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Banking on success - how to succeed with SME funding |
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!
Laurence Conway from Trafalgar Associates shares some top tips...
“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?’
“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: unless you solve the issue it’ll just happen again.
“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. And of course you can always call us on 0161 764 7332 for advice and guidance.”
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