Cash Flow is King: A Gold Coast SME's Guide to Surviving Late Payments

For a small business owner on the Gold Coast, there's nothing more frustrating than completing a job perfectly, only to have to wait 60 or 90 days for a big client to pay their invoice. Late payments are a major cause of cash flow stress for SMEs and can put a handbrake on your growth.

While the government debates how to solve the problem, you need solutions that can help your business today. Here's your guide to managing late-payment-induced cash flow gaps.

1. A Business Overdraft A business overdraft attached to your transaction account acts as a short-term safety net. It's a pre-approved limit that allows you to cover wages and supplier bills while you're waiting for funds to arrive, and you only pay interest on what you use.

2. An Unsecured Business Loan If you need a more significant lump sum to cover a larger cash flow gap or to invest in a new opportunity, a short-term unsecured business loan can be a fast and flexible solution. Approvals are often much quicker than traditional banks, with funds available in 24-48 hours.

3. Invoice Finance (The Direct Solution)This is the ultimate tool for solving the late payment problem. Invoice finance allows you to get an advance on your unpaid invoices. A lender will provide you with up to 80-90% of the invoice value immediately. When your client eventually pays, you receive the remaining balance, less a small fee. It turns your unpaid invoices into immediate cash.

Don't let late payments dictate the health of your business. Talk to us about the smart funding solutions that can put you back in control of your cash flow.

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