In order to succeed and become a powerhouse with your entrepreneurial efforts, you have to exude a certain sense of sagaciousness, perseverance, and, most importantly, you must demonstrate foresight regardless of your specific niche or industry.
But, as you might already know, today’s commercial arena is not only fiercely competitive and steeped in ever-changing trends; it’s also cutthroat and very demanding from a budgetary perspective.
Eye-Popping Figures Regarding Small Enterprises
In light of a recent investigation conducted by the Australian Taxation Office (ATO), we can say with certainty that small businesses symbolise the impetus behind our nation’s economic prosperity:
- As of this past year, the total number of small businesses operating within our nation’s borders surpassed 2.15 million, and many experts are predicting that it won’t take more than a few years for this number to reach 3 million.
- Well over 90% of Australian firms are branded as SMEs, which stands for small and medium-sized enterprises.
- In total, these organisations provide gainful employment for almost five million Australians and they crank out nearly $340 billion of economic productivity each and every year.
- However, it’s worth mentioning that Australian SMEs are becoming increasingly susceptible to bankruptcies and devastating indebtedness; approximately 20,000 companies collapsed during the past 12 months and had to initiate liquidation processes.
The ATO investigation also ascertained that two-thirds of SME owners believe that regulating cash flow, servicing debts, and overcoming trading losses represent the biggest obstacles on a month-to-month basis.
Resolving the Most Common Hang-Ups
The aforementioned issues are exacerbated by the fact that 54% of small businesses depend on high-interest credit cards to fund purchase orders and to acquire stopgap necessities, which is completely illogical and somewhat irresponsible.
However, it’s important to understand that this credit card dilemma has actually abated itself quite a bit since 2010, when 73% of SME owners attested to using charge accounts for business dealings, due to the ascension of low interest short term loans in Australia.
As a readily available, easy-to-obtain, funding alternative, short term lending is quickly transforming into the best solution to chttps://www.maxfunding.com.au/short-term-business-loans.html%C2%A0ash flow problems:
- Instant access to cash transfers: you can generally receive up to $50,000 in several hours
- The associated interest rate is just a small fraction of the typical credit card
- You can utilise a host of individualised strategies to pay back the loan
- The repayment schedules can be stretched over three years, and the instalments will be tailored to your unique cash flow matrix
- Loan term extensions are very easy to attain
Additionally, you also have the option to establish a suitable line of credit that helps you mitigate the amount of capital you have to dedicate to servicing debt each month, so make sure that you take some time out of your day to visit the landing page of an upstanding private funding firm before you swipe your charge card again.