Like many business owners, you might be running around right now chasing your tail. Making up for lost time. Making up for lost dollars. Doing your best to work through the Covid minefield. Striving to keep your business and your wellbeing intact.
You might be coming through on top, profitable and with good revenue in the wings. Yet finance and capital challenges are causing you stress or keeping you up at night.
Running a business can be difficult at the best of times. And let’s face it, this year has not been the best of times. When you add cash flow issues into the mix, the job of a business owner suddenly becomes a lot harder.
Finding The Right Fit
Trying to get your banking arrangements sorted might be the last thing you’ve got time for. But struggling with a banking set-up that doesn’t work for you won’t do you any favours. It will only add to the stress and anxiety, hamstringing your business even further.
Jason was in such a position. He’d borrowed money in the past for business expansion and operational funding. His bank had taken security over his home to cover this. Jason was now struggling with business disruption and he was under pressure. Big time.
Not only was his business at risk, but because of the security the bank took, his family home was at risk too. Jason felt completely overwhelmed and out of control. He wasn’t sure how to fix it, where to start, or who to talk to.
What if you could get it sorted without having to leave your business?
Sometimes it’s not a matter of finding the time to go to the bank. You might be uncertain of how to deal with them, what to say, or how to achieve the best result for you and your business. This is why it usually pays to engage the services of an expert to take on your bank. Someone who can speak the bank’s language and has only your best interests at heart.
Why It’s Worth The Effort
When an expert goes toe to toe with the banks, you can end up with …
- Extra cash in your coffers
- Your family home no longer tied to your business loans
- Lower interest rates and better terms
- Repayments structured to fit with your cash flow needs
- No unnecessary securities held by the bank
- Limited personal guarantees
- Your Family Trust with the head GSA over and above the bank
- Becoming your own banker
Sound too good to be true? It’s not. Someone with the right know-how can achieve these results time and time again.
It’s true too, that sometimes you can find a better deal elsewhere. If your bank’s not up to it and can’t deliver, it may be time to switch banks. This can feel like an overwhelming process. It doesn’t have to be. Once again, with an expert alongside, you can concentrate on your business while they do the legwork.
An Unbiased Approach
Your expert should tout around all the banks in town. Making sure they find the absolute best deal for you and your business. But watch out you’re not dealing with someone who has ties to certain banks. Often they’ll get a payout from the bank for bringing the business in. Unfortunately this means they may take your business to the bank that pays them the most. Not on your side, not on the bank’s side, but on their own side.
So take care. Make sure you’re given a range of banking deals to choose from, not just one or two from the expert’s “favourite” banks.
Done right, and with your best interests paramount, you could even end up becoming your own banker. Now wouldn’t that be a sweet position to be in?
If you’re anxious about your banking arrangements, call us today to make an appointment for a no-obligation discussion. You can come to us or we’ll come to you, where ever you are in Auckland. Or you can send us an email.
Download our free report: Why you should become your own banker.