Things to consider when funding your growing business

7 March, 2019

Running a growing business can be a rollercoaster of emotions.

One day you feel like you’ve really got this business thing down pat, and the next you’re in a panic because your cash flow is a mess and you’re not sure what to do next.

It’s tiring. It’s rewarding. It’s a real challenge.

It’s also a time when you know that what you do now can make or break your success down the track. 
We’ve helped many businesses take the next step - whether that be expanding, renovating or introducing a new service.

With that in mind, if you’re in this phase here are some things you should consider.

Get planning

You’ve no doubt read again and again how important a business plan is.

Even if you don’t live and die by your business plan, getting all the ideas for your growth plan will help to really cement what it is that you need to do.

It will give you a handy reference point when it comes to attracting partners or financial support. Having prepared your business plan for yourself, you’ll be more prepared to present your ideas to others.

While there are 101 templates out there, we’ve seen that the best business plan is the one that suits your business. 

Don’t get too tied down in the proper formatting.

Worry about having clear answers to questions like:

  • What’s your idea for your next phase of growth?
  • What makes this idea different to your competitors?
  • What steps do you need to take to ensure it succeeds?
  • Who do you need on side, and what existing partnerships do you have that you can leverage?

Budget, budget, budget

Sometimes, a lot of the stress associated with a transitional phase in business is the weight of all the unknowns. Creating a thorough and detailed budget can help alleviate this feeling.

Whether it’s on the back of an envelope or in a detailed, colour-coded spreadsheet, write down everything you can possibly think of.

If you’re in an expansion phase, you probably already have a good financial track-record to use as a baseline for your sums. 

Look at your past cash flow, and the peaks and troughs that occurred.

Are these set to continue? How can you move income and expenses to different times of the year to reduce the fluctuations in the working account? 

Incorporate these historical trends when calculating your cash flow budget for the next 12 months.  There may be times were assistance from your bank or credit union is needed to alleviate those troughs and ensure that your business continues to prosper.

And remember, a budget is a budget. It’s an idea and may not reflect your actual income and expenditure when all is said and done.

So give yourself some wiggle room. Hopefully, once you’ve documented the ‘worst case scenario’ things won’t actually look too bad.

Look at your options

Your businesses next phase of growth often requires some kind of injection of capital. 

With your budget all down on paper, you might be wondering how you’re going to manage it. Luckily, there are a number of options for businesses in Australia.

Are there any government grants available? This is where the up-front planning will really pay-off.

Applying for grants usually involves being able to make a convincing and comprehensive argument in as few words as possible.’s Grants and Funding finder is a good place to start. 

You might also consider a business loan.

We understand the local economy and the many opportunities for business in the region. If you speak with someone at Central West Credit Union, know that you’re speaking with someone who is genuinely invested in the financial prosperity of local people. 

We’re here to help you navigate the loans process, to make understanding the steps more simple.

Interested in a business loan?

We can help. Get in touch today.