Don’t sift through business finance providers jump through hoops to apply for funding

If you’re like most small or medium sized businesses in Australia, you probably don’t have time to waste sifting through invoices or jumping through hoops to apply for funding from a business finance provider, right?

Switching your business finance provider is as easy as 1, 2, 3

But, to help your business grow, you do need a business finance strategy that will free up your cash flow and make managing your back office quick and easy.

If you’re looking for a better way to meet your payroll or overhead commitments, here are three top questions to ask a business finance provider. After all, it’s about getting the best deal – one that lets you simply get on with running (and growing) your business.

Does your business finance provider product suit the type of labour I supply?

Whether you are in the blue-collar sector such as manufacturing and construction, or white collar office work, your business finance provider must tailor their product to suit your specific needs. For example, the sector you target may demand low margins and therefore the funding level you need may be higher than some traditional funding arrangements can provide.

Do you have a small number of customers?

Early stage businesses often have a small number of customers as they grow and some well-established businesses have large contracts that skew their sales to a single customer. Working with a finance provider who understands the dynamics of your industry and that high concentrations to a small number of customers is more the norm, not the exception, is critical to meet your funding needs.

How does your product fit in with my existing systems?

You might already have an efficient front-end system or customer relations management strategy in place. Or, you’ve heard about accounting software and online tools to help keep track of your business finances. If you already have these things in place and they are working for you, look for a finance provider who will integrate with your current set up and utilise your systems to enhance the funding process and minimise your workload to administer your finance facility.

So, with these questions answered, here are three simple steps to take when switching business finance providers.

STEP 1: Seek a free review of your current business finance provider and payroll system

For your finance provider to take a truly consultative approach they must first understand your business. Once they’ve reviewed your payroll system, invoice requirements and back office set up, the provider can find a debtor finance or payroll funding solution that’s right for you.

STEP 2: Develop a business finance plan with a cash flow expert

Whether it’s temporary cash injections you’re after, ongoing payroll support or a back office overhaul, your business finance plan should clearly outline where you are now, and how your provider will free up your cash flow to help get you to where you want to be.

STEP 3: Integrate with leading digital platforms to streamline your back office

A good business finance provider should introduce you to the latest technology available to the workforce industry. And then, step you through how to incorporate the platform with your current systems. For example, by using technology and collaborating with our preferred partners APositive can: give you access to the funds you need, when you need it; validate and verify receivables quickly; access payroll and timesheet apps; put an approval process in place; credit check your customers on your behalf, and assist with the process of collection and follow up if required.

Don’t wait to reach your full potential. Request a free review of your business finance and payroll systems today.

To help plug your cash flow gap, call APositive today to find out how we can inject the payroll funding, invoice finance and back office optimisation you need to help your business grow.

Recommended Articles

Why Cash Flow Funding for SMEs

Many businesses, such as those in labour hire, have a natural trade cycle where suppliers (in this case, payroll) need to be paid before the customers pay. This negative cash flow cycle requires some type of funding to facilitate normal operations and the funding needs increase with growth.

Read More

Take control of your cashflow with APay

According to a new study, job ads across Australia have risen to the highest levels in two years. In this recent article, Seek’s job ads recorded a 10.2% month-on-month increase in jobs posted last month. This suggests that Australia’s economic resurgence is well underway, likely also supported by economic stimulus measures rolled out in recent weeks across VIC and NSW as tight restrictions ease.

Read More