In order to navigate the highs and lows of small business seasonality, Geoff Greenaway of Amoré Lighting needed a financial back-up plan. Thanks to a Prospa Line of Credit, his cash flow is no longer a day-to-day concern – it can weather any seasonal storm.
Running your own business by the coast seems like every entrepreneur’s dream. And that dream is a reality for Geoff, owner of the Amoré Lighting store in Coffs Harbour on the mid north coast of NSW.
Since 2013, Geoff and his family have run the independent retail business, which specialises in domestic lighting for homes and offices.
A bricks-and-mortar store in a coastal town certainly has its benefits, however, it also has to ride out the all-too-predictable seasonal ups and downs.
The rewards of small business ownership
Like any small business owner, Geoff particularly enjoys the freedom that running his own business provides.
“The freedom is the most rewarding thing,” he says. “Freedom to choose how I run the store and how I run the finances, and the freedom to make decisions on staffing, products and merchandising.
“I’m fortunate that I get to make all the decisions… even though it means I’m responsible for them!”
But, for all the freedom, running a small business comes with its own pressure.
Managing a physical shopfront that’s prone to seasonality and fluctuating trends means Geoff spends a lot of his time each day looking at the finances, the bills and the cash flow, to make sure the business stays on track.
“The most difficult thing is cash flow. Keeping a constant cash flow for a small bricks-and-mortar business proves to be very difficult at different times of the year.
“It’s hard to budget for, and just staying on top of bills can sometimes be quite difficult.”
Finding financial freedom
The Amoré Lighting family knew they needed a financial safety net. But being a small business they didn’t think it would be a straightforward process. And after approaching traditional lenders in the first instance, Geoff soon realised he’d have to develop a new financial strategy.
“We approached the banks and found it very difficult. The number of hoops we had to jump through, the paperwork required and the arrogance of the banks – we knew it would prove very difficult to gain the finance we needed.”
So Geoff began to investigate alternative options, narrowing in on Prospa because of our experience with small business owners.
Within a remarkably short period of time, Geoff says, Prospa understood his needs and began the process of opening a line of credit for Amoré Lighting.
“When I applied for the line of credit from Prospa, it was a very easy process. There was no paperwork involved. I had to supply some bank details, but otherwise it was simple, quick and easy.”
Having the confidence to focus on growth
Now with a Prospa Line of Credit, Geoff and his team have been able to streamline their operations, and even look to grow their brand beyond a bricks-and-mortar shopfront.
“We used the line of credit to secure negotiations with our major supplier, which ensures future discounts on further invoices. The line of credit provides us with the freedom to be able to pay invoices early and secure discounts, but generally just to keep the cash flow at a regular, even level.”
Hear more about Amoré Lighting’s story:
What’s next for Amoré Lighting?
Not being pre-occupied with cash flow concerns, means Geoff has had the time and the confidence to plan for the future.
“The next step we intend to take with our business is to go from just a bricks-and-mortar store to online as well. The Prospa Line of Credit will certainly assist us with that.”
A Prospa Line of Credit has helped Amoré Lighting:
- Secure negotiations and unlock discounts with a major supplier.
- Draw down funds, using the online portal, as and when they need a cash injection.
- Plan for their next step: opening an online store.
If you’re ready for your next move like Geoff, and want to minimise your cash flow worries so you can concentrate on running your business, find out more about a Prospa Line of Credit.
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