Is a Lack of Finance Holding You Back?
A recent survey completed by the financial institution IWOCA revealed that, out of a 1000 SME’s contacted, 20% reported a lack of finance as the biggest obstacle to running a business.
A similar study carried out last year by