For the majority of small business owners in Australia, the sooner the end of financial year (EOFY) is over, the sooner life gets back to normal. But tax time, while often busy, can present a great opportunity to get ahead for the upcoming financial year, make strategic investments and review your cash flow requirements.  

Maintaining Steady cash flow 

To kick off the new financial year with a positive cash flow, some small business owners look to a small business loan to solve some of the challenges that arise at this time of year, and to take advantage of opportunities for growth. 
Here are some of the ways that small business owners are benefiting from small business loans at tax time: 

Inventory Purchases 
There are several benefits to purchasing your inventory at EOFY, including:  

• Taking advantage of any end of financial year sales offered by your suppliers. 
• Placing your orders ahead of potential or known price increases. 
• Purchasing stock in a timely manner to ensure delivery for the spring/summer season. With the quieter winter season, having additional funding in place also helps with seasonal fluctuations, especially in the retail sector.  
  

Equipment purchases  
Investing in new equipment can be the difference between a good day and a wasted one.  

If it’s time for an upgrade, end of financial year could be an excellent opportunity to do so, as the ATO recently increased the cost of assets that can be instantly written off to $30,000.

That means if you purchase assets for your small business before EOFY, you may be eligible to immediately claim a deduction from the business portion benefit. Find out how your small business can benefit from the $30k instant asset write-off and speak to your financial or tax advisor to see if you qualify. 

If you qualify for the $30k instant asset write-off and new equipment might help your business stay competitive or provide better services, opting for a small business loan could be a smart strategy to help you maximise the $30k instant asset write-off scheme.  

Consolidating debt 
Consolidating all your outstanding debts into one payment not only helps your cash flow but also keeps suppliers happy. 

By seeking finance to help consolidate your debts – especially chunky items like income tax and Business Activity Statements (BAS) – you could be in a much better place for the coming 12 months. But first talk to your financial advisor for advice that suits your individual situation.  

Rapid growth 
For many small business owners, EOFY is a time to review expansion plans and generate new opportunities. Take a look at your business results based on using your existing cash flow, and think about how those results might improve with a small business loan. Consider too how additional funding could impact not only your day-to-day cash flow, but the long-term profitability of your business. 

Small business loans can help businesses at different stages of their life cycle and across a range of industries. Having a solid financial plan in place will help you identify your business needs and reveal how a loan could elevate your business. 

Whether your business needs new premises, more employees or an investment in product development, a small business loan can help you grasp opportunities before they disappear. Find out more.  
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The information on this website is provided for general information only and does not  take into account  your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from financial, legal and taxation advisers. Although every effort has been made to verify the accuracy of the information, Bizpal Finance, its officers, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy, or omission from the information or any loss or damage suffered by any person directly or indirectly through relying on this information. 

For some small business owners, this time of the year can be full on. 
That’s why we wanted to share a few tips of ours to help make these Easter Holidays as carefree as possible.

1. FOR THOSE NOT OPEN OVER THE BREAK – MANAGE YOUR CASHFLOW!If your business is closed over the holiday season, make sure you can sustain to pay wages and expenses. Send your invoices immediately. As soon as the contract is signed, or the work is completed, send the bill. If you’re not in a habit of sending invoices quickly, you are delaying your payment and creating a hole in your cycle. Instead, send invoices ASAP to be paid ASAP.
If you’re looking to thrive your business over this Easter Holiday period, find out how a Business Loan could help by giving your business access to capital in just 48 hours. 

2. IF YOUR BUSINESS GETS BUSIER - STOCK UP ON INVENTORYBefore the peak period arrives, make sure you’re covered with enough stock. Look back at sales from last year and forecast your sales and targets. By better understanding the demands of your customers and the patterns of your business, you can predict your stock levels better and purchase accordingly. Many suppliers may not be open over the holiday period and last thing you need is to be worrying about the small things when things are busy.

3. HIRE NEW STAFFHoliday periods = peak shopping season. There may be a high demand for casual staff to boost the workforce during holiday period. So if you know you'll be busier than usual, make sure you’re prepared and train new staff to cover well in advance.


​We're happy to help.

Discuss your needs with a qualified finance broker today!
Call us on 1800 011 981 or click the button below to Apply for an Unsecured Loan today.

Starting a new business or managing a growing business can be challenging. The good news is there are finance providers who will help new & fast growth businesses.

Below are few helpful tips to consider before applying for new business finance:

• Selection of Equipment – Lenders prefer to see what they are funding before offering a pre-approval. We have some lenders who don’t mind age of equipment where others prefer newer models.
• Dealer Sales or Private Sales – Dealers Sales are typically an easier process; however Private Sales are welcomed by most finance providers. The Lender may require an independent inspection and valuation with a Private Sale.
• Servicing of Proposed Loan - A Lender will want to see how you can make the payments comfortably. If you have a work letter, contract, or cash flow forecast it can help your application. Your Broker can provide guidance before submitting.
• Your Preferred Finance Option – Some of our new business clients prefer a short-term flexible commitment, where others request a fixed longer term. Your Broker can provide you with the options available.

 
Reducing payments for Existing Businesses:
As a business becomes established more funding options become available. In some cases, it could be a case of an easy refinance to reduce payments, or keeping in mind that with your next equipment purchase more competitive options may become available due to your time in business.
 
A few things to take into consideration when looking to refinance:

• What term would you like? 24, 36, 48 or 60 months?
• Are you looking to borrow again in the near future?
• Payment History – A new lender will look favourably if you are making current payments on time, especially if the new payments will be lower.
• Credit File – We will always discuss your credit file prior to submitting an application to avoid unnecessary enquiries on your file.

 
Call us today for a no obligation chat and let us take the fear out of finance for you!
 
1800 011 981
www.bizpalfinance.com.au

Businesses Trading over 24 months:

• Up to date financials and management reports
• How will the asset/loan increase your revenue or decrease your costs?
• Know your numbers – most Brokers have simple Cashflow Projection Tools that can be completed either by yourself  or over the phone with your broker
• Know your Asset & Liabilities – Brokers will have the correct forms to help
• ATO debt – Most lenders will want to see that your ATO is up to date or under a manageable arrangement
• Know your credit file and score - You can get a free credit report via creditsavvy.

 
New Business or Trading under 24 months

• Evidence of work – most lender’s will want evidence on how this asset to be funded can be paid for. Providing a work letter, letter of intent, or contract will help support your application.
• Know your numbers – most Brokers have simple Cashflow Projection Tools that can be completed either by yourself or over the phone with your broker
• Know your Asset & Liabilities – Brokers will have the correct forms to help
• ATO debt – Most lenders will want to see that your ATO is up to date or under a manageable arrangement
• Know your credit file and score

 
Usually finance rates for a new business will be higher, however as your business grows a good Finance Broker will be able to keep you updated on your funding options. 
 
Remember; the Broker is on your side and wants to secure the right and best option for you to build a long-term relationship. 

Some handy Bizpal Tools available:

• Cashflow forecast Tool
• Transport feasibility
• Asset & Liability 

Call our friendly Bizpal Team today to discuss your requirements. Our approval rate is 98% with over 25 lenders.

Here at Bizpal, we understand self-employed business owners and how getting a new home loan or refinancing may seem difficult. 
 
That’s why we have a dedicated professional Home Loan broker, who specialises in Home Loans for the self-employed.
 
Low Doc self employed Home Loans are available and can be very simple. In many cases business financials are not required.
 
Our Home Loan broker is happy to have a chat and answer any questions you may have. 
 
No need to be restricted with just one option! Call us today, we are here to help. You may be surprised how easy the process is!
 
Call today 1800 011 981

Although we all love a well-deserved holiday, Business Owners often find that their cashflow is impacted.
 
Every year we like to circulate to our clients some tips that may help avoid unnecessary financial pressures.
 
Tip 1 - Review forecasts
Take the time to review revenue projections for the next 3 to 4 months. What impact will holidays coming up have on your financials? Try our Free Business Forecasting Tool.
 
Tip 2 - Review your debtors and payment cycles
If you are having issues with prompt payments, options are available such as Invoice funding which is often an easy solution.
Another option to look into is offering a discount to clients who pay promptly.
 
Tip 3 - Operational costs 
Review operating costs on a regular basis. Can savings be made by changing suppliers or negotiating a better rate?
Ask suppliers if they will discount for advanced payment or if they have flexible payment terms.

TIP 4 - Be proactive
Plan ahead, not in the moment. A plan will keep you on track and also provide piece of mind.
 
As an example, if you are looking for a Short Term Unsecured Business loan the best time to apply is before you need it.
At time of application, many funders will request your last 90 days bank statements and base their assessment on revenue for that period. If you apply for finance when turnover is down due to a Holiday period, it may impact on the assessment and approval amount.
 
Tip 5 - Enjoy your holidays
Take time to relax without worrying about the business. Before you know it, the break is over and you're back to work.

Discuss your financed needs with an experience broker today! Call us on 1800 011 981 or enquire online.

The small change is our new brand name, now Bizpal Finance from Bizpal Services. ​