Cashflow planning is best practice in any business and critical to survival and growth.
As a small business owner, the survival of your business depends on the cash flow journey. Gaining a good understanding of how cash flows in and out of your business will give you the power to grow strategically. If your cash flow dries up, it’s extremely difficult to recover and it will inevitably impact all aspects of your business.
Nick and Daniella love running their Italian restaurant. Business is good and they have some great customers from all over Sydney, that over the years have become like family. Nick and Daniella decided it was time to renovate their restaurant and make it look more modern, whilst still keeping the old world charm their customers love.
However, as a small family business, they didn’t have the cash flow to put into renovations. They needed a $20,000 business loan to make some improvements to the interior of the restaurant and for a few additions to the kitchen.
Like a lot of small businesses, Nick and Daniella found it quite challenging at times to manage the business’ cash flow. They needed to make sure they found a business loan that would suit their needs and a lender who understood what they were trying to achieve.
After operating for so many years and having what they considered to be a good credit history, they were shocked when the bank knocked them back on their business loan application.
They didn’t know what to do, other than look for a non-bank lender to see if their dreams of modernising the restaurant were indeed achievable. That’s when Nick and Daniella found NSW Mortgage Corp, a non-bank lender with a long history of supporting small businesses in Australia.
A business loan consultant from NSW Mortgage Corp had a close look at both the restaurant’s and the couple’s finances. Satisfied with the numbers, NSW Mortgage Corp helped Nick and Daniella get their business loan approved and funded within the same week that they applied for their business loan.
According to Daniella, “We really didn’t know what we would have done without the help from NSW Mortgage Corp. They are so professional and friendly, and helped us every step of the way. We would recommend anyone who needs a business loan to speak with NSW Mortgage Corp first – they make it all so easy.”
Since renovating the restaurant, Nick and Daniella have managed to attract new clients while still keeping a smile on the face of their regulars. Business is booming and their restaurant is now more profitable than it has ever been. While cash flow for small businesses may be hard to manage to begin with, there is help available. If you require cash flow to help get a new idea off the ground, or to expand/improve your existing business, NSW Mortgage Corp can help.