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Financing & Cash flow are the biggest issues facing business today
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7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Direct Line = 416 319 5769
Office = 905 829 2653
Email = email@example.com
Financing businesses in Canada has owners/managers conjuring up visions of 'tapping the motherlode' for their operating and growth needs. But what type of business loan works for your business, and when it comes to loans or monetizing your assets you might be surprised as to how much, or little! financing you require. Let's dig in.
When it comes to growing a company its probably natural instinct that owners/entrepreneurs think of relating to the film 'Fast and Furious'. That type of mentality though comes with unreasonable expectations of financial success. Larger corporations actually use a formula called 'sustainable growth rate' which allows them to calculate, and then manage how much they can grow without taking on more debt.
Whether your firm actually calculates that formula, or simply spends the proper time understanding how you can properly grow your business and take on types of financing that make sense is the measure of good planning.
Other key considerations you need to make revolve around understanding how fast you want to grow and to focus on making a profit as much as hyper-growth. Debt that you take on must relate to reasonable profit expectations. Additionally, many business folks in the SME Commercial finance expectation area simply don't understand their financing options.
Options such as the Government business loan or utilizing equipment financing can help you grow a business, when utilized properly. Another good example of prudent business financial thinking might be to utilize PO financing as an alternative to taking on other forms of debt when it comes to taking on large orders/contracts.
Start ups and early stage revenue firms come with a heavy measure of financial risk and limited options for finance. The ability at this time to produce proper financials and cash flow projections is key.
Any term lender or asset monetization lender will always focus on a handful of key issues relating to providing your business with financing. They include a focus and analysis of profits, cash flow, owner credit history, and any additional collateral you can bring to the table. By the way, this is not the time to have any CRA arrears, as that's a highly recommended way to be declined for many forms of financing.
While Canadian banks play a key role in financing larger businesses and public companies in Canada the consensus, right or wrong, is that they can't satisfy all the needs of the SME sector in Canada. There is very little risk of new Canadian banks entering the market! That's where commercial finance solutions from non banks make sense and are worth looking into. They include:
Asset based business credit lines
SR&ED finance (applicable to those firms investing in R&D)
Purchase order financing
If you're looking to improve your financial chance of borrowing, and borrowing properly seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can help you tap the motherlode... properly... and for the right amount!