How to get the right finance for your business
With an array of different finance products and providers, knowing which one
to use can be tough.
to use can be tough.
Chartered Certified Accountant
Hayley Hedges-Quinn
Hedges-Quinn & Co work with Farr Business & Finance to provide effective business and finance products for their clients.
Read on to learn Matt Farr's thoughts on choosing the right finance product to suit your business.
Read on to learn Matt Farr's thoughts on choosing the right finance product to suit your business.
All finance products have their benefits, dependant on the challenge or requirement a business may have, if it is structured right for the business.
Growth costs cash and whilst no one particularly wants to take on debt it is often a necessity for day to day operations for many companies.
Price is always a key decision maker, but is it the most important?
Suitability of products and understanding their impact on your business is key. Rarely would a company fail for paying slightly more for their facility, however, many struggle for inappropriate product selection and structure.
Growth costs cash and whilst no one particularly wants to take on debt it is often a necessity for day to day operations for many companies.
Price is always a key decision maker, but is it the most important?
Suitability of products and understanding their impact on your business is key. Rarely would a company fail for paying slightly more for their facility, however, many struggle for inappropriate product selection and structure.
The 3 Core Fundamentals
The 3 reasons why businesses seek finance
- 1Asset PurchasesAnything a business might purchase, assets such as machinery, equipment, vehicles or stock. Avoid tying valuable working capital up by spreading the cost or repayments that work for your business. Extended credit facilities are also available for paying suppliers.
Many companies also look to release equity that is tied up in assets or look to reduce outgoings on existing deals. - 2Cashflow ChallengesMany businesses face daily challenges with their cashflow, especially if not forecast correctly. This is usually because of money not coming in from invoices quick enough or payments going out too quick. Struggling to pay staff, suppliers or tax bills can become a serious issue. This could be done by releasing cash quickly by converting the value of unpaid invoices into working capital.
This is where we as your accountant can help to project cashflow and when and how much finance is required. - 3Business GrowthWorking capital injection allowing business to seize new opportunities.
Marketing, new staff, new premises, research & development; it all costs money.
Investing in your business can be exciting. You just need to know how much you need and when. Too little or too much investment can be a real problem, as could timing. Too late and businesses can struggle to get funding at short notice.
Forecasting and projecting the financial requirements of a business allows for appropriate investment.
With increased financial pressure on companies with repayments on Bounce Back Loans and Coronavirus Business Interruption Loan Schemes (CBILS) due, now is the time to ensure that your business is financially prepared for this expense. Having appropriate accounting forecasts and finance that works for the business has never been so important.
The Recovery Loan Scheme is still available for businesses that have been impacted by COVID-19, RLS offers an 80% guaranteed by the UK Government to offer improved terms on finance facilities. The RLS can be used for business purposes, including managing cashflow, investment and growth.
Hedges-Quinn & Co and Farr Business & Finance
Hedges-Quinn & Co work with Farr Business & Finance to provide a genuine solution based approach to business and finance requirements.
With their vast experience across the business finance marketplace, coupled with first-hand knowledge of running and owning a business allows a unique perspective on how to make the products work for you, the customer.
Get in touch with Matt and the team for a friendly and free chat about your business and finance requirements. Committed to providing better business finance, by Farr.
Matt
Farr Business & Finance
matt@farrfinance.com
07845 828926
Get in touch with Matt and the team for a friendly and free chat about your business and finance requirements. Committed to providing better business finance, by Farr.
Matt
Farr Business & Finance
matt@farrfinance.com
07845 828926
Hayley will happily chat through all the information directly affecting you and your business — she’s much friendlier than HMRC!
Call Hayley today on 01473 657853
Call Hayley today on 01473 657853
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