Are you Banking on Success?

With lending criteria amongst banks in the UK still restrictive, many SMEs are struggling to access the right funding.   Rest assured though that money is out there.

How an expert may help...

MyBusiness Magazine asked Laurence Conway from Trafalgar Associates to share some top tips...

Laurence said, 'I've lost count of the times that clients come to us after being turned down for funding, to see what we can do to help.   We always suggest a solution; but the first question that we ask is 'Is funding the right step for you?'

What can you improve?

If it's a cashflow problem, check first to make sure that you're being paid on time and in full.   If it's simply that your customers are late paying, then it's worth investing in a scheme to incentivise them to pay more promptly - perhaps negotiate the rate or else agree different terms. 
There's no point throwing more money at the problem in the shape of an increased overdraft or loan. But unless you solve the issue, it'll just happen again.

Be Prepared

For those businesses which do need funding, preparation is key before you even make an appointment with the bank.  
Make your business case as compelling as possible, prepare your asset base, consider what you're asking for against your turnover and even look at your customers. The best advice is talk to an expert before you go to the bank!