Category: Growth Strategies

Little Known Commercial Loan Puts Cash in Your Hand For Any Reason Fast and Easy

Posted on by jemma@spinach.co.nz

Starting and growing your own business is incredibly rewarding, but it can also be very challenging. Finding the help and funds to get your company off the ground isn’t always as easy as most would hope. While you should start slowly and build up your money over the years, you could also give yourself a well-deserved boost with an excellent commercial loan.

Business loans are a wonderful way for companies to get the help they need to grow their businesses. Starting from the bottom and diligently working your way up all on your own can be very stressful and incredibly time-consuming; why not help yourself by applying for a reasonable loan?

Why Should I Consider Getting A Loan For My Business?

As you can imagine, having more funds to work with is an excellent thing when you’re trying to run your own company successfully. But, a commercial loan isn’t simply someone handing you money and letting you off the hook – you will need to pay your lender back with a bit of interest.

This fact can easily make some people turn away from getting a loan. Some people may think that because they have to pay their loan back with interest, then they’ll save money by not getting a loan in the first place.

But, in actuality, getting a reasonable loan can help you make more money in the long run. A well-negotiated loan can offer you quite a few benefits, including:

You Can Grow Your Business Faster. Naturally, the most significant benefit of getting a commercial loan is using that money to grow your business. A big part of properly managing a company is working with your budget, profits and anything else that has to do with intelligently spending and saving your money. So, having a lot more money on your hands can be outstandingly helpful.

If you decide not to get a loan and instead try to save up your money, you may be waiting for profits to grow for months or even years. Managing your time well is just as important as managing your money well, so having an early boost is fantastic.

You Have Full Control Over Your New Funds. If you borrow money from friends, family, or investors, they might have set rules on spending the money they give you. But, with a commercial loan, you will have complete control over the money. You could use it on hiring new helpers, buying more inventory, replacing old equipment or anything else that you think would help you thrive.

You Don’t Need To Share Your Business’s Profits. Another downside of borrowing money from acquaintances or business investors is that they will usually expect you to pay off your loan and continue giving them money based on how successful you are. However, commercial lenders will not expect this from you. Once you have paid off your loan plus the interest you owe, all of your profits are yours.

How Do I Prepare To Ask For A Commercial Loan?

Getting a loan sounds fantastic, but it’s not as simple as filling out a form and getting all the money you want. It would be best to always prepare well before you apply for a loan because showing that you’re a serious and responsible business owner can help convince your prospective lender that you’re a reliable person.

So, some things you should do before you apply for any loan are:

Make A Business Plan. Before you ask anyone for money, you must have a plan for what you will use the money for. It would be best if you take some time to look at your company’s needs and determine how you could smartly use the money.

Check Your Credit Score. Potential commercial loan lenders will always look at your credit history to try and determine if you are a responsible person. So, knowing your credit score beforehand can help you better understand how to handle this subject.

Speak To A Professional Lending Broker. Working with an experienced broker can help you get the best deal possible. They can help you look through your options and find a loan that works best for you and your business. A good broker will also help you avoid common mistakes that can harm your business.

I’m Interested In Getting A Helpful Loan For My New Zealand Business, Who Can I Go To For Help?

If you want to get a commercial loan to help enhance your company, we encourage you to come talk to us at Spinach. We are New Zealand’s friendliest business loan broker, and we are thrilled to help business owners succeed and thrive. We have lots of experience with many different kinds of businesses, and we are confident that we can help you secure a good loan.

We make applying for a business loan simple and easy by helping you through the steps you need to take. Once you fill out our online application, we can start to assist you. For more information, you can also call us at 0800 774 622.

Give your business a well-deserved boost with help from us at Spinach!

10 Things Startups Should Know When Applying For A Small Business Loan

Posted on by jemma@spinach.co.nz

Starting up your own business is thrilling and rewarding, but it’s also challenging. This is especially prominent if you do not have the funds to get your company off the ground. While you could slowly save up money and see your company grow in a few years, you could also get the help of an experienced business loan broker to help you get a small business loan.

But, applying for and getting a business loan is no easy task, and you should never go about it lightly. Whenever you apply for a loan, you should educate yourself to be prepared and responsible. When you deal with money, it would be best if you’re always smart about it.

What Should I Be Aware Of Before I Apply For A Business Loan?

