Tag: business

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Business Loans Business Consolidation Loans Self Employed Short Term Loans Tax Debt Loans & Relief

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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Debt Consolidation

Plan Debt Consolidation For Your Business Loans

plan debt consolidation

If you are like many Australians and are burdened with debts, you may want to plan debt consolidation as a solution. This method does come with its benefits, and it can be a real life-saver if you’re mounting debts from different sources.

Why You Should Plan Debt Consolidation

Maybe you’re still unsure about this, so let us chime in with some of the key benefits that debt consolidation can offer you.

  • Consolidation: There’s a reason for its name; debt consolidation does exactly that, consolidate. Instead of making multiple payments through different dates, you make a single payment based on a unified interest rate. This leads to money savings as time passes.
  • No Extra Charges: If you pay each debt individually, you end up with interest charges, penalties, extra fees, and don’t forget what happens if you pay late. Paying once per month leads to saving money that would otherwise go to these charges!
  • No Stress: Are you afraid of your phone or mailbox? I’d be afraid too if I had to deal with multiple calls and letters from collectors. Get rid of that stress by consolidating your debts into a single payment, the loan sharks won’t have a reason to bother you anymore.
  • Improved Credit Rating: If you have a streak of late or defaulted payments, then you shouldn’t be surprised to know that your credit score has been lowered. This, unfortunately, leads to being ineligible for strong financing. With consolidated, on-time payments, your credit score will start to rebuild, making you once again eligible for bigger loans!

As you can see, getting a debt consolidation would make your financial life much easier and positive, so, now you must be asking yourself “How do I get one?”

How to Get a Debt Consolidation with a Bad Credit File

The requirements to become a debt consolidation candidate vary greatly from one moneylender to other. Some lenders set the bar low, so qualifying is easy and hassle-free, others are much stricter, leading to higher requirements.

In general, typical banks won’t accept you if you have:

  • A bad credit file
  • Defaulted on loans
  • Filed bankruptcy
  • You are self-employed

If you have any of those so-called “slurs” on your credit file, don’t fret! There’s still a way!

Let’s go over the criteria used by lenders. Like we said before, the requirements (and the flexibility of each) vary from lender to lender, but there are “basic” elements that all agents consider before giving you a debt consolidation loan.

Credit Score Threshold

If you have a high credit score, lenders will be more than pleased to deal with you, but the contrary applies as well.

Now, don’t panic over this. You don’t need a “perfect” rating (and frankly, there’s no such thing), you just need to meet the expectations of the particular lender you’re dealing with.

Credit scores can be broken in thresholds. Your credit file might be regarded as “average” or “good” depending on which range it falls in.

All moneylenders have their own accepted threshold, some might tell you that you require at least 600, others might say that they only take 620 or higher.

If your score doesn’t match their expectations, you can expect a decline of your application.

Don’t take this as something personal, they need to keep their business going, and someone with a bad credit score might seem like a risk. You can always try a little convincing, and if that doesn’t work, try improving your credit rating. If that fails, seek another lender.

Credit History

And this the ugly part. Besides checking your credit rating, lenders will likely look at your credit history.

This will tell them about your behaviour, i.e. how often you default, how often you pay on-time, how many times have you paid late, and especially, how have you been acting in the last months.

The last bit is important, even if you had a habit of paying late or defaulting, if you can prove the moneylender that you’re actively trying to raise your credit score, they might decide to give you a chance.

How each lender weighs the factors is entirely up to them. To some, it doesn’t matter if you pay late or not, as long as you don’t default; the contrary applies as well.

Total Loan

Each company has their limits, both minimum and maximum.

Try to flesh out these details when looking for a debt consolidation loan, some lenders will decline your application if the sum you’re asking is too low, so prepare in advance!

Income

This is another important factor when applying for loans, not just debt consolidation.

Lenders will look at your financial stability, things like annual salary, length of employment and employment history.

You must be ready to provide evidence of your employment, your payslips, and your rental history.

Conclusion

A debt consolidation loan can be exactly what you need to get your credit score in shape again, and it will provide you with the breathing room to plan your financial moves in peace, away from collectors.

If you need some advice, call us now on 1300 138 188 or enquire with us today for a free consultation and assessment. We specialise in debt consolidation and have over 20 years of experience in the market.

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Business Loans Debt Consolidation

Debt Help In The Farming Industry

debt help

Farmers often go into debt to help keep their farms running. Like many other businesses, the farming industry depends on the availability of funds to borrow to get them through tough times and also help them grow when times are good. Just like everyone else, farmers can fall on hard times and have trouble paying their debt. In this case they will have to seek debt help in some form.

Understanding debt obligations and what debt can do for the farming industry is crucial to its business outlook in the medium and long term. An important point to know is how debt and equity differ from each other. Debt has lots of demands that come with it while investor equity is less likely to cause a business financial strain.

When farmers do decide to take on debt it should be used to increase productivity. If the debt payments cannot be made out of profit from the debt then the payments will have to come from other profits. Since profits from farming vary significantly it can make it hard to predict when the payments for debt will come directly. The debt might be investing into something that takes a season or even years to create a return.

It is important to make sure that there will be cash flow to make debt repayments. If a farm was to take on too much debt too early and the cash flow gets tight then it might make it hard to make debt repayments and it could actually ruin the business.

Farmers also need to factor in that the prices for the goods they need fluctuate quite a bit as well. A sharp price increase in something vital for a farm can cause cash flow problems that can put a farmer’s finances in the red.

Debt Help In The Farming Industry

Once anyone is behind on payments it can be hard to get debt help. Not only farmers but any business can struggle to get an outside investor to step in and save their business when their books are out of order. They might have to start selling assets to get their books in order before they can get debt help. A farm is run basically like any other business and the farming industry uses loans to help grow and expand. Knowing how to use debt help responsibly is as important as any other factor in the farming industry.

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News

What is Bitcoin?

Bitcoin

Understanding Bitcoin

More and more Australians are becoming aware of something called “Bitcoin”, even though many of them aren’t quite sure what it is. Although a recent phenomenon, Bitcoin has already managed to capture the imaginations of many people from different backgrounds and from all walks of life. Bitcoin is somewhat a form of currency. It’s like currency in the sense that you can use it to buy goods or services at establishments which honor Bitcoin. In the past, there were not many companies which would be willing to accept it as a form of payment. However with each passing month, it seems that more websites are announcing that they are willing to receive it as payment.

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Tax Debt Loans & Relief

5 Useful Tips to Reduce Business Tax

how to reduce business tax

During tax season, it is quite normal to see business owners get drowned by numerous paper requirements. This is the time when most companies start considering and reviewing every possible entitlement or eligibility for any potential claim. When business taxes are prepared, most firms aim to lower tax payables so that profits will be bolstered.
Beware! Tax collectors are now more stringent when it comes to cracking down on tax evaders. Those companies with offshore assets or accounts are particularly advised to be more vigilant. If you think your business has activities or projects that may be considered illegitimate, you should immediately seek advice from the Australian Tax Office (ATO).

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