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It's the ideal time to review your business finance products

If you're setting new goals for next year, it's a good idea to give your business finance products a health check. There's no better time to review your business finances than at the end of the financial year.

It's time for a health check on your business finance products

As the end of financial year approaches, you're probably getting together all your reports and statements to give to your accountant and complete another year. As you're starting to get a clear picture of your financial position and health, it's a good idea to review any loans or financial products you have.

One simple thing you can do is to look at the financial statement from your lender to see how you used these funds, how much money you paid in fees and interest, and where you can possibly save some money. Chances are there will be opportunities to cut back on costs. Maybe even consider another loan product, or even explore different, more tailored or purpose specific loans.

Is your business finance product the right one?

As a broker, I'm more than happy to help you review your current business finance products to ensure they are fit for purpose and an effective use of your capital and cashflow.

Choosing the type of finance you need

Unlike residential finance, where the challenge is often to save you money, the right business loan is often about maximising your cash flow and providing opportunities for growth. Some of the most common finance products that may help you achieve this are:

· Commercial Real Estate Loans- Property and Development.

· Equipment and Vehicle Finance.

· Working Capital Finance.

· Finance for Self Managed Super Funds (SMSF).

· Invoice Finance.

Commercial Real Estate Finance - Property and Development

Your business may be able to make the most of this to create opportunities for growth and long-term investment. Typically, a commercial real estate loan can be used for anything from retail to industrial, office complexes to aged care facilities, or hotels and apartments, and the finance can be used for buying land, property development or construction.

Equipment & Vehicle Finance

Equipment finance may give you a lot more benefits than simply preserving the all-important cash flow and working capital. It can, in certain circumstances, generate immediate income, the repayments may let you budget more accurately, and you may be able to reduce your maintenance costs with new machines. And let's not forget the many potential tax advantages that may apply. Ask your tax accountant about these potential advantages.

Working Capital Finance

Working capital finance may help you cover vital day-to-day costs like ensuring cash flow, paying suppliers on time, or covering employees' wages during slower periods. It may also give you funds at hand when you need them to create growth and make the most of any opportunities. The money is there, if and when you need it. As always, your accountant's advice should be sought.

Self-Managed Super Fund Loan

Any savings you've built up in your SMSF may be able to be used to make investments in a range of asset classes. We can arrange funding for your SMSF to purchase property that may become available. You may be able to use a SMSF Fund loan to purchase an investment property, or a property that will be occupied by your business, as long as the rent is at market rates.

Invoice Finance

Invoice finance is an innovative way to help businesses unlock cash tied up in invoices, allowing them to access tomorrow's cash flow today. It may also give businesses a way to fund growth using debtors as security. In many cases this is the only limitation on the facility amount - the value of your debtors.

We're here to help

As you can see there are a lot of options in business finance. The appropriate business finance product aims to help you grow and increase your long-term success. Getting it wrong could hold you back. If you're reviewing your business finances and want to talk through your many options, please call us and we'd be happy to help you out.

Your Choice Mortgage Brokers Pty Ltd atf Halo Innovation Trust trading as Heart Mortgage Services - Australian Credit Licence 38643

The information contained herein is of a general nature only and does not constitute advice. You should not act on any information without considering your personal needs, circumstances and objectives. We recommend you obtain professional financial advice specific to your circumstances. The views expressed here are not ours. While the information contained in this article may contain or be based on information obtained from sources believed to be reliable, it may not have been independently verified. Where information contained in this publication contains material provided directly by third parties it is given in good faith and has been derived from sources believed to be accurate at its issue date.  To the maximum extent permitted by law: no guarantee, representation or warranty is given that any information or advice in this publication is complete, accurate, up to date or fit for any purpose; and no party or associated entities as mentioned is in any way liable to you (including for negligence) in respect of any reliance upon such information. This article may also contain links to websites operated by third parties who are not related to us. These links are provided for convenience only and do not represent any endorsement or approval by us.

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