A guide on how to fund and grow your business after the lockdown
Growing your Micro Business
A guide on how to fund and grow your business after the lockdown
Despite the current short term turmoil surrounding us all, there is help and there are ways to successfully navigate your way through choppy seas and reach calm waters.
Out of Chaos, Opportunity does come and the key is to keep focused about what made your business good at what it does.
Now is the time to take those strengths in your business, tweak adjust and adapt to the new market conditions.
The quicker you adapt, then the faster those opportunities will convert into new channels of income to drive your business forward.
It’s an “Adapt or Die” ethos.
Most of the I-Commercial Finance team have been involved in business for many years and helped many start-ups, fast growth and mature businesses. I have set up and evolved a number of businesses since 2003, with the best concepts coming on the back of distressed and difficult market conditions like the 2009 “Credit Crunch”.
How?
Get a team of trusted advisers. Your 5 Star Team.
This does not need to be paid people in your team, but people who are experts in fields which complement your sector. Mainly people who you can bounce ideas off and will happily give an honest and unpaid opinion of any idea and issue in your business.
So a lawyer, accountant, a couple of long-term business people and of course a finance broker!
It’s all about getting a balanced and “Sage” viewpoint to assist you in your key business decisions.
For my side on finance and options, then my thoughts are?
Grants are around in the short term to assist you with the present issues, but they will subside very quickly. I do think that the government will introduce more targeted grant support from June to assist sectors struggling with social distancing and getting fully operational again. Then move onto job creation grants in 2021.
Loans come in all sorts of types and variations depending on what you are trying to do?
Working capital and Cash flow finance
Asset Finance for equipment
Commercial loan for purchase of buildings
From the 2009 market crash, most lenders have increasingly turned to a specialist approach and have not tried to be all things to all people. At the moment, even with the short term issues, we still have 200 funders to choose from. The skill will be to choose the right funder for your circumstances and needs within your business.
Far too often in the media, you hear business people complaining that they are being turned down for loans by the BIG High street banks. That may be the case, but did they go shopping in the wrong place and not explain what they wanted correctly??
After all, you would not attempt to represent yourself legally if you wanted to buy a house, you would hire the services of an expert in property law.
All that comes back the strategy of using your 5-star team for guidance, move forward with them to compare notes as a team.
They can then advise and reduce the risk to your business as it moves forward.