A good business loan can be a fantastic way to boost your startup business. With the help of a business loan broker, you have a good chance of getting a loan, and then you can do what you need to do to grow your company. Then, when you see more profits, you can continue to thrive as you easily pay back your loan.

But, building up your company isn’t always that simple. If you want to do things right, there are a few things that you should know about before you start on any kind of application for lent money. If you are too hasty, you could end up in a bad situation that could even be costly.

Therefore, if you are considering getting a loan to help your business, keep these things in mind before you go to a business loan broker or lender:

1. You Need A Plan. To maximise your success, you should always have a plan. This includes planning out how your business will grow, what you will do with the money if you successfully get a loan, how you will pay the loan back and more. Your lender will probably also want to know how you plan on using the money, so you need to be prepared.

2. You Should Reflect On How Much Money You Need. Of course, when you’re asking for money, you should know how much you’ll need. When you’re determining this number, you should think about what you want the money for and how much that’ll cost.

3. You’ll Need To Have Your Business’s Financial Details Ready. Even if your company is new, you’ll need to have your details ready for your business loan broker and lender to see. This information will help them know more about you and where the loan’s money is going.

4. Your Business’ Credit Score Matters. A credit score is a great way to determine if a business is credible. Most lenders will always check your credit score when examining your details.

5. Your Personal Credit Score Matters As Well. Like your business’s credit score, your personal credit score also matters. This score will help lenders determine if you’re trustable with your money.

6. If You Put In Too Many Applications, Lenders Could See This As A Bad Sign. Some people may be tempted not to see a business loan broker and simply send in many applications to different lenders to get more money. But, this can be a red flag to lenders.

7. Not Ever Lender Is The Same. Every bank and lender is different and could offer good or bad deals. Because of this, you should never go with the first lender you find unless you really know they’re ideal.

8. There Are Different Kinds Of Loans. Like lenders, there are several different kinds of loans for various situations. It’s essential for you to understand what kind is best for your company.

9. Read Everything Thoroughly. Applying for a loan affects you and your business, so you don’t want to get caught off guard by the small print. Always read every document you get so you fully understand what you’re getting into.

10. An Experienced Business Loan Broker Can Make All The Difference. If this is your very first time applying for a loan, the process may seem confusing and complicated. So, seeking help from a professional loan broker can genuinely help you financially and mentally.

I Want To Apply For A Small Business Loan, Where Can I Find Help?

Dealing with loans can be very difficult and stressful – but a friendly and understanding loan broker can help you through each step. Our team at Spinach excels at assisting New Zealand businesses with loan applications, and we’re here for you if you need us.

Applying for a loan may seem difficult at first, and you may be tempted to not apply for one at all. However, a loan’s funding can be what you need to truly turn your startup into a success. For more information on how you can successfully get a loan, please visit our contact page to get in touch with our helpful team.

Give your startup the boost it deserves with assistance from our knowledgeable loan brokers at Spinach.

Commercialising your Intellectual Property

Posted on by jemma@spinach.co.nz

Commercializing IP

Commercialization is the process of introducing a new product/service into the market. It means making an idea or concept into a real business opportunity. For example, you have a new business idea for a new tool to help with trades. In order to go through the commercialization process, you will need to undergo a process of market research, development, consultation, drawing up business, distributing, and marketing plans, prototyping, and protecting your intellectual property before you make it commercially available in the mass market.

Following are some general steps involved in the commercialization process:

1. Describing the Product or Service

A clear and concise description of the product/service is written in the first step. The description should be easily understood by a person who is unfamiliar with the concept and should demonstrate the benefits and features of the product/service.

2. Protecting Intellectual Property (IP)

Before you talk to others about your business idea, it is crucial that you protect it. You will need to find the method of IP protection that is the most suitable for your business and apply for it. It is important that you make sure that any third-party that is discussing your idea or product with you will not disclose confidential information.

3. Market Research

The next step is to research the market so that the market, competitors, and customers that the new product/service will face are identified. You will need to use a marketing plan to draw up your strategy so you can identify and reach your customers. It is also very important that you confirm that your product fills a need and has a competitive advantage. Furthermore, the product’s viability needs to be financially evaluated. You will need to include detailed financial projections and cost estimates in this plan. These estimates will be crucial as you look for money from banks or other sources to support the product/service production.

