The workshop will focus on:

• Fixing your business accounts – Separate personal and business finances – Get your ‘books’ in order – This is what lenders use to assess if you can pay – Check the ATO record for your business – Compile a financial commitments list – Check your bank statements – Ideally six months with no overdraws, defaults or discretionary spend

• The need to prepare/update your business plan – This helps lenders, investors – and you – clearly see your goals and achievements – Include P & L statement, balance sheet and budget – Prepare cash flow forecast then compare what you said you’d do to what you achieved 3 Discuss your situation with your business adviser who can step you through the funding choices of debt or equity, banks or alternative lenders, short-term or long-term funding and secured versus unsecured.

• Assessing your credit worthiness – Lenders can access so much information about you and your business - including social media, such as Facebook – BEFORE seeking funding, tidy up any outstanding issues to give yourself the best chance of approval – Check your personal and business credit rating and your tax portal – Multiple applications can have a negative impact on your credit rating – Access your Personal Property Securities Register (PPSR) report search results – it’s important to review this (your adviser can help with these two steps) – If there are any issues in these reports, work with your adviser to correct them

• Determine if you need funding? – It’s OK to need funding – the right type of funding for your situation can really make the difference to business growth – What is your business need? Urgent cash for short-term issue vs funding for ongoing needs – Can you service the debt? It’s not just the funding amount but the total cost, including fees and charges – Understand what giving a guarantee means –for secured and unsecured loans.

• Taking clients through some funding matrix options.

Be quick, limited spots available.

The workshop will be delivered face to face (with up to 10 in attendance) and via video conference for those that can’t attend in person.

Presenter

Jonathon Weller. Partner at local Gympie accounting firm Brown, Mccaulay and Warren. Jon commenced working with BMW in 2008, becoming a partner in 2013. Working in taxation, audit and business advisory services, Jon is also an MYOB accredited trainer, as well as an ASIC registered company auditor.

Further information

For more information on this workshop please contact Rod Murray at rod.murray@ep.industry.gov.au

Please note, this is a free face-to-face workshop hosted by the Department of Industry, Science, Energy and Resources Entrepreneurs' Programme and Deloitte.

The Entrepreneurs’ Programme provides quality advice and support to assist businesses to innovate and grow. For further information on what services may be available to you, visit: business.gov.au/EP