. Here are simple tips that can be of guidance for all us prior to the tax season for the next year and for the coming years to come.

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Business Consolidation Loans Business Loans

Top 5 Business Growth Strategies

Business Finance||business growth strategies

Top 5 Business Growth Strategies

All the huge companies we have today have started as small businesses. Those can be a proof that with effective growth strategies, small ventures could really expand. Expansion could be a really great challenge but if businesses could deal with it more effectively, it could be the right ticket to success.

Here are five recommended growth strategies that could be helpful when adopted by small and even large businesses. Your business might implement some or all of these approaches to ensure growth.

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Business Consolidation Loans Business Loans

Business Debt Rising

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While there has been signs of business recovery in wake of the GFC, don’t be fooled into thinking that all businesses are out of the woods.

Recent data from the Australian Bankers’ Association, ASIC and the credit brokers show that there’s another wave of bad debts, administrations and insolvencies pending in small business land.

ASIC’s latest data on companies entering external administration for February 2010, was 827 which was higher than 2009 at 796 – with company insolvencies hitting 1159 nationally.

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Business Loans Short Term Business Loans

Banks Competing for Business Loans

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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. This has made business loans a very competitive field, making the choice of who to go with very difficult.

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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Business Loans Short Term Business Loans

Thinking of Starting a Business?

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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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Business Loans Short Term Business Loans Short Term Loans

Struggling Small Business Can Survive

struggling small business owners
struggling small business owners

Struggling 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 businesses around Australia.

Struggling Small Business Statistics

In a recent report among some small and medium enterprises, researchers found that optimism had dropped 41% to just 38% from the previous year. This decline in confidence has caused many small businesses to act cautiously and begin reevaluating the year ahead.

Increase in the Exchange Rate Can Help Struggling Small Business

As there has been an increase in the exchange rate for the Australian Dollar, a majority of the exporters are finding large losses in their financial statements, due to international importers finding their goods elsewhere or reducing the quantity they require from Australia to get more bang for their buck. With the forecast on the American Dollar staying low – there seems to be no hope in sight for Australian exporters. In response to these findings, Australian businesses are exploring new markets to enter or new products to provide to the Australian market.

A Struggling Small Business Might Look Into Short Term Loans

A great option to consider for recovering from the economic and environmental issues is a short term business loan. At Australian Lending Centre, we provide short term business loans which can provide the necessary funding to get small businesses through this rough period. Typically, our loan terms cover a period of as little as a couple of weeks, up to a year and we also have options available where you’re not required to make any repayments until the end of the loan term.

Short term business loans are ideal for:

  • Improving cash flow (working capital)
  • Purchasing business supplies, vehicles or office equipment
  • Paying wages
  • Paying off business debts
  • Starting up a neaw business or expanding an existing area of your current business
  • Paying your tax debts – e.g. business GST, staff PAYG obligations or superannuation payments
  • Taking business trips

A short term business loan can support struggling small business providing many benefits apart from the repayment flexibility such as a quick approval and funding turn around. If your business is finding itself in a tight spot, contact Australian Lending Centre and speak with a business loan consultant today on 1300 138 188. Alternatively, fill out the enquiry form to the right and a short term business loan consultant will contact you shortly.