Many businesses are applying for finance from banks and other similar institutions using the traditional methods. This means the bank will ask for records covering your last two years.
At a death rate of just under 1.5% outside China it is not much more deadly than the flu, though the impact of China’s business shut down is enormous.
“I am not in the office today, my boss has advised that I requested money today and I haven’t. I want to get this cleared up as soon as possible.”
Christmas is only weeks away and the retailers are in full swing trying to stimulate spending earlier.
Businesses in the transport and logistics sector face many challenges trying to manage and maintain consistent cashflow having to juggle fluctuating fuel prices, tight margins, reducing numbers of skilled drivers, and ever-increasing regulation and safety obligations.
Seasonal demand can fluctuate throughout the year, which can make it difficult to maintain cashflow for any business.
Not being in control of your business’ finance can be a frightening thought. Working on credit, trying to meet payroll and tax commitments plus trying to invest back into the business to grow, creates an uncomfortable situation.
Over the past two or more years the biggest challenge for small to medium businesses is getting enough cash to effectively run the business. It’s not uncommon for a profitable business to have cashflow problems, and this is especially true when new growth and sales opportunities come up.