With the days, hours and minutes ticking down to the end-of-financial-year, it may be tempting to think there’s not a great deal you can do to minimise your tax payable and help set your business up for success before the June 30 clock strikes. But you’d be wrong.
Bizcap has been helping Australian small-medium sized businesses grow their operations for a couple of years now, and last year launched in New Zealand to help NZ businesses in exactly the same way.
With a little bit of help from Bizcap, this show bag business has been able to thrive – despite the global pandemic and changing market conditions. From Cairns to Adelaide, Bathurst to Hobart, Ipswich to Melbourne, shows are a big part of life across Australia.
What actually is an SME (small to medium-sized business, for those of us who don’t quite know for certain but have been too afraid to ask)? Well, it depends on who you ask. The ATO – unsurprisingly – bases it on income. You’re a small business if your turnover is below $10m.
At Bizcap we love helping small businesses succeed and recently we were able to help an experienced bricklayer, who launched his own residential and commercial business five years ago, keep his business going – and build solid foundations for the future.
COVID-19 hit lots of businesses hard – with little respect for track record and longevity. One of the many that suffered was a 50-year-old sheet metal business which was forced to cut staff numbers – from 24 in early 2020 to seven at the height of the pandemic.
Cash flow is a perennial challenge for almost every small business, and over the past two years SME owner’s cash flow strategies have been challenged at more than any other time in living memory.
Key take-outs:
Short-term funding is a key part of businesses’ cash management strategies
Getting a business loan approved by a bank or traditional lender can be tough
When you’re running a business, cash flow is often one of the most difficult things to manage.
Key Take-outs:
1. Your credit score can influence your ability to get a business loan, many lenders don’t accept anything less than 500 but not Bizcap – we’ve helped customers with a credit score under 100
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