Financial options for businesses with ambition to grow

There are a number of options to consider when you want to grow. If you’re not using your own money, you’ll need to review your recent performance and prepare a detailed business plan, including a cashflow forecast.

External Resource

Your plans will need to be realistic and achievable and your financial projections will need to show that you can afford to make repayments.

Most businesses that grow successfully, do so by working out what they do well and doing more of that. Performing a SWOT analysis (strengths, weaknesses, opportunities, threats) can help identify your strengths and what opportunities are available. Identifying threats can also avoid you growing the business at the wrong time.

Before you attempt to raise finance from external sources, you should carry out a review of your cashflow management. Most businesses can create efficiencies by chasing up late payments, cutting costs or renegotiating terms with suppliers.

If you still require funding after reviewing your cashflow and performing a SWOT analysis, you have a number of options:

  • grants
  • bank loan
  • personal funds or investment from friends
  • equity finance
  • asset based finance
  • crowd funding

A large variety of grants and support services are available for companies with ambition for growth.

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