The resources you need to find the right funding for your business
15/04/2019 / Comments 0
Searching for the right funding can be a daunting task. We’ve gathered some of our most useful resources to help you with your funding no matter what stage you’re at!
We’ve broken down the key stages you’ll need to go through to find the perfect funding and listed some of our useful guides and articles to help you get the information you need.
Whether you’re already using an external source of finance or you’ve never even touched on the idea, the best place to start is to assess your current situation.
Take a close look at your business and how it’s performing. Is your cash flow allowing you to seize growth opportunities as they arise, or is it proving quite restrictive? Would the company benefit from a new piece of kit or machinery?
Crucially, how is your current funding setup working for you? Is it giving you access to the capital you require? Are you receiving the level of service you expect from any lenders? And is any external funding you have in place being provided at the right cost?
These handy guides are extremely useful in answering these questions:
Researching your funding options could be the biggest task you’ll need to undertake in this process, gaining an understanding of what might be suitable for your business and how different products work.
It’s important to have a general idea of what might be available to your company, so these guides are a great place to start to give you an overview of the different types of business financing:
Given how much the commercial finance market has evolved in recent years and the volume of lenders that exist, matching the facility you think represents the right fit with the most suitable lender can be a challenge.
Your research may have helped you identify a potential provider, or you may choose to seek professional help or simply call several providers and discuss your options.
Fortunately, there are several tools and resources that businesses can use in order to make this process and accurate and efficient as possible.
Once you have decided on the funding-lender combination for your business, and you’re happy it represents the best solution for your business’s needs and objectives, it’s time to formally apply.
While some products have really simple and quick application processes, others can take a little longer – but that shouldn’t necessarily push you towards one type of funding over another.
Similarly, if you use a commercial finance broker for instance, the application process can be a bit more straightforward given the support they will provide throughout the process and the access they can give to decision makers at the respective funders.
Here are a few things to consider when applying for funding:
Once you have found a funding solution that you are happy with and the facility is up and running, you can begin using the funding it provides to grow your business.
However, it’s important that you continue to monitor and assess whether your funding continues to work for you as your business needs change. The commercial finance market is always changing and what might have been the right facility at one stage may no longer be a few months or years down the line, so regularly benchmarking your facility can be incredibly beneficial.
Here are a few articles that explain why and how to do so:
If you need any further help finding the most suitable funding for your business, we can help you discuss your options as an independent commercial finance broker. Contact us today on 0800 9774833 or request a call back at a convenient time to see how we could help your business.