Raising finance to grow your business is not about today, it is about tomorrow. The right finance package can be a positive force within your business, one which can be used to propel your business forward.
Building a bigger, better future… that’s what we do
When you’re looking for finance to grow, a lender will want to see a well constructed Business Plan. A great Plan sets out a clear vision for the future, a future in which you soar above your competition.
Helping business owners soar… that’s what we do.
The whole process of raising finance can be a distraction and divert your attention away from what’s important. With mounting priorities it’s a case of which one has to wait. Typically raising finance is one task that can grind you down.
Making it happen… that’s what we do
No one wants to stay in the same place; it’s boring and monotonous. Growth is much more exciting but getting to the next level takes money and with it a range of financial options to consider.
Taking your business to the next level… that’s what we do
When applying for business finance many business owners think that the bank is only interested in the performance of their business, but this is not the case.
In this clip from a live seminar BLS’s Rob Warlow reveals why, when assessing your finance request, the bank is just as interested in you as in your business.
In our dealings with growing businesses on the search for finance it’s always surprising how many still believe that outside the traditional High Street banks there are few alternative options to consider.
When we mention crowdfunding, short term loans, merchant cash advances and other alternative sources of finance, there is typically a vague acknowledgement that they have heard of such sources but nothing beyond that.
This lack of appreciation that there are sources of finance to tap into outside of the banks has been highlighted in a recent survey carried out by the British Chambers of Commerce and Bibby Financial Services.
The survey of more than 1,000 businesses provides an interesting insight into awareness levels of the primary sources of finance. Perhaps not surprisingly, awareness of overdraft facilities came out top at 93%, even though banks are not as keen in extending overdrafts as they once were!
Next on the familiarity chart are bank loans and commercial credit cards with awareness levels of 88% and 86% respectively. The growth seen in the usage of leasing and HP since the credit crunch is reflected in an 86% awareness levels amongst UK SMEs.
What sources of finance are languishing near the bottom of the pile though?
Trade finance facilities were known by 46% of businesses, peer-to-peer funding by 42% and angel funding by 39% of those surveyed. Propping up the sources of finance list standing at 19% awareness levels is mezzanine finance (a hybrid of debt and equity). No surprise there perhaps!
Despite what you may think there are a plethora of options available but the key problem is that you simply don’t have the time to search the market for the best options.
In fact, one of our clients this week said that they prefer to use us to source finance because we immediately know where to go thereby saving them time. That where commercial finance experts come in.
One other interesting finding from the survey was that of those firms which were successful in securing finance but ultimately rejected the offers, 54% did so because the interest rate offered was too high.
The main question though is ‘too high compared to what?’
Alternative finance is by its nature typically more costly than traditional High Street lenders due to the higher level of risk and the lower standard of security they are prepared to consider. For the alternative finance industry, the next step after raising awareness levels amongst business owners, is to resolve the pricing perception.
Our advice to clients is as long as the finance available to you allows you to achieve what you want to do, benchmark it in the market to check it’s not too wide of the mark, then look beyond the price and get on with building your business.
I hope you found the latest editions of the Business Finance Bulletin ‘Brexit Special’ of interest, particularly the five steps you can take to future-proof your business.
In case you missed it you can view it again here:
‘Business Finance Bulletin: The Brexit Special’
One question I was asked last week was whether banks and other lenders are still lending and the answer is simple… yes.
The events of the last two weeks are not a re-run of 2008 and so whilst business investment plans may be under review (as I discussed in the Bulletin), finance is still very much available.
If you have an idea and the only piece of the jigsaw puzzle that’s missing is finance, your options include:
• Commercial mortgages for property purchase
• Short term loans to boost cashflow
• Asset finance to purchase vehicles, plant or equipment
• Crowdfunding for loans up to five years
• … and other finance facilities
Accessing finance is down to planning. That means searching the right finance option for you in good time, preparing a proposal document or Business Plan and ensuring that your financial information is up to date.
Do all this and you’re well placed to get the finance you need.
Of course, if you want to chat through the options available to you, the BLS team will be more than happy to speak to you, just drop us a line or give us a call.
Crowdfunding is a quick and flexible way to raise business finance and fund your growth plans.
Here’s a brief overview on how crowdfunding could help you.
If you want to know how we can help with your crowdfunding finance then drop us a line.
What is a Business Plan? This is a question asked by many business owners who are looking for business finance from their bank. In this clip, Rob Warlow from Business Loan Services shares his thoughts on what a Business Plan is.
In this episode of the Business Finance Bulletin a look at the announcements in this week’s Budget focusing on small business finance issues. There’s news of a fund for growing businesses, Help to Grow, an extension of the Enterprise Finance Guarantee programme and a further step forward in the launch of the Bank Referral Scheme.
