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The Wallet Size Multi-Tool for Business

If you admire gadgets or clever design, then you will most likely have one of those nifty little tools’ which have dozens of attachments enabling you to; cut, bend, clamp, squash, saw or sew. They come in a range of colours and sizes, from pink micro versions to hang off your keys to the bulkier silver numbers designed for a holster on your belt….but….have you ever considered the value of the super thin plastic version?

Perhaps one of the smartest (and most common) multi-tools on the market for business is the 2.8mm thick plastic credit card you are carrying … Read More

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Business security – thieves won’t be taking a holiday

With just on a week to Christmas, businesses are generally finalising last minute sales, delivering product orders, sorting through end of month accounts, preparing for New Year sales, confirming the staff leave roster, and even…. finalising the details for a staff Christmas break-up!

What’s normally left off the pre-Christmas “to do list” is security – physical and virtual.

Make no mistake, thieves will NOT be taking a holiday over the festive season – in fact, they will be working hard exploiting the combination of business closures and peak retail activity.

The risks to business vary significantly accordingly to industry, but … Read More

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5 Steps for better Business Financing

With countless business finance products in the market – is can be daunting for some businesses to decide which option to choose. The frequently asked question is “which one should I take?”, so to take some of the pain out of this point – we have provided 5 simple steps for better Business Financing.

To start, it’s not so much a case of which product you should take, it’s more a question of which one do you need and realistically, what is available.

Finance facilities should match the need, otherwise you run the risk of additional cost or … Read More

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Business Margins – Improve your Financial “Short Game”

Finance has shown me many things over time, but perhaps one of the more powerful concepts is “profit versus turnover”. For the golfers out there, I liken this to “driving for show VERSUS putting for dough“.

Underlying profitability and the associated free cash available for debt servicing are focal points for a Banker with any finance proposal – as this shows whether there is the expected ability to repay the loan within the proposed terms. The simple “revenue line” however, whilst interesting for trend and margin analysis, by itself – does little to prove debt servicing ability.

This … Read More

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10 Banking Essentials

You would not skydive without a parachute, so don’t do business without these.

From a banking perspective, every business should have these 10 items in their kit bag to either save, make or protect money – whilst maximising their banking relationship.

Assess whether your business has these as you go (Yes/No responses) and be honest – pass/fail thresholds are at the end.

  1. a contact (or preferably three) at their bank. When you need assistance, you need to be able to quickly bypass the web and IVR tools and speak to a real person. For a deeper understanding on
… Read More
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Business Finance – On the Hook!

For those who have borrowed money, you would be aware that financiers are always looking for a primary exit (repayment) source – normally via the repayment from business operations AS WELL AS a secondary exit just in case everything turns sour. 

Most people get the simple fact that if they default on the loan, the financier will look to seize the security to get their money back, but…. there is a lot more to learn about this.

Firstly, did you know there is more than just property security that can be taken? Most financiers will look for property security whenever … Read More

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It’s never the Message in business – always the delivery!

How many times have you been given some news and reacted badly; triggering a sudden or violent reaction, not gaining an understanding or getting the full message?

In finance, most bad news revolves around loans – the words that most clients don’t want to hear from their Banker include;

  • No!
  • Declined. 
  • …there’s a problem….

These are of course simple words – nothing more, but we tend to attribute lots of meaning to them and often far more than the actual message intended. Equally the shorter the message, the less context comes with it – so our minds … Read More

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The Financial Shopping List for Business

With countless finance products in the market – which one should I take? This is an FAQ from most businesses at some point, so this simple shopping list should take some pain out of the process.

To start, it’s not so much a case of which product you should take, it’s more a question of which one do you need and realistically, what is available.

Finance facilities should match the need, otherwise you run the risk of additional cost or inappropriate terms (which normally winds up being even more cost).

Step 1 – what is the need? Short term needs … Read More

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The Business Debt Trap

Debt comes in two forms – Good and Bad. Successful businesses understand the difference and actively manage their position.

Over the years I have seen many businesses struggle (and some crumble) under the burden of debt – with the debt load literally hanging over the business like a tree branch waiting to fall in a strong wind. Using a simple test before taking on debt will assist you in avoiding this risk.

But……to start with – not all debt is bad!

In fact, debt can be a great enabler to get a business going, be it for a vital piece … Read More

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More Fees for Business than Service

Ever noticed that some bill accounts are so complex that it takes a master’s degree to work them out? Put simply…..it’s an illusion to justify a larger cost and/or mask the value that is being charged. 

I call the language used in these accounts “bill speak“, so once you understand how to translate it – you will never be fooled again.

Regrettably the world of financial services, telco’s and some utility providers use bill speak to the extreme and appear to compete for the most individual fees for what is fundamentally a single service.

Recently I reviewed a … Read More

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5 Avoidable Banking Mistakes for Business

As with most things in life – learn the lessons of those who have gone before you.

Over my years working with businesses and lending money, I have seen a number of simple mistakes that have cost people a lot of money. To save you the cost of these, I have jotted down 5 of the most common mistakes that I have seen, along with simple yet effective suggestions to avoid them.

Mistake # 1 – DID NOT READ the loan contract or terms & conditions.

25 years ago, a home loan contract was 2 pages – these days … Read More

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Moths in your pocket

Successful businesses have a strong handle on where they spend their money.

There is no point putting in all of the effort in running a business, finding clients and generating sales if at the end of the day – you have nothing left to show for it. Every dollar you spend must deliver tangible value to you and your business.  If it doesn’t, then it makes no sense to pay it.

This is not just about an unsustainable slashing of costs, but a targeted approach to making sure that your “expenses” are working hard.

Broadly expenses will fall into … Read More

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