4. Identifying Commercialization Pathway

A plan for product development is also needed that includes how the product will be released to the public. Should the product technology be developed and produced by the technology owner, licensed to someone else, or sold to someone else to develop? You will have to make preliminary estimates of the market size as well as its willingness to accept the product. You will also need to determine the costs of the full development of the product. Your choice of licensing, assignment, manufacturing, or joint venture may have an impact on your future strategy. For instance, if you are thinking of using overseas manufacturers for your product’s production, you will need to identify the key issues such as freight and distribution, quality control, etc.

5. Refining the Product

Once your product is introduced for the first time, you may need to refine it. You will also want to protect the intellectual property involved in the development of the product, finalize its design, test the product, and add/improve any features to make the product more marketable.

6. Developing a Business Plan with a Commercialization Strategy

Additional resources may come in handy at this point in the commercialization process. You may need to consult a professional to acquire financing, develop company structure or business plan, or create a marketing plan for your product. You may determine that you need to finalize legal agreements and partnerships. Market and product testing are ongoing during this stage of the commercialization process.

7. Exploring Funding Options

Depending on the nature of your concept or product, key funding options that you may consider include:

  • Crowdfunding
  • Grants
  • Business loans
  • Other sources of financing such as investor groups.

8. Business Growth Opportunities

Assuming the product is well-accepted in the targeted market, you may want to develop your business to include the expansion or acquisition of manufacturing facilities, financial analysis, marketing and promotion, strategic partnerships and planning. You will need to reevaluate your resource needs and organizational structure. Assuming that your business is prospering and growing, it may be appropriate to pursue improved technology or new products. You may also need to add staff. As your business grows, you will need to continually evaluate what you need to take advantage of the opportunities you might encounter in the future.

Most of the things we take for granted nowadays begin at an inventor’s bench. Achieving such success is not easy but once an innovation yields desirable results on the market, it is well worth the effort required to get it there.

9 Ways To Get The Best From Your Staff

Posted on by jemma@spinach.co.nz

Running a company is not just about sales and profits but also about proper human resource management. When it comes to successful organization there is no task more important than developing a solid employee structure. Your employees are your most valuable asset and an integral and vital part of your business. Therefore, you should know how to get the best out of them.

Your staff must be motivated to do what they are required to do. Following are some ways in which you can get the best out of your staff:

1. Communication

Good business owners will always make sure that the communication between them and their employees remain open. A manager/leader who talks to staff on regular basis will always be respected more as opposed to the one who rarely communicates with his staff. The relationship between an employee and a business owner needs to be developed and cultivated over time. Ensuring good communication is the way to become a better leader.

2. Criticism

While criticizing your employees openly in front of others may give you a feeling of power or authority, it won’t do nothing for the self-esteem and credibility of the employees. Criticism should be constructive and it should be delivered in private and in such a way that your employees have a chance to respond.

3. Respect

Respect for your employees means acknowledging their presence, disregarding their status or position, realizing their personal worth, and accepting their individuality. You and your employees are still human. If you expect your staff to be like robots in carrying out every task, then you will soon realize that it’s a very poor method of management. Treating your staff right will result in your employees respecting you in return and getting motivated to perform the required tasks more efficiently.

4. Empowerment

If you want your staff to perform well, then you must provide them with the expertise, training, tools, knowledge, and confidence so they can carry out the required work to a competent level. Employees who are not empowered to perform are likely to end up stressed out as there is no clear direction. As a result, their performance will suffer. As a business owner, it is your responsibility to make sure that all your employees are knowledgeable and confident to carry out their tasks.

5. Incentive

Every employee has deadlines or targets to meet. To get your staff to perform better, it is recommended that you put some incentives in place to reward effort and hard work. This will result in your employees exceeding the required targets.

6. Flexibility

When it comes to accommodating the needs of his staff, a good business owner should be flexible. Flexibility can become a great attribute which you can use to get the best out of your staff, as long as your employees do not abuse this.

Recognition

An employee must be recognized if he performs well, especially on a challenging or difficult task and where he has gone above and beyond what was expected of him. When consistent effort of an employee is not praised or recognized, it is discouraging and deflating for him. The employee will feel that there’s no point in putting more effort than his colleagues if the team leader is not going to acknowledge it.

8. Trust

A good leader/manager trusts his employees to carry out their duties without constant monitoring and supervision. As long as the staff does not betray this trust, the relationship between the employees and the manager will be productive. The staff must also trust the manager/team leader for their best interests and proactively find ways of further improving the relationship.

