Small business owners know better than most the importance of having a steady cash flow. According to Xero Small Business Insights, late payments and seasonal trading periods are some of the key pressure points that impact the financial health of Australia’s small business economy. And for many, accessing a safe and secure loan is the solution to managing cash flow and funding long-term growth.
Take Nikki Palun of Octtava Wines, for example. Nikki’s business, which opened its doors in 2013, is part of a new breed of urban wineries on a mission to prove that fine wines can be made anywhere. But when recent international trade disruptions resulted in the loss of two thirds of her market, Nikki knew she would have to find funding elsewhere while she focused on growing her local brand presence.
That’s when Nikki came across ANZ GoBiz – an app that connects with Xero and allows eligible businesses to get conditional approval for a loan in minutes. To better understand how the integration works and what benefits it brings to businesses like Octtava Wines, Nikki shares her experience.
Funding long-term growth
The wine industry is notorious for requiring both patience and a dependable stream of capital. As a sector that tends to run on lean margins at the best of times, long-term financial commitment is essential for sustainable business growth. After all, crafting a fine glass of wine isn’t a process that can be rushed.
On top of this, the day-to-day financial responsibilities that most small businesses face – such as hiring staff, renting offices, marketing and more – can result in fast-mounting cash flow pressures. That’s where a loan can help.
In Nikki’s case, a capital injection was her ticket to fund the carefully laid plans she’d been dreaming of since Octtava’s inception. Despite trade bans with China limiting Octtava Wine’s overseas market, Nikki is excited to see her business flourish locally. She explains, “I applied for a business loan through ANZ GoBiz to help me pursue new opportunities – like a new location for our urban winery – while building our brand in new markets.”
Apply for loans on the go
When Nikki’s business broker recommended that she apply for a loan, she steeled herself for a long and arduous application process. But the reality was quite different. “The online process was simple and easy to follow. What’s more, all of my financial data was easily accessible in Xero, meaning ANZ GoBiz could quickly determine my eligibility. It only took a couple of days for my loan to be approved in the end,” says Nikki.
Xero links directly with the ANZ GoBiz app to automatically fill forms and supply the information ANZ needs to approve funding. This can accelerate the application process, and enable eligible businesses to access capital sooner rather than later.
“It was as simple as pressing a button,” Nikki explains. “By eliminating all that tedious form-filling, I saved myself a good couple of days of admin. Without hesitation, it’s been the simplest loan application process I’ve ever experienced,” she adds.
Looking forward to a bright future
Backed by safe and secure funding, Nikki has managed to stabilise Octtava Wines’ cash flow and begin plans to build her new urban winery.
“My next step is to create a space that celebrates the perfect pairing of food, music and wine. Rather than the old idea of ‘build in the regions and they will come,’ I want to bring Octtava Wines to the people – so more wine-lovers can enjoy it, more of the time,” Nikki explains.
With a solid financial foundation as a springboard for sustainable growth, Octtava Wines is looking forward to a bright future.
If you want to see where a loan could take your business, visit the Xero App Store and connect ANZ GoBiz today.