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Adapting to the ‘Next Normal’: Australian Businesses Prepare for a Relaxation of COVID-19 Restrictions

With the Federal Government announcing their three-stage plan to restarting the Australian economy, businesses around the country are eagerly awaiting a return to “normal” work after COVID-19. However, what will this post-pandemic environment look like, and ho.....

Growth - 4 min read

Every company starts with the seed of an idea. Apple began when Steve Jobs met Steve Wozniak, and the two put their heads together to concoct tech-centric pranks. After building a computer that looked like a typewriter, they secured funding and built a company around the design.

Janine Allis started Boost Juice at her kitchen table in Melbourne, consulting nutritionists and creating a menu free from preservatives and artificial colours. Even with a great product, however, she struggled to obtain funding with which to launch her business. Through creative financing and hard work, Janine and her husband, Jeff, not only opened one store. Today, there are over 550 Boost Juice locations around the world.

Stories like these are inspiring, but there are plenty of stories about the perils of risk as well. With 50 per cent of businesses failing within the first five years, entrepreneurs must do everything possible to access the capital, worldwide markets, talent, and technology that provide strong foundations for successful businesses.

Let’s look at some of the critical financing solutions necessary for growing successful businesses.

 

Startup Funding

In the past, startups largely depended on banks for loans. And while banks can still be good sources for small businesses, the options have broadened substantially. Venture capital firms and individual investors are opening doors to small businesses and helping entrepreneurs to think more creatively.

More substantial corporations have also realised that partnering with startups can keep their innovation fresh and relevant. When entrepreneurs take advantage of programs like Dell Technologies Capital, they gain the strength and financial backing of a large corporation with a solid track record.

Dell, which started in a dorm room back in 1984, now helps the next generation of technology entrepreneurs to push the limits of innovation and creativity. Over the past thirty years, Dell has assisted numerous startups in developing their products and services. Could your business get a financial foothold in a program like Dell Technologies Capital?

 

Business Grants

In addition to loans and partnering scenarios, business grants can help new companies to access essential capital for growth. If your business meets government growth criteria, you may find grants at the national, state or even local council level.

You might be surprised by the business grants available to you. For example, the Business Development and Assistance Program provides Aboriginal and Torres Strait Islander individuals and businesses with access to financial products, training and even workshops to start or grow small businesses. This is just one of many similar programs out there. With a thorough search, you will probably find one that suits your business.

 

Scalable Technology Infrastructure

You can give your business increased odds of success by using technology infrastructure that scales up with you as you grow. By planning your technology from the start, you can protect your finances and grow organically without having to spend significant resources on your infrastructure.

You can build a scalable technology infrastructure by focusing on the following:

Building such an infrastructure may seem intimidating, especially if you’re committing to it for the foreseeable future. If you’re unsure about where to start, hire the services of a part-time CFO to evaluate your needs and build a structure that will provide stability and support as you grow your business.

For more in-depth insights into financing your growing business, set up a consultation with one of our business experts. We can help you to weigh your options and construct a business plan that manages your risk and creates a stable path to the future. Who knows? Maybe your kitchen-table business will soon have 550 franchises scattered across the globe. Stranger things have happened.

 

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