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Lending options for your business

Posted on November 23, 2015 by admin

Whether your business is experiencing sudden growth or financially struggling, it is crucial to manage your cash flow effectively. Cash flow gaps or being unable to access extra funds can put a real strain on a business. However, there are lending options available to businesses that can help with different cash flow needs.

Before considering lending options, businesses should draft a cash-flow projection to predict their sales and expenses such as cash in, monthly loan repayments, stock levels, set-up costs, and fixed and variable expenses. Cash flow forecasts can help to prepare for best and worst-case scenarios while allocating what times of the year extra cash are needed.

To best meet your cash flow requirements, lending might be necessary. The lending option chosen should meet your business’s needs. For example, a business credit card may be appropriate for immediate purchases and paying off smaller bills. Alternatively, a business overdraft is more suitable for larger, more frequent seasonal gaps.

Inventory management is key to good cash flow. Stock levels should co-ordinate with high and low sale seasons. For example, if you run a seasonal business where peak sales are during the holiday season, you must account for higher levels of cash to be available.

A business line of credit may be a viable option for long-term or larger purchases. A business line of credit provides lower interest rates with the flexibility of an overdraft allowing long-term access.

For business owners looking towards long-term investments to re-invest in the business, a business loan may be more appropriate. If you are seeking to purchase new equipment or business vehicles, asset finance may be suitable. Asset financing uses assets such as accounts receivable, as security interest to borrow funds.

Lending is a great way to stay on top of your finances provided that the lending solution is correctly matched to your business’s needs.

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Things to consider before rebranding your business

Posted on February 13, 2020 by admin

Rebranding your business can seem like a daunting task, as it can involve a range of arduous tasks such as changing designs, updating clients, retraining staff and changing your marketing strategies.

However, rebranding can be an option for many businesses if:

To make the task of rebranding seem less daunting, consider these tips before starting to help you in your process.

Evaluate your need for rebranding
Make sure that the reason for your rebranding is valid and don’t act on impulse decisions. Rebranding can take a lot of time and resources and can often decrease your business if not done successfully, so it is important that you evaluate if rebranding is right for your business and outline the reasons why. It can be helpful to talk to staff about it to get ideas from people who are also invested in the success of your business.

Plan a budget
Before you rush into rebranding your business, make sure you have the funds to do so. Research and estimate how many resources will go into different areas of rebranding, e.g. marketing, website design, training staff etc. and outline a budget that can help you manage your finances through the process.

Have a strategy
Before you start rebranding, plan out a strategy that will guide you in the process and can increase the chances of success. This will help the process run more smoothly and prevent unexpected challenges that could detriment your business.

Solidify your mission and values
Having a clear understanding of the mission and values you want your business to have going forward can help you make important branding decisions and help build the foundation for your new brand. Having you and your staff on the same page with the business mission and values can improve efficiency and motivation when working on the rebrand.

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