Posts Tagged ‘financial information’

Prompt Payment Code, Knowing Your Numbers, and Company Insolvencies – BFB 256

Posted on: May 4th, 2019 by blsuser1 No Comments Tags: , , , , , , , , , , , , , , , , , ,
Posted in Business Finance Bulletin

With increasing focus being given to tackling late payment, we open our latest Bulletin with news of tough actions taken by the Prompt Payment Code organisation to ensure its members adhere to guidelines.

A survey on how many business owners have a grip on their financial performance and key indicators reveals that many have a lot to learn. We look at why it is important to know your numbers especially when it comes to raising finance.

To close the Bulletin, we review the latest company insolvency statistics released by the Insolvency Service for Quarter 1 2019. Perhaps not unexpectedly, the figures make gloomy reading.

If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Spotify, Stitcher or itunes channel.

Should You Share Financial Information With Your Staff?

Posted on: February 20th, 2018 by blsuser1 No Comments Tags: , , , , , , ,
Posted in Business Finance Tips

If you are looking to improve profits, should you share your financial information with your staff? BLS’s Rob Warlow explains why you should.

Why Your Bank Said No: Lack of Financial Information

Posted on: September 4th, 2016 by blsuser1 No Comments Tags: , , , , , , ,
Posted in Business Finance Tips

Has your bank said ‘no’ to your business finance request?

One reason could be that you have no financial information or it’s out of date. In this interview, BLS’ Rob Warlow explains why you need to have financial information in order to access finance.

Outdated Financial Information Can Impact Your Growth

Posted on: December 12th, 2015 by blsuser1 No Comments Tags: , , , ,
Posted in Business Finance Tips

In my latest Business Finance Bulletin Episode 101 I briefly reviewed a survey which revealed that businesses which keep up to date financial records are likely to grow twice as fast as those businesses with information more than nine months old.

This is such an important topic when it comes to raising finance that I thought I’d go into it in a little more depth.

The survey was carried out by KPMG Small Business Accounting and focused on how businesses can perform better when they have up to date financial information to hand.

KPMG found that small business’ management accounts are, on average, four months out of date, not a finding I can disagree with. However, more interestingly they found a direct link between having current financial information and likely growth rates.

They discovered that those with accurate information grew twice as fast as those with nine-month-old data over the last twelve months… 8% compared to 4%. A compelling reason if there was one to keep on top of your books!

This is a finding I can relate to. In arranging commercial finance for businesses, whether that’s for additional working capital or long term funding, one question the majority of lenders will ask is ‘can we see the latest management accounts’. Those who can deliver on the request have a far higher chance of getting finance than those who can’t.

On that basis, the survey’s findings that businesses with up to date figures are growing twice as fast is true – they are simply able to grab opportunities which their less organised competitors have to let slip through their fingers because they can’t get the finance arranged quick enough.

The researchers were also able to put a number on these lost opportunities. They estimate that with better financial visibility, small firms would have invested up to £1 billion more in the economy in the last financial year. Outdated financial information is resulting in lower levels of investment, employment, stunting productivity growth and holding back the economic recovery.

Many of the business owners I meet are the first to admit that they don’t like the financial aspect of their business and yet they struggle through trying to do the books themselves (usually in the wee small hours of the morning!), The survey found that small business owners spend more than two and a half hours on average each week trying to stay on top of their finances and probably doing a poor job or giving up!

The result of all this is that many business owners are making important investment and strategic decisions on the spot without a full understanding of their current financial position.

What’s the solution?

The answer is to pass the task of keeping your financial information up to date onto a bookkeeper or your Accountant; outsource it to the professionals. Concentrate on what you’re good at and get people in who love to crunch numbers.

The upshot of all this is the next time you are presented with an opportunity which needs finance then at least myself and other finance brokers will be able to move quicker and hopefully get you that all too elusive ‘yes’.

Business Finance Bulletin Epsd 101: Merchant Cash Advances, Ratesetter, Business Confidence & Business Risks

Posted on: December 10th, 2015 by blsuser1 No Comments Tags: , , , , , , , , , , , , , , , , ,
Posted in Business Finance Bulletin

In this episode of the Business Finance Bulletin Rob Warlow looks at a new service launched by credit card services provider Worldpay in partnership with Liberis, supplier of working capital facilities to SMEs. The WorldPay Business Finance package is designed to release funds against future credit and debit card receipts.

There’s news from Ratesetter and how, with support from the British Business Bank, it is looking to increase the level of business loans it’s currently giving to small businesses.

Up to date financial information, a perhaps better said, the lack of it, can have an impact on business growth plans. We look at a report from KPMG which highlights the importance of keeping financial information up to date.

In its latest Business Barometer report Close Bros reveal some mixed messages on business confidence and growth plans.

And in the Business Tip of the Week, one question the bank will ask of themselves when assessing your loan application.

If you prefer to listen to the podcast version either click below or download to listen to later via our Soundcloud or itunes channel.

Business Finance Bulletin Epsd 24: All the Good News on Business Finance and Crowdfunding

Posted on: April 17th, 2014 by blsuser1 No Comments Tags: , , , , , , , , , , , , , , ,
Posted in Business Finance Bulletin

Posted on 16.04.2014, by Rob Warlow

In the latest Business Finance Bulletin it’s a good news edition with positive news about the UK economy and reports of a soaring crowdfunding market. Rob Warlow looks at reports from the P2P Finance Association on funds being lent out by crowdfunding platforms and the launch of a new crowdfunding site Landbay.

Rob also looks at a new pot of money being set aside by HSBC for lending to growing SMEs. Video is a way of getting your message across to lenders about your business and Rob talks about Crowdbox, a new service hosting business video pitches.

In the Tip of the Week Rob features a clip from a seminar he hosted in Amsterdam for Wealth Coach Kevin Green talking about the importance of financial information when approaching your bank for business finance.

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