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One of the biggest obstacles that prevents SMEs from growing and flourishing is cash flow shortages.  According to a recent survey by Intuit Quickbooks , “61% of small businesses regularly struggle with cash flow.” Furthermore, “Among those small business owners who have had cash flow issues, n...

Working capital has been called the lifeblood of business. It’s what allows you to purchase inventory, pay your employees on time, buy and maintain equipment and reinvest.  Unfortunately, many SMEs struggle in this department because of slow or late payments. In fact, ...

Neil Slonim founded theBankDoctor in 2013 as a not-for-profit online resource centre to help small business owners better understand the wide range of funding options available so they can choose the product and lender that best fits their needs. Neil was one of many industry advocates consulted to ...

A business activity statement (BAS) is a form that certain Australian businesses must submit to the Australian Taxation Office (ATO) to report their tax obligations . Some specific obligations include goods and services tax (GST), pay as you go (PAYG) tax instalment, pay as you go (PAYG) tax withhel...

The Australian economy is looking good, and the majority of SMEs are experiencing bigger profits in 2019. According to Scottish Pacific’s March 2019 SME Growth Index , “Growth businesses are forecasting an average 4.9% revenue rise (up from 4.5%), and only 1in 4 SMEs expect revenues to remain flat.”...

Selling to big name retailers like ALDI, Woolworths, Coles and Bunnings can be a huge opportunity for small businesses. These major chains can be very profitable customers and fantastic for getting your product and brand in a more visible space.  But there’s a dilemma. With extended payment ter...

The mining industry has played a key role in the Australian economy for quite some time. It dates back to the gold rushes of the mid-19th century and accounts for around 7% of today’s GDP . “Australia is a global top five producer of gold, iron ore, lead, zinc and nickel and also has the world’s lar...

The March 2019 Scottish Pacific SME Growth Index Report made many interesting discoveries about the current state of Australian businesses. While some findings were discouraging like increased difficulty accessing funding due to property downturns and the Royal Commission, others were quite encourag...

Handling taxes is notoriously complex for Australian businesses. It can be overwhelming for SMEs, especially if you lack a dedicated, in-house accounting team.  But it’s vital to understand relevant tax laws, what your company tax rate is and how to properly report this information. This ensure...

“Is a worker a contractor or employee?” This is one of the most common questions asked by employers. And it’s one you need to get right for payroll tax and obligation purposes. Otherwise, misclassifying workers can leave you liable for employment taxes, and you may get hit with costly penalties. In ...

Access to capital is vital to your company’s growth and sustainability. You need it for purchasing inventory, buying equipment, hiring employees and boosting marketing efforts. Unfortunately, many businesses face a shortage of capital. In fact, nearly two-thirds start with less than $70,000 AUD. If ...

On 1 July 2019, the Fair Work Commission increased the national minimum wage in Australia by 3%. While this may not sound like that big of a deal, it could have a significant impact on cash flow for many SMEs.  In this post, we’ll look at the details and explain how to ensure your business has ...

Small businesses are Australia’s economic backbone. Recent research found, more than 99% of all Australian companies are small businesses, and they contribute $380 billion AUD to the economy.  But one consistent issue these companies face is obtaining capital. Roughly a third of small businesse...

Whether it’s heavy industrial machinery, office computers or anything in between, having the right equipment is vital to the success and longevity of your business. Not only is it essential for completing daily tasks and increasing productivity, it’s necessary for long-term, sustained growth. Of cou...

Whether the new Australian Federal Government is Labor or Liberal, small business owners are very clear about what actions they want the new government to take to provide the right environment for them to flourish. Scottish Pacific’s latest SME Growth Index research asked more than 1200 small busine...

Scottish Pacific’s March 2019 SME Growth Index unearthed many interesting findings. One of the main themes involves property security and its negative impact on business funding. In this post, we’ll examine the overarching sentiment toward property security and offer solutions for companies who don’...

Businesses that are expanding: growing pains can place massive pressure on business cash flow Freeing up the family home: business requires more funds than available equity Slow paying debtors: clients can sometimes take advantage of a good working relationship and draw out payments Turning away new...

Below is the second instalment of a two-part series into the potential impacts to the SME lending landscape following the Royal Commission's report. Gaining trust for SME lenders It’s crucial that Australian consumers, and the small business sector, have faith in their financial institutions. Beyond...

As we await the release of findings of the Hayne Royal Commission into the banking and financial services sector, I’d like to share some thoughts on the likely impact on SMEs and the small business lending market. The impact will be far and wide. A nervous market needs to be comfortable that Austral...

As in nature where the sun is vital for life and growth, so cash flow is essential to the life and growth of your business. It is the oil that lubricates the cogs of industry. In a recent survey conducted for Small Business Week to identify major areas of stress for small business owners, it conclud...