There are several steps you can take to prepare your business to ask for more working capital from a bank or other financier.
1. Cash flow crunch points: Understand them
It is possible to plan better for the future if you are aware of potential triggers that could lead to a shortage of cash in your business.
It is important to have early discussions with your bank, finance partner, or internal advisors so that they can best support you and provide advice on how to manage a cash-flow gap.
Export Finance Australia took the time to understand our needs and tailor their support accordingly.
Managing Director, Platinum Blasting Services
2. Make sure you have an internal advisory team that is trusted
Your team is crucial in helping your business identify and capitalize on new opportunities.
It doesn’t matter if it’s your finance team or an external advisor. By keeping them informed about your business and growth goals, they will be able to advise and prepare you for new contracts.
3. Maintaining strong relationships
When you are in the mining and construction sector, it is important to have business partners who understand your business.
It is important to build and maintain strong relationships with your customers, suppliers, and other business partners, such as freight forwarders, labor-hire agencies, and business advisors. Flexible and agile relationships will help businesses secure the support needed when they are negotiating contracts and tendering for new work.
Contact one of our experts.
Never start a discussion about your financial future too early.
We can help you with your financing needs, whether you are looking to expand your business internationally or want to increase the stock you have for new contracts.