What do taxis, uber and short-term loans for small business have in common? This is just one of the questions Strive Financial Executive Director, Cameron Garnham poses when he’s invited to speak about why short-term lending might be the solution to your temporary business challenge.
The problem: you need to fly from Sydney to Brisbane for a three-day conference or another important networking event. While you’re in the Sunshine State, you decide to attend to some urgent business on the Gold Coast.
How will you travel between Brisbane and the Gold Coast?
You can’t bring your own car with you and it’s going to be a bit of a headache hiring a car. To be honest, you don’t fancy driving 10 hours each way and for the hour or two you’d spend driving between the two places, navigating where you need to be etc, you can put that time to better use making calls and answering emails.
So, the options are to take an uber or taxi.
Sure, the cost of hiring a taxi or uber is a lot more than the cost of driving your own vehicle, but it’s only for a few days, not for a few weeks or months. While it may seem expensive on the surface, when you break it down and make a fair comparison to your other options, you can see it’s actually a savvy business decision.
Not to mention, you don’t have to spend the extra few days you’ll need to safely drive between Sydney, Brisbane and the Gold coast. And then back again.
Let’s use a common example – your business is struggling with a temporary cash-flow problem. We’ve all been there. It’s nothing huge but a few unpaid invoices, a bit of a sales slump and some stock issues mean things are going to be tricky for the next six months or so.
You don’t have the time to wait for the six to eight weeks it’s going to take a traditional lender to get the paperwork done and, to be honest, you’re not keen on signing off on a long-term loan when you just need some cash to get you through the next six months. Twelve months tops.
In a nutshell, you need a temporary fix for a short situation. And short-term lending is exactly the same.
Okay so we’re going to be super-real here. Short-term lending has gotten a pretty bad rap over the years and was often seen as the last option for someone needing fast finance.
And we get it.
However, if you were making a quick three-day trip to Brisbane and were going to take a taxi or uber between your hotel and the places you need to be, would anybody be thinking you couldn’t afford to buy a car?
Of course not!
People would simply assume you’re a shrewd business owner making a smart, economically sound business decision that aligns with the current situation.
The same can be said for taking out a short-term loan for your small business. Nobody with any genuine business acumen will think any worse of you. In fact, it may be the opposite.
You had a problem and you found a solution that works for you – without having to jump through paperwork hoops and pay for a long-term loan you don’t want or need. Next time you need a super-fast short-term business loan in Australia – and we’re talking 24-hour fast in most cases – give the Strive Financial team a call and let us show you how to make your cash flow issues disappear. Fast.