At Balanz, we work with a number of professional services firms across Australia. In doing so, we are seeing some interesting developments with how the banks approach this sector. Advantageous or limiting? Well, it depends on how a professional service firm chooses to respond to the current banking conditions….
We’re observing an increased variance in bankers’ understanding of the professional services sector. This is leading to vast differences in financing structures, terms and pricing being offered. In some instances, poor finance arrangements – including restricted payment terms and less than desirable interest rates – are considerably restricting businesses’ ability to grow.
So there is now a significant opportunity for professional services firms to actively review and address their current banking arrangements to improve outcomes for their business.
We recommend that services firms take a structured and strategic approach to their banking arrangements – this means to be focussed on your business needs, rather than be led by a particular bank’s policy. Such an approach can often highlight areas to materially improve your banking arrangement, and in turn your business growth prospects (including confidence to pursue acquisitions and mergers).
So if you’re ready to find opportunities to enhance your business performance through improved finance terms,
then a review of your existing banking arrangements is your next step.
At Balanz, we are confident that a focus on the right structure, for the right purpose, and (crucially) partnering with the right bank and banker, can result in significantly more favourable banking arrangements for professional services firms. And with this sorted, you can have the freedom to instead focus on the exciting stuff….strategic growth.
Want to get more from your firm’s banking arrangements?
Or do you have professional services clients who could benefit from a review?
Balanz can help. Contact John Davis on John.Davis@balanz.com.au or 0429 214 165.
Balanz – Your Partner in Business Finance
w: balanz.com.au a: Suite 1/220 Boundary Street Spring Hill Qld