Securing finance to support cash flow
Three tips to set up for success
In the natural resources, mining services and construction sectors, cash flow is one of the biggest challenges businesses need to navigate and one of the most important aspects of their operations to stay on top of.
Unlocking cash flow is one of the ways Australian businesses can grow with confidence in the current market. We are here to enable your business to do just this.
When considering the need for additional working capital, there are some steps that can be taken to ensure your business is well positioned to approach a bank, other financier or one of our experts for support.
Here are three ways businesses in the mining and construction services sector are preparing for success to secure additional finance.
1. Understand your cash flow crunch points
Knowing the potential triggers for a cash flow shortage in your business operations can facilitate better forward planning.
This might mean having early conversations with your internal advisors, bank or finance partner so they can better support your needs and advise on ways to navigate a cash flow gap.
Export Finance Australia put in the time to understand what our needs were and then tailor the support necessary.
Managing Director, Platinum Blasting Services
2. Ensure you have a trusted internal advisory team
Your team plays a crucial role in enabling your business to identify opportunities and determine strategies for financing growth and seizing new opportunities.
Whether it is your internal finance team or a third-party advisor, keeping these individuals close to your growth strategy and business goals will ensure they can effectively prepare for and advise on the best ways to finance new contracts.
3. Build and maintain strong relationships
Business partners that understand your business are invaluable when it comes to operating in the mining services and construction sectors.
Building and maintaining strong relationships with customers, suppliers, freight forwarders, labour-hire agencies, business advisors and business membership associations is key. Flexible and agile working relationships will ensure businesses are in a strong position to secure the support they need when it comes to tendering for new business and contract negotiations.
Speak to one of our experts
It’s never too early to start a conversation about your future financial needs.
Whether you’re considering expanding your capabilities internationally or simply looking to increase your stock levels for new contracts, we can play a key role in partnering with you and providing your business with financing solutions.
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