When your business is in its first few years of operation, it can seem hard to get a bank to support your vision. If you’re wondering how to get a business loan quickly in Australia, there is a formula you can follow to improve your chance of success and make things faster and easier.
Financial Documents + Business Plan = Lending Outcome
“Someone is sitting in the shade today because someone planted a tree a long time ago.”
So said Warren Buffett, a man worth over $70 billion (that’s US dollars!) and CEO of Berkshire Hathaway. At 85 years old, he is a great example of keeping your eyes open, planning your options out and playing a long game.
Planning is one of those things that many of us know we probably should do, but because it deals with things a long way over the horizon, it’s easier to push it back and focus on the here and now.
The sooner you identify issues, the sooner you can find a cure
Health professionals recommend seeing a doctor for a check-up every 2 years – even if you aren’t experiencing any symptoms. Why? The regularity lets them measure the vital statistics of your body and see if there are any concerning changes since the last checkup.
Just like in our personal health, our businesses have vital statistics that should be measured regularly.
As crazy as it sounds, we often get so caught up in the daily operations of our businesses that we lose sight of how our businesses fit into the bigger picture, and the opportunities that are right under our noses.
The good news is, you can get most of the clarity you need by putting some time aside to honestly map out how your business works.
Thanks to free tools like the highly-regarded Business Model Canvas, you can quickly and easily mark out not just where your money comes from and where it goes, but also consider things like communication channels, customer segments, value propositions and key partners.
If you don’t know your mortgage interest rate off the top of your head, you’re not alone.
In fact, according to a survey by NAB subsidiary, UBank, you’re in the majority.
The 2017 survey highlighted that 85% of Australians don’t know what their home loan rate is.
Which means you’re probably overpaying.