Silver Grey
Going into debt by applying for a small business loan to keep the business running smoothly can be a nightmare. Particularly for those businesses who don't keep their books done up on a daily or at least a weekly basis. I think we all know those types of businesses who run their business from a shoebox.
Now that the Australian Tax Office requires small businesses to put in a BAS statement periodically like every week, month, quarterly, half yearly or annually; at least the books are being done up on a more regular schedule thanks to the oversighting by the A.T.O. In the not-so-distant-past, the shoe box brigade particularly among Trade businesses was far too common. We used to laugh about the practise; but now that they have found out closer to the amount of money they were missing out on; they now kick themselves for being such "drongo" business owners. Unfortunately, trade schools are too busy teaching the trade and too few have a module or two on how to run a successful business.
Trade businesses comprise a large percentage of the small businesses in Australia; and employ a large number of employees. When a small business like this fails, they not only hurt the owners, they also take employees and trade suppliers down the gurgler with them. If the biggest trade supplier is a National Hardware Supplier, it hurts, but when it is another family owned Hardware store, the flow-on of lost income hurts the whole community. If an employee loses their job, their buying power is also lost to a small community too, and it becomes a downward spiral for the region.
Many of these scenarios can be avoided with some careful oversight by a small business applying for a business loan in a timely manner. The best way to avoid calamity is to keep an eye on each job and do proper costing on each job so you know whether you have made a profit or a loss. If you find that you seem to be making a loss on certain types of work then you really have to take a closer look at your estimating / quoting and seeing where the loss is occurring.
If, for example, you are a Plumbing business and you were doing bathroom renovations and found that there was not the expected profit margin in there that you had costed into that work, then you need to carefully reassess your prices as they may well have had a price rise since those estimates for materials were updated. These are problems that get picked up quickly when you keep your own accounts updated.
Running a viable business is more than just being a good "tradie". If you aren't a good tradie you probably would never have thought you could run your own business anyway. Good trade skills are essential but you are now 'the boss' with other people depending on you so you need to know by accurate accounting when you are going to have a cash flow problem.
When you go and talk with your bank manager, they are going to want to have a look at your books to see if you are a good applicant for a small business loan. They are going to want to see where you have brought your business from, where your business stands now and what your plans are for the future growth of your business and how you intend to pay back any loan they may extend to you.
The best time to apply for a small business loan is when you don't need it. I have always called this "the in-case-of" overdraft facility and it has always worked well for me. Timing is everything in business and as 'the boss' you have to be always on-top of everything; so you don't get hit with any major surprises. There are enough day-to-day dramas in business and you really don't need any extra stress, do you?
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