When comes to dealing with finances time is also short and that’s why clients of alternative lender Just Cashflow can now benefit from the launch of a new mobile app. We take a look at how it can help time-stretched business owners.
Concluding our look at the findings from the latest SME Finance Monitor report we review small businesses attitude to debt and awareness levels of alternative funding sources such as crowdfunding.
In the Business Finance Tip of the Week a signpost to a video on how to calculate and use the Stock Turnover Ratio to improve your stock management and boost your cash position.
If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Stitcher or itunes channel.
When you’re applying for a business loan how do you tackle the topic of past business failures with the bank?
Rob Warlow from Business Loan Services shares his thoughts on what you should say to the bank.
How a bank assesses a business finance request can be a mystery to many business owners. What is it exactly is it that a bank wants to see and what goes into the review process?
In this episode of the Business Finance Bulletin Xtra podcast Rob Warlow talks about the key points banks look for in order to relay that all too elusive ‘yes’.
Rob also shares a checklist that bankers use in order to ensure all the relevant issues are covered. The checklist comes in the form of a mnemonic CAMPARI and in this interview he goes through each part which will provide you with a deeper understanding of what banks are looking for.
You can listen in here and also download the podcast to your phone
You can also subscribe to our itunes channel and you’ll find this episode listed there.
If you have missed the other three interviews in this special series you can find details here:
Business Finance Bulletin Xtra: How to Write an Effective Business Plan
Business Finance Bulletin Xtra: Business Plans for Raising Finance
Business Finance Bulletin Xtra: 7 Reasons Why Your Bank Would Say No
In the latest Business Finance Bulletin episode Business Loan Services’ Rob Warlow looks at Amazon’s entry into the small business lending market by extending loans to businesses operating on its Marketplace.
In the latest figures from the Bank of England Rob looks at the level of support being given by banks to small business with continuing evidence that more finance is going out of the banks’ doors.
If you want to avoid the High Street banks Rob shares news of a new £40m SME fund launched by Enterprise Ventures in conjunction with Santander and the Greater Manchester Pension Fund. The fund seeks to provide loans to businesses across the UK, in all sectors and for a variety of purposes.
In the Business Finance Tip of the Week Rob talks with Rebecca Jones, the Red Shoe Biz Woman, on developing an entrepreneurial mindset amongst your staff.
If you would like to listen to the podcast version you can do so but clicking below. If you wish to download to your phone or PC, click the download image below or subscribe to our itunes channel.
In the latest Business Finance Bulletin episode Business Loan Services’ Rob Warlow looks at a survey from Bibbys Financial Services which reveals the sources of finance that business owners are tapping into.
The SME Finance Monitor Report is quarterly survey on the state of the small business finance market and Rob continues his look at its findings. The question posed is how successful are business owners in getting a ‘yes’ from their bank? The answer may surprise you.
In terms of raising money from banks Rob also shares a conversation he had with a business owner on why asking your bank for too little can work against you.
And in the Business Finance Tip of the Week a clip from an interview in which Rob discusses why it’s important to know that banks are keen to understand exactly why you want to borrow and how the finance you are requesting will be used.
If you prefer to listen to the podcast version click below and you can also download this episode to your phone or subscribe to get future episodes via our channel on Soundcloud or itunes.
Rob kindly agreed to attend the recent Pontypridd RFC sponsors networking evening and delivered what can only be described as an excellent talk on 5 Tactics to Boost Your Business and Your Profits. He kept the audience engaged throughout and the feedback from everyone was excellent. Rob is very knowledgeable on business and finance and on top of that is a genuine nice guy. We hope to have him back at a future event and I have no hesitation in recommending Rob’s services.
I wanted to thank you for such an insightful, energetic, and entertaining talk at the Kevin Green Wealth event on securing funding and creating a successful plan. It was brilliantly executed and a pleasure to listen to and the ideas I’ve learned are definitely going to help me in going forward.
Hi Rob, it was so interesting and entertaining listening to you at the Kevin Green Wealth Coach Workshop in Reading this weekend! I didnt realise you can find Finance proposals such fun!. Brilliant tips! Thanks.
Rob delivered a series of 3 workshops aimed at understanding how finance houses look at finance propositions with the aim for us as a team to deliver more of a bespoke offering to our customer base. The training was delivered to a mixture of staff who work with new businesses start-ups and existing established businesses across Mid & South West Wales. Rob delivered the training with an abundance of passion and has really helped my team look at financial propositions in a different light, many thanks again Rob and I look forward to work with you in the near future.
Further to your recent presentation at LEAD Wales just wanted to say it was very refreshing to see somebody talk passionately and positively about finance, very insightful!