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Funding your business for growth

November 01, 2010 at 10:34 PM

profit.gifEarlier this year, Wow invited business leaders to an event to debate the different ways that small businesses can gain funding to help them grow. As well as some of the usual suggestions, there were a number of really interesting ideas put forward as ways for entrepreneurs to get their hands on the much-needed funds to move their businesses forward. We thought it would be useful to summarise some of the highlights of the debate:

Personal debt

  • Friends and Family
  • Personal credit cards
  • Personal loans (which can sometimes be easier to get than a business loan!)
  • What assets can you sell to realise cash?
  • Borrow from Zopa: http://uk.zopa.com/ZopaWeb/ (only advisable as a last resort for short term needs)


The banks

  • Overdraft
  • Loans
  • Hire Purchase Leasing
  • Invoice discounting
  • Trade finance
  • Finance against your property (both business and personal)
  • Enterprise Finance Guarantee Scheme


Grants
There are so many out there..... all you need to do is ask! Good places to start are:

  • Your local Chamber of Commerce
  • Business Link
  • 0% loans from the Carbon Trust (£3,000 - £100,000)
  • Sector-specific grants, e.g. manufacturing, exporting, renewable energy, technology
  • www.skillssoutheast.co.uk
  • www.j4bgrants.co.uk


Investors

  • Angels (£100k+)
  • Venture Capital (£500K+)
  • Alternative Investment Market (AIM) Floatation
  • Or even appear on Dragons’ Den...... if you are feeling really brave!

 
Managing your cashflow

  • Get extended credit terms with suppliers
  • Negotiate improved terms with your landlord
  • Speak to HMRC about spreading your tax bill over a number of months
  • See if you can spread other annual payments over a number of months
  • Make sure you have a credit control procedure for your customers
  • Consider swapping products and services if you run out of cash


Making greater use of your assets

  • Consider subletting any spare space in your offices
  • Review your stock management system
  • Could you utilize your existing accumulated pension funds to help grow your business?


Top 3 tips for gaining funding from the banks...
Here is what the banks had to say about increasing your chances of gaining funding from them:

  • Create a business plan
  • Work with your accountant to produce a cashflow forecast
  • Put your own money in first

 
Getting your hands on the funding
For advice about how you can fund your business for growth, please contact The Wow Company on 0845 201 1580 or info@thewowcompany.com



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