9. Care

The relationship between an employee and a manager should not be limited to just the working environment. It will not hurt to find out about your staff’s interests outside of work. You can use this to develop a personal connection with your employees. It will show that you are approachable and you care about your employees.

The Bottom Line

A motivated staff will be a productive staff. It is far better to have motivated, empowered, and happy employees than it is to have demoralized, unhappy, and bored employees. This goes far beyond how your staff perceives you. It encapsulates how they perform and how it will be perceived by people in general, both internally and externally.

Health and Safety in the Workplace

Posted on by jemma@spinach.co.nz

The Health and Safety at Work Act (HSWA) 2015 is a complicated piece of legislation that applies to various different circumstances throughout New Zealand. The act and all its related regulations were introduced to ensure highest level of protection for workers and others from workplace health and safety risks. These include the risks to both physical and mental health. So far, the act is reasonably practicable.

 

Why Was HSWA Introduced?

The HSWA was introduced due to degrading workplace injury stats. At the time its regulations started being written, New Zealand was seeing 70+ people die at work every year. 600-900 workers were dying due to work-related incidents a year and a massive 10% of workers were harmed annually. The goal of Health and Safety at Work Act 2015 is to see a 25% drop in these figures by 2020.

 

Who Does HSWA Make Responsible?

The regulations and laws introduced in HSWA target any ‘person conducting a business or undertaking’ (PCBU). These may include:

  • School principles
  • Self-employed people
  • Company directors
  • Property managers or landlords

 

What Do You Need to Know?

Without going into the individual laws under this act, following are some key things you need to know as a PCBU:

 

PCBUs Can Be Held Responsible of Care for Employees

Unless you haven’t heard, you probably already know by now that persons conducting a business or undertaking can now be held personally responsible in the event of a workplace injury. It has been well-publicized that the penalties for not taking this act seriously are severe. Organizations can be fined up to $600,000 and individuals can receive up to 5 years of jail time.

 

“Primary Duty of Care” Covers a Wide Variety of Issues

This is another important regulation under the Health and Safety at Work Act 2015. According to this regulation, employers and individuals are responsible for:

  • Providing a safe work environment without any risk of physical or mental health and safety.
  • Allowing for safe use and storage of substances and plant.
  • Maintaining a safe plant, structures, equipment, and work systems.
  • Monitoring of the health of workers (both physical and mental).
  • Monitoring the conditions at the workplace to prevent illness or injury as a result of workplace activities.
  • Providing information and training necessary to protect against workplace health incidents.
  • Providing the facilities that are necessary for wellbeing of the staff.

 

There is other related stuff. You should read the legislation for more details.

 

Building a Safety Culture in Your Business is Now More Crucial Than Ever

Managing the health and safety of workplace shouldn’t just be the responsibility of a few team leaders. This is because if someone gets injured, it has a ripple effect. Not only does it affect the worker, but also their family, co-workers, and the business. “Safety Culture” is not just a slogan, it means encouraging everyone to take control of safety. Whether it is through technology, training, or reporting, if everyone is part of the subject then there will be maximum visibility and a much better time.

Top Reasons – Why use a Business Loan Broker for an Unsecured Business Loan

Posted on by jemma@spinach.co.nz

Loans can help your business improve by leaps and bounds. With a loan, you can grow your business and then pay back your debt in no time. However, striking the best deal can be difficult without an unsecured business loan broker to help you out.

Finances are necessary, especially when it comes to business. Without the proper funding, your company will have a hard time thriving. So, applying for an unsecured business loan can really help you out.

In this article, we will explain what unsecured business loans are and why you should work with a capable business loan broker when you apply for one.

What Is An Unsecured Business Loan?

There are two kinds of business loans – secured and unsecured. Secured business loans are loans that have collateral. This means that when the loan is made, the borrower puts up an asset as collateral. The asset could be equipment, vehicles, stock or more. If the borrower fails to pay off their debt, the lender can then seize the asset.

Conversely, unsecured loans are business loans that have no collateral. However, the lender may still have a claim on the borrower’s assets if their debt is not paid. Professionals like unsecured business loan brokers can help you negotiate a loan and get a good deal.

How Can A Business Loan Broker Help Me With My Business Loans?

A business loan broker is a professional who helps clients find the best lenders for their business. Some loan deals could fit better for different situations, and a skilled business loan broker will be able to help you find the absolute best value for your specific circumstances.

