5 ways you can equip your business for success in 2018

Published on November 30th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
Our authors

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

At Savvy, our mission is to empower you to make informed financial choices. While we maintain stringent editorial standards, this article may include mentions of products offered by our partners. Here’s how we generate income.

Know your equipment like the back of your hand

As a business, your machinery is the second biggest puzzle to what makes the core of your business. Knowing this segment of your business like the back of your hand is important. Keep a checklist of equipment checkups that need to be done weekly if not monthly.

List equipment that needs replacing or maintenance to ensure that your business is always running. Don’t ignore the little ticks and glitches that machinery shows you, it’s a warning sign that something is about to go bust.

If you are leasing, then it is vital that you ensure that you and your employees follow the manufacturers manual to the ‘T’. Having an easy to read simplified version next to the equipment will be a sure way to make sure that it is followed.

It’s called keep up, not catch up

When it comes to any business, keeping up with what happens in the market and what your consumers are what will determine whether you sink or swim. Bigger businesses might have a better footing when it comes to allocating funds towards buying equipment that keeps up with the times.

Small businesses are in a catch-22 situation whereby you might need new equipment to make money, but there is no money to get a hold of the equipment. According to the Australian Bureau of statistics, more than 60% of small business stop operating within the first three years.

You can review other options that are available to you by speaking to a financial advisor. If you are working on a strict budget you can lease the equipment with a loan that understands your business’s needs or take out a smaller business loan of $10,000.

Bundle up

Any business would love to have cost effective ways of operation, and bundling up your equipment is one of them. When it comes to replacing equipment, you can bundle it up into one lease, instead of paying for it individually which can cost you more. Not only will it be easier to manage under one payment, but it will also help you bag a good discount if you negotiate with your vendors who are leasing the equipment to you.

Always ask questions

If you want to walk away with the best deal that will benefit you it’s important that you always ask questions which will leave you feeling satisfied than full of regrets. After all, it’s your money that is on the line. Ask questions such as:

  • Anything pertaining to the terms and conditions of your loan or lease
  • Are there any upfront payments?
  • What are the return rights?
  • What is the termination process?

Update your finances

You will have to find an equipment financing option that suits your businesses finances. It has to be something that is flexible as businesses are in a constant flux, and the financing option will have to be able to keep up with that. Basically, it needs to understand your tax or cash flow needs. It’s advisable to speak to a financial advisor who will give you a better insight as to what solution will work for your business to ensure that your business is a success this year.

Did you find this page helpful?

Thanks for your feedback!

This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Approval for commercial loans is always subject to our lender’s terms, conditions and qualification criteria. Lenders will undertake a credit check in line with responsible lending obligations to help determine whether you’re in a position to take on the loan you’re applying for.

The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well as others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.

In this article

Share this article

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on pinterest

Looking for a commercial loan quote?

Compare with Savvy and save on your next commercial loan.

* Terms and conditions and lending criteria apply.

Smart money saving tips

Subscribe to our newsletter.

By subscribing you agree to our privacy policy

Related articles

Looking for a commercial loan?

All equipment, aircraft, technology, agriculture, plant & machinery and truck finance. See how you can compare and save with us.

We'd love to chat, how can we help?

By clicking "Submit", you agree to be contacted by a Savvy broker and to receive communications from Savvy which you can unsubscribe from at any time. Read our Privacy Policy.