Why now could be the perfect time to invest in your business
With the pandemic causing a great deal of uncertainty, many businesses have been reluctant to invest in their business.
But, if you’re in a position to do so, now could be the perfect time to invest in your growth.
Here are four reasons why.
1. Get ahead of the post-COVID-19 shift
The end of most Covid-19 restrictions looks set for 19th July. And, when the restrictions on our lives and businesses end and the economy starts to rebound, your business needs to be ready to capitalise.
As we have seen throughout the pandemic, businesses that are responsive to the current climate and adapt quickly can thrive even in the most difficult circumstances.
Although the economy shrank by 1.6% in Q1 2021, there will be an inevitable bounce back as conditions improve. And, with the right planning, your business could ride the wave.
Take 2020 as an example. Although the economy contracted by 22.3% across Q1 and Q2, it rebounded in Q3 with 16.9% growth.
Given the level of GDP in the UK is still 8.8% below pre-pandemic levels, it’s reasonable to expect growth throughout the remainder of 2021 given the progress in the vaccine rollout.
So, taking time now to reflect and position your business for success will allow you to take advantage of new opportunities as they present themselves in the post-COVID world.
2. Large talent pool available
If you’ve been dreaming of expanding your team, 2021 could be a great time to do it.
With the pandemic causing hardship for many companies and unemployment increasing (it’s currently 0.8% higher than it was pre-pandemic), a lot of good talent which was previously unavailable is now on the market.
Plus, with the rise in remote working, you are no longer limited by location when searching for your ideal candidates.
You can easily expand your search and attract the best talent from across the country or even the world, and candidates will themselves be realising the increased opportunities that provides them too.
- Renewed confidence amongst SMEs sparks investment plans
- How to raise finance for new and existing orders
- Busting 5 myths about financing business growth
3. Don’t get left behind
Despite current economic uncertainty, the number of small businesses (and therefore your competition) is continuing to grow.
This global pandemic and advances in technology have shifted the way that many of us work.
It is no longer necessary to have an arsenal of resources and an army of employees to get something done.
Many smaller businesses can successfully add value and dominate industries.
So, if you want to stay ahead of the competition, it’s important to keep investing in your business and ensuring you continue to deliver quality products and services to your customers.
4. Interest rates are low
A common barrier to investing in growth is having access to the required cash to achieve it.
But with interest rates at a record low of just 0.1%, the cost of borrowing may not be as prohibitive as you might think.
Plus, given the growing range of commercial finance facilities and lenders on the market, there are plenty of options to explore that could deliver the funding you require to invest in your business, whether buying new machinery, taking on larger orders or diversifying into new markets.
How to find the funding to support your plans
If you would like to invest in your business, we can help you secure the funding solutions needed to support your plans.
As an independent commercial finance broker, we will listen to your specific challenges and requirements before using our extensive market knowledge to introduce the most suitable facilities for your needs.
Contact our team on 0800 9774833 or request a call back to see how we can help your business.