There are many reasons why you should choose to consult a financial expert before striking a deal with a lender; a few of these excellent reasons include:

An Unsecured Business Loan Broker Can Save You Time. If you are inexperienced with finances, searching around and weighing your options against one another can take a lot of time if you do not know what to look for and what to avoid.

But, a professional with heaps of experience and knowledge will know who to avoid and who to seek out. As a result, they will be able to find the best deal in a much shorter amount of time than most people.

You Will Be Less Stressed. Whether you’re paying for something personal or growing your business, dealing with finances can be very stressful. If you make the wrong deal, you could end up wasting money or putting yourself in a situation; and, if you choose a bad lender, you might end up in hot water.

By trusting a skilful unsecured business loan broker, you can put your financial situation into their capable hands. With their reliable advice, you can rest easy knowing that your finances will be well taken care of.

A Business Loan Broker With A Good Reputation Could Get You Special Rates. A broker with good contacts and positive relationships with multiple lenders might be able to get special rates and deals for you that you probably would not have gotten on your own. Naturally, this can save you money.

With An Experienced Broker, You Will Receive Expert Advice. Accomplished business loan brokers can answer any questions you have and give you top tier advice. This information will be well suited to you because your unsecured business loan broker will know all of the details of your circumstances. So, your friendly business loan broker can tailor their advice to help your situation specifically.

If You Are In A Bad Financial Situation, Your Business Loan Broker Can Help You Find The Best Solution. For example, if you have debt or have bad credit, they can work with you to find a solution that will help you despite your unfortunate position.

If you make mistakes with your finances, it could lead to more significant and troublesome problems that worsen in the future. So, working with a financial expert is your best option.

Where Can I Find Experienced And Qualified Business Loan Brokers To Help Me?

Unsecured business loans can help you kickstart your business, and with the help of a reliable business loan broker, you can get the best deal possible! If you want to apply for an unsecured loan but would like some extra assistance, our team at Spinach is here to help.

Our team happily provides New Zealanders with outstanding business loans to help them grow their companies and become successful. If you would like to speak to us about your business, or if you would like to apply for a loan now, please visit our contact page or give us a call at 0800 774 622.

We have helped heaps of happy clients in the past, and we are eager to help you as well, so receive great advice and apply for a loan with us at Spinach!

6 Things You Need To Do When Starting A Business

Posted on by jemma@spinach.co.nz

Starting a business

Starting a business can be so exciting. You have a product or service that you want to get to work on and if done well, it could change your fortunes.

Working with start ups all the time, we have some insights into things you can do early to prepare for success. Read on for the things we think you need to do to get started.

Identify the need

First you need to do some research to find out if there is a need for what you want to offer. Get behind your computer and find out what comparable product or services there are. You will soon find out if it is a saturated market or if there is a niche there waiting for you.

Scope the competition

Now you need to understand what your competition are doing and how you plan on doing it differently. You need to have a clear point of difference and sing it from the rooftops. It is important that you are very clear about what you do and who you do it for, that way your ideal client or customer will find you easily.

Review the finances

Lastly, you want to know if you can make money with this idea. There will be a maximum amount your customer is willing to pay for what you offer, reverse engineer this to see what it will cost you to provide your offer and you will see if there is any money to be made.

Once you undertake those three things, you will then know if you have a business and then it’s the right time to talk about funding.

Three things you need to be successful for funding your start up

  1. You need to showcase the skills and experience that you will bring for the benefit of your new business. This may be qualifications, past employment, work experience etc. There will be a strong focus on you when the lender assesses you for a loan. The likelihood that you will make the business a success is gauged by your related experience, so don’t be shy. Dig through your CV and let us know all the strengths you have that will propel your business.
  2. You need to be able to cover your personal expenses as well as loan repayments while the business gets up and running. This is usually acceptable in the form of a spouse earning an income outside of the business. If your business has a contract for upcoming work, or sometimes franchises offer guaranteed minimum income, then that will help too.
  3. You need to have some skin in the game. Lenders are reluctant to give 100% funding to start a new project. It puts all the financial risk on them. Take the time to accumulate some money of your own that you can use toward your business goals. This shows strong character and lines you up as a desirable candidate for a loan.

 

If you want to discuss your personal situation in more detail, call one of our lending specialists on 0800 774 622 or apply today.