Knocked Back on an Equipment Loan? Get Small Business Finance Approved Today
Commercial financial advisors can be invaluable small business assets. Their ability to see trends, prepare accurate forecasts, review business finances plus investments and see the big picture are all highly regarded services. From equipment loans to retirement plans, financial planners are utilised by small business owners from start-up and beyond.
However, how do you know you are getting the right advice from the best financial advisor? We are going to cover tips on how to choose the right financial advisor for your small business for equipment financing. Learn what to look for to protect yourself and your future.
6 Tips on Choosing the Right Commercial Financial Advisor for Your Small Business
1. Credibility
Providing financial product advice without the appropriate licence is a criminal offence in Australia. Yet, it still happens. As you would already do for people like lawyers and accountants, checking the credibility of your financial advisor is equally as important. They should be:
- Qualified.
- Experienced, and;
- Hold any licences that are required to operate.
2. Specialist Knowledge
As a business owner, you need to be confident that the advice you receive is specific to small business. Look for advisors that specialise in and have experience working with small business.
3. Experience
The more experience a financial advisor has, the more they can draw on from their career to give to you. That’s not saying a fresh, young financial advisor won’t have great insights. The sweet spot is an innovative advisor with ample experience who is still passionate about their work.
4. Reviews
Search online for reviews and testimonials of companies you are considering partnering with. Check their website and independent review sites (i.e., Google reviews). Ask friends, family, and peers who they recommend.
5. Get a Loan Approved When You Have Been Knocked Back
If you have been knocked back on a business loan, it is worth trying again with the help of an expert who goes the extra mile. Someone who will qualify you before your application submission. The bank will clearly see:
- Your finances have been professionally reviewed.
- How the loan will benefit your business and bring in a return.
- That by engaging with an expert, you are serious about taking on the loan.
6. The Bottom Line
In the end, you want an advisor who is going to bring in a return. Their advice should lead to things like:
- Improved budgeting.
- Greater cash flow, or;
- Helping you achieve business goals.
Small Business Case Study
Like many cities around the world, Australian small businesses were unsure if they would survive the losses incurred from recent lockdowns. Upon re-opening its doors, a Sydney restaurant had been inundated with clientele. They needed to immediately update and replace their six commercial espresso machines.
The restaurant turned to a commercial financial consultant who thoroughly reviewed their finances and case. A low-interest equipment loan with flexible repayments that suited their cash flow was quickly secured. What made this case so successful was the advisor’s:
- Experience.
- Industry expertise.
- Knowledge of Small business.
If you would like to learn more about this story visit the ‘Commercial Financial Consultant’ link above.
