The Australian Small Business and Family Enterprise Ombudsman has published some excellent tools that will be helpful to small business retailers in the area of funding.
This type if advice is critical in this era of business owners engaging with FinTech companies that offer high cost easy to access financing without the need for security. These too good to be true finance offers usually are, actually, too good to be true. I have seen retailers pay too much for stop gap funding when, in reality, they should have looked at entering formal administration. All the funding did was add to their costs.
The ASBFEO advice is timely and useful. I urge newsagents to read it so they are aware of the advice even if it is not relevant today.
Click here to access FitsME – Essential guide. Click here to access the Funding Guide. The advice is this document is excellent. My only complaint is that the documents are sponsored by a finance business.