How best to spend your small business’s time – and money!

Whether your business is slowing down or gearing up as this year starts again, it’s smart to get those loose ends tied up and some plans in place, so you’re entering the new year ready to go.

Here are six things you can do in 2020 that could help you reap dividends through the year.

1. Buy new stock

Plan ahead and invest in the right stock – both product-wise and volume-wise. This is a particularly crucial move for those industries that experience a rush in business over the summer season, such as hospitality venues preparing for New Year’s Eve events and the January holiday trade. It’s also important for businesses operating within the construction industry who often need to purchase materials upfront ready for projects booked in for January and February.

2. Invest in new equipment

Your business’s success relies on the equipment you use and the people you employ. The right asset can be a wonderful income driver, so if there’s some equipment you need – maybe a new coffee machine that’ll increase output or a new van that’ll double your delivery capacity – why wait?
Technology upgrades are also worth considering. With technology moving at a faster pace than ever before, older systems can take their toll on a small business. Use any down time to streamline your tech stack, otherwise a loss in productivity could be amplified in your busy periods.

3. Fix the things that need fixing

Got some things in need of repair? Don’t delay. Your staff won’t like working with broken items, and your customers definitely won’t appreciate it. Without the right parts in good working order, a well-oiled machine will quickly lose traction, productivity will drop and staff morale takes a hit.
Remember, first impressions count. Whether it’s a broken door, temperamental fridge or changing room that’s in need of a light repair, get’em fixed.

4. Smooth your cash flow

December and January can see business grind to a halt as people enjoy a much-needed holiday. This can result in your income stream taking a temporary hit, particularly if you operate in the professional services sector.
Be prepared for these seasonal fluctuations by exploring finance options to smooth out any potential dips in cash flow.

5. Renovations and refurbishments

If trade’s easing off in the run-up to the holiday season, now’s the time to take advantage and complete those renos or refurbishments you’ve been planning for a while. Whether you’re thinking full-on reno or a cosmetic refit, investing in your premises can help you feel reinvigorated going into the new year.

6. Invest in marketing

Again, capitalise on the quiet time by reviewing your marketing plan. If your website would benefit from an overhaul, your social media needs some attention, or your brochures need a good update, now could be a great time to get those plans moving.

Get advice

Whether end-of-year is a quiet or busy time for your small business, be prepared to make the most of it. Not sure where to start? Speak with your finance broker about where you could invest and get ready to see the New Year in with a bang.

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, we 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.

If you need funding to drive your business forward, apply now

How best to spend your small business’s time – and money!
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IMPORTANT INFORMATION

All applications are Approved by the lenders in full. Terms, conditions, fees and charges apply and will be advised upfront or within any loan compliance documents. All applications are subject to the lenders approval criteria. Settlement times may vary depending on circumstances. Loan repayment terms generally range from 18 months to 7 years. Interest rates range from lender, however start from an indicative 8.95%pa to 22.95%pa 

*Comparison rates are based on a loan of $30,000 over 5 years.

WARNING: Comparison rates are true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

EXAMPLE: An unsecured personal loan of $30,000 borrowed for 5 years with the minimum interest rate of 8.95%pa (10.56%pa comparison rate), would estimate to a minimum total amount payable of $38,610 via the weekly payment option (including a $495 establishment fee and $13 per month administration fee). Rates are subject to change and advertised by the lenders directly

*Please also note that an application with Financemi does not affect your credit score, however upon formal submission to a lender you will be subject to credit review and submission to the industry reporting body.

© 2018 Financemi Group Pty Ltd ABN 40 627 585 175. A Member of AFG Ltd, Australian Credit Licence 389087. www.financemi.com.au is fully owned and operated by Financemi Group Pty Ltd

How best to spend your small business’s time – and money!

Whether your business is slowing down or gearing up as this year starts again, it’s smart to get those loose ends tied up and some plans in place, so you’re entering the new year ready to go.

Here are six things you can do in 2020 that could help you reap dividends through the year.

1. Buy new stock

Plan ahead and invest in the right stock – both product-wise and volume-wise. This is a particularly crucial move for those industries that experience a rush in business over the summer season, such as hospitality venues preparing for New Year’s Eve events and the January holiday trade. It’s also important for businesses operating within the construction industry who often need to purchase materials upfront ready for projects booked in for January and February.

2. Invest in new equipment

Your business’s success relies on the equipment you use and the people you employ. The right asset can be a wonderful income driver, so if there’s some equipment you need – maybe a new coffee machine that’ll increase output or a new van that’ll double your delivery capacity – why wait?
Technology upgrades are also worth considering. With technology moving at a faster pace than ever before, older systems can take their toll on a small business. Use any down time to streamline your tech stack, otherwise a loss in productivity could be amplified in your busy periods.

3. Fix the things that need fixing

Got some things in need of repair? Don’t delay. Your staff won’t like working with broken items, and your customers definitely won’t appreciate it. Without the right parts in good working order, a well-oiled machine will quickly lose traction, productivity will drop and staff morale takes a hit.
Remember, first impressions count. Whether it’s a broken door, temperamental fridge or changing room that’s in need of a light repair, get’em fixed.

4. Smooth your cash flow

December and January can see business grind to a halt as people enjoy a much-needed holiday. This can result in your income stream taking a temporary hit, particularly if you operate in the professional services sector.
Be prepared for these seasonal fluctuations by exploring finance options to smooth out any potential dips in cash flow.

5. Renovations and refurbishments

If trade’s easing off in the run-up to the holiday season, now’s the time to take advantage and complete those renos or refurbishments you’ve been planning for a while. Whether you’re thinking full-on reno or a cosmetic refit, investing in your premises can help you feel reinvigorated going into the new year.

6. Invest in marketing

Again, capitalise on the quiet time by reviewing your marketing plan. If your website would benefit from an overhaul, your social media needs some attention, or your brochures need a good update, now could be a great time to get those plans moving.

Get advice

Whether end-of-year is a quiet or busy time for your small business, be prepared to make the most of it. Not sure where to start? Speak with your finance broker about where you could invest and get ready to see the New Year in with a bang.

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, we 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.

If you need funding to drive your business forward, apply now

How best to spend your small business’s time – and money!
02
Fintech white

Have questions?

we have the answers

locked - white

Your privacy is extremely important to us. All information is kept completely secure and confidential.

IMPORTANT INFORMATION

All applications are Approved by the lenders in full. Terms, conditions, fees and charges apply and will be advised upfront or within any loan compliance documents. All applications are subject to the lenders approval criteria. Settlement times may vary depending on circumstances. Loan repayment terms generally range from 18 months to 7 years. Interest rates range from lender, however start from an indicative 8.95%pa to 22.95%pa 

*Comparison rates are based on a loan of $30,000 over 5 years.

WARNING: Comparison rates are true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

EXAMPLE: An unsecured personal loan of $30,000 borrowed for 5 years with the minimum interest rate of 8.95%pa (10.56%pa comparison rate), would estimate to a minimum total amount payable of $38,610 via the weekly payment option (including a $495 establishment fee and $13 per month administration fee). Rates are subject to change and advertised by the lenders directly

*Please also note that an application with Financemi does not affect your credit score, however upon formal submission to a lender you will be subject to credit review and submission to the industry reporting body.

 

© 2018 Financemi Group Pty Ltd ABN 40 627 585 175. A Member of AFG Ltd, Australian Credit Licence 389087. www.financemi.com.au is fully owned and operated by Financemi Group Pty Ltd