Do you know if your business needs finance?
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Although it’s important to have a clear vision and a strong passion for the industry you’re operating in, enthusiasm alone can only drive your business so far. To achieve your goals and shrug off local competition, making sure that you have sufficient capital readily available is crucial. Unfortunately, this is often a stumbling block that has lead to the demise of many UK businesses. But there is a solution in the form of business finance, providing you know how and when it may be applicable. So to demystify this issue, here’s what you need to consider in order to know if your business needs business finance.
Are you planning to support growth and innovation?
Business Finance can be used for a wide range of purposes, especially since many of the products that are available aren’t subject to any usage restrictions. This makes it possible for you to support key growth projects, innovation, scaling up or even expanding trade into new markets. So, rather than drawing on your own cash reserves and risk running out of money, business finance allows you to pursue your goals in a cost-effective manner and eases the pressure that a large expense can cause.
How reliable is your cashflow?
For any business to succeed, retaining a reliable cashflow is vital. It enables you to run day-to-day operations, giving you the means to provide goods and services to your customers. Yet, sometimes without warning, your cashflow may come under threat. As such, before any lasting damage is done, exploring how business finance could support your cashflow could be a wise move.
Although you can track your business’ cashflow using spreadsheets, innovations in digital technology are making it easier to identify any potential issues just over the horizon sooner. So if the issue stems from a seasonal trade shortfall, late payments or unexpected expenses, you could set up a business finance agreement beforehand in order to tackle it head on as soon as it strikes. Therefore, whether you’re expecting, or are in the middle of, a cashflow crisis, applying for a suitable business finance solution could be the answer.
Does your business need a cash cushion?
However, not every issue can be predicted. Sometimes your business may face an emergency situation out of nowhere. Whether it’s the result of flash flooding, vandalism or local economic factors, you could use a business finance agreement to establish a protective cash cushion. This means that you can support your monthly revenue without having to deplete your savings and risk your day-to-day operations.
Could your business benefit from applying for Business Finance?
Ensuring that your business has access to sufficient amounts of capital is a vital responsibility that can’t be ignored. Naturally, it can be tempting to rely solely upon your own cash reserves, but this can cause any number of issues which may affect your business’ long-term success. That’s why Business Finance is vital. However, with so many different products available, knowing when you should apply can be confusing. But, rather than wasting valuable time, speaking with a qualified business finance professional could be what you need to find a way forward.
At Rangewell, we’re an Access to Finance specialist and have mapped over 400 lenders to offer you an overview of more than 23,000 business finance products. Our services are free to use and we’ll also guide you through the application process. So if you’re looking to provide funds for growth, innovation or to resolve cashflow issues, apply for Business Finance today or find out more with Rangewell.