Everybody understands that starting up a business from scratch is not a simple process or an easy challenge to take on. Regardless of how lofty your ambitions are or whether you’re aiming to establish yourself as a sole trader or as a the boss of a burgeoning new enterprise, finding access to initial and early-stage sources of finance is a vitally important step along the way towards sustainability and success.
Here’s a look at some of the most commonplace and most viable routes to finance currently available to startup businesses. (more…)
When you need to find business funding fast, what are your options and what are the quickest ways for you to secure more finance?
We talk you through the most viable fast funding options for SMEs who need finance in a hurry, and include practical tips on how to ensure your funding application goes as swiftly and smoothly as possible. (more…)
Finding a business loan used to be a pretty black and white affair. You’d call up your local bank and book an appointment, wait a few weeks (or months) and then sit down with the bank manager, explain why your business needed some money, and hope that you’d caught them after their morning coffee.
Since the birth of Alternative Finance, however, getting your hands on funding to grow your business has become a lot easier, but equally, a whole lot more complicated. This guide will explore the various different types of alternative finance out there, help you decide whether it’s a viable route for you, and how to prepare your business to raise finance. (more…)
Cash flow is the lifeblood of any business, and managing it effectively can mean the difference between make or break.
When we refer to cash flow management, we’re talking about making sure there is enough cash available to cover all your outgoing expenses. If your outgoings are more than your sales and you run out of cash to pay staff or suppliers, your business will risk insolvency. (more…)
Christmas can be a challenging time for many businesses, whether it’s your busiest time of year or a seasonal slump in trading.
Either way, lots of small businesses find that short-term finance can provide the boost needed to cover short term cash flow issues. Here are 5 funding options that can do this for you; (more…)
Invoice finance is an umbrella term for two distinct forms of business funding called invoice discounting and invoice factoring.
It’s likely you’ll have heard of these alternative types of business finance before, but without knowing exactly how they work, you might dismiss them as just another financial product that you and your business don’t need. However, there are real benefits to these products, so here is what every business owner should know about invoice finance. (more…)
Since the recession of 2008/2009, there has been a significant reduction in the ability of banks to lend to British SMEs.
Whilst mainstream finance is still great for some businesses, many banks now have lending criteria that small businesses are unable to fulfill.
Fortunately, ‘alternative finance’ can offer a viable substitute for entrepreneurs looking for innovative and flexible ways to fund their business growth.
But before blindly assuming alternative finance is the answer to all your financial woes, there are six things you need to understand before you approach an alternative finance provider looking for funding. (more…)
Many small business owners don’t know about the Bank Referral Scheme, but it represents a significant milestone for business funding in the UK.
But what exactly is The Bank Referral Scheme, how does it work, and how will it help businesses? We asked Conrad Ford, Chief Executive of Funding Options, to explain; (more…)
Starting up and sustaining a company is a tough challenge for even the most gifted of entrepreneurs or the brains behind the business world’s biggest and best ideas. Within that context, the margins for error tend to be slim, particularly when it comes to financial matters and the business of balancing your books.
Here are some of the best options potentially available to you if your company is facing a financial squeeze and is running out of cash, along with some ideas on how to approach the turnaround process.
The single biggest cause of small business failure in the UK is poor cash flow management, most often brought on by late payment issues. It’s therefore vitally important that you do all you can to ensure that your customers pay you on time.
Here are 7 things a small or start-up business (or any organisation for that matter) can do to ensure that late payment issues do not threaten the viability of their operation:
If you’re doing well enough that your business is growing rapidly you would expect your finances to be healthy. But that isn’t always the case.
If your firm is expanding quickly, you could find that your cash flow becomes a problem, even though your business is profitable.
It’s a unique financial situation where you are selling so much that you can’t get the money in the door fast enough to pay for the raw materials you need for your next batch of products.
A recent survey has found that small businesses spend an average 130 hours each year chasing late payments, and wait 30 days beyond the contractually agreed terms before payment is actually received.
When you are starting a new business you have a million and one things to think about. As a new business owner, many of the issues you will need to tackle, will be completely unfamiliar to you.
With so much to do, you will need to learn quickly. If the financial side of the business isn’t your strong point, here are 10 tips from ByteStart to help you stay on top of your business finance.
If you’ve always been employed by someone else, managing your own business finances will be an interesting new experience for you!
The lifeblood of any business is cash. You need good cash flow to keep your business viable. In some ways it’s more important than turning a profit – it’s not unheard of for profitable businesses to go under, just because they ran out of cash.
Good cashflow management should be one of the most important priorities for businesses of any size. As has been so brutally demonstrated in recent months, it is possible for perfectly solvent companies to become unsustainable if cashflow becomes a problem.