1. What was your business highlight of 2017? There were a few, I really loved going to the Mid–America Trucking Show in March – it was such an incredible event and Kentucky was amazing. Looking forward to heading back this March. Also, just helping our clients to grow their business, and taking on new staff and a bigger office – 2017 was a positive year for us.
2. What do you enjoy most about what you do? I get a lot of satisfaction from watching our clients grow. We’ve got a lot of clients who came to us when buying their first truck or excavator, now some of these guys are running substantial businesses and building a lot of wealth for themselves and their families. It’s great to be a part of that and seeing how their business success really changes their lives is really enjoyable.
3. Whats your main business goals for 2018? Our key goal for 2018 is to double the size of the business. We recently took on a large new office space 2 floors up from our old office, and now we’re focusing on filling it with talented people.
4. What’s the largest piece of equipment you have helped a business to finance? The largest piece of equipment I’ve helped finance is 100 axle lines of Goldhofer heavy haulage trailers. These were purchased from a manufacturer in Germany for just on $5m. It was a very complex transaction which took a lot of time and energy though it transformed our clients business so it was all worth it.
5. What are the common myths surrounding business finance? What stops people going ahead? The most common myth is that business finance is hard to get. A lot of people choose not to pursue growth in their business because it’s just too hard to fund the growth through their bank. Being time poor, a lot of business owners don’t have the time to research different options and strategies to fund their business so they miss out on opportunities.
6. What’s the best advice you have ever been given about running a small business? Wow. Big question. The key piece of advice that sticks out to me is cash is king. Business starts and finishes with cash flow, not turnover or profit but cash flow. You can turnover $100m but it’s useless if it cost you $101m to do that. Also, you could have $5m in profit for last year but you can’t pay the rent with that profit if it’s sitting on your debtors ledger. Every small business must focus on cash flow first, the rest will follow.
7. If there is one piece of advice you want local small businesses to know, what would it be? Keep as much cash in the business as you can for a rainy day because it will rain, eventually. Every business has its ups and downs though conserving cash allows you to ride the ups and downs. When businesses run short on cash all of their funding options become a lot more expensive which just makes the problem worse. Cash really is king.
As always, if you need some small business advice or want to discuss your options please call us on 1800 334 345.