Welcome to 2024, and our first PMG newsletter for the year.
2023 saw some major challenges to small businesses, including rates increasing, the economy tightening, employment low, and housing prices on the up. We are noticing improvements in the supply chain which is resulting in quicker lead times and equipment stock availability in some areas. This is also partly due to the aforementioned economic issues which have seen some clients defer or cancel their purchases.
This year will hopefully see a levelling off in rates with perhaps even a decrease in the latter part of the year (we hope!).
Be sure to contact us if you are considering funding any vehicle or equipment purchases.
Enjoy!
What are the benefits of using a Finance Broker?
If you are exploring financing options for your business equipment, such as trucks, trailers, or excavators, it can be an overwhelming task. Although your first thought might be to discuss a loan with your bank, there's a more efficient alternative that can save you time, effort, and money – engaging the services of afinance broker.
A balloon payment is an amount due in full to the lender at the end of the loan period, after all scheduled monthly loan repayments have been completed. This enables you to repay your loan over its term, at reduced monthly installments.
Three assets you may not realise can help boost your cash flow
One of the biggest obstacles that prevents small and medium-sized businesses from growing and flourishing is cash flow shortages. Managing cash flow is a critical aspect of running a successful business. While many business owners focus on revenue streams and cost-cutting measures, there are often overlooked assets that can significantly contribute to boosting cash flow.
Financial practices that could raise red flags for lenders
Are you aware that certain spending habits could raise eyebrows with lenders when you're applying for a loan? While managing your money wisely and cutting back on expenses can improve your chances, occasional splurges are understandable. However, some habits might give lenders reason to think twice.
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