Australia is the home to more than 2 million small and medium sized businesses nationwide, and after a tough year for many businesses in 2020, everyone is looking forward to the year ahead.
Owning or working within a small and medium sized business naturally comes along with its own challenges, but the added pressure of multiple government restrictions and a pandemic created extra stress for SMEs throughout the country.
Unsurprisingly, the top four challenges facing SMEs in the upcoming year were COVID-19 related financial pressures, with three of the four being solely finance-related, according to the latest ScotPac SMW Growth Index research.
PODCAST: In Focus: Kate Carnell on the challenges facing SMEs – Kate Carnell joins host Annie Kane to discuss the challenges that small-business owners have been facing since COVID-19 hit. Tune in: https://t.co/wjuwW08msO #SmallBusiness #FamilyEnterprise pic.twitter.com/LGn5eT7pqO
— The Adviser (@TheAdviserAU) February 10, 2021
According to the research, the three finance-related challenges that SMEs feel they must overcome in 2021 are servicing excessive debt levels, diversifying their funding base/finding new sources of funding, and avoiding insolvency.
These challenges, no matter if you are facing one or more of them, will impact the way that SMEs are run throughout the year. With borders open for many states, there is more optimism entering the SME community as this was seen as the most necessary factor to the recovery of many businesses post-2020.
However, financially this year will be tough for lots of small and medium sized businesses. Your SME might be struggling with their invoicing cycles and be unable to pay suppliers on-time, or you might need some extra help in order to gain assets that will improve your business. No matter the financial problems your SME is facing, there is always an option.
Finance for small and medium sized businesses isn’t very easy to come across, especially when many SMEs are set to face financial challenges, as the global economy recovers. It can be quite difficult to secure the bank-related finance you really need to keep your SME thriving and growing. This is where a non-bank lender is going to be a much better option for your small or medium sized business.
Not only do non-bank lenders normally have a shorter and easier application process, but if you meet the necessary criteria, they are more than willing to give finance to small and medium sized businesses. Luckily, for many Australian SMEs, there are great options for non-bank lenders on the market.
Grow Finance is a premium non-bank lender that specialises in assisting small and medium sized businesses with an array of finance options that can help them maintain and grow their business. Grow Finance have specifically designed their finance options in order to meet the needs of growing small and medium sized businesses that require vehicles, offices, business equipment and even clean energy options.
“Your business can easily access the much-needed finance options for your SME, by using Grow Finance for your lending needs.”
No matter what industry your small or medium sized business operates within, it is likely that 2021 will bring along some financial challenges, as a result of 2020. However, that doesn’t mean you can’t continue to expand and create these growth opportunities for your business in the form of a range of non-bank lending options from Grow Finance.