Accessing your business investment plans
Many business owners are faced with tough decisions about future planning for their business, such as what they should invest in, whether it’s the right time and how will they fund it.
Hunter businesses are facing a challenge courtesy of a sluggish economy and low consumer confidence – especially those exposed to the impact of recent job cuts in the mining sector.
However, we are seeing an increased demand from some local businesses, which are seizing the opportunity in an unprecedented low interest rate environment to underpin business expansion.
Regardless of your approach, now is the time to take stock of your business, the market and your goals for the future.
Here are some useful tips to get you started.
Create a business plan or review your existing plan. If you’re creating a business plan for the first time its worthwhile getting advice from a specialist.
For existing plans, ask yourself what’s changed since you made the plan, what else needs to be considered and is the business heading in the right direction. Consider your goods and services, the needs of your customers and the wider marketplace.
Think about possible investment options. Where are the areas in your business that need upgrading, expanding and further development, what is going to deliver a good return on investment and will your investments contribute to the overarching business goal?
For example, is it time to upgrade your IT system to streamline processes and free staff for other tasks or opportunities?
Speak to a business banking specialist. Consulting one of our business banking specialists to understand the implications of borrowing for investments will help you assess what is feasible for your business.
Understand the different products available. Ask us which products are available to suit your needs. There’s a good chance we will identify an option you’ve not considered and help you assess the benefits of different products, including term loans, line of credit options, vehicle loans, and leasing products.
Even borrowing within your self-managed superannuation fund could be a sound investment strategy worth exploring.
Include a timeline for your goal. You may not be able to achieve everything now but having a plan and speaking to one of our business-banking specialists will help set you on the right track.
Partnering with Beyond Bank is a sound decision, we understand the local market and we also have specialists that observe the broader economy, and can help you make educated decisions about investing.
For more information, visit us in branch, call us on 13 25 85 or leave a comment below.
In 2005 Brett and Tina Davies (pictured) took over Weston Machine Shop, it was their family engineering and fabrication business in the Hunter Valley, and they needed reliable support for their business banking needs.
It was an opportunity many have taken to start afresh, and when Brett was faced with the consideration of a new banking relationship, it was an easy decision to stay with Beyond Bank based on his father’s existing relationship and the positive experiences he had with the local Kurri Kurri branch.
It didn’t take long for Brett to realise he’d made a good decision and was particularly pleased with the personalised and high quality service he received.
“Beyond Bank works in partnership with us. Shirley and her team have helped us set up various loans and made sure we’re always using the best possible products for our banking needs,” Brett said.
“They’ve helped us set up and manage our everyday banking needs and a self-managed superannuation fund, organise internet banking, deal with our overseas transactions without any issues, and ensure our staff wages are delivered promptly to our employee accounts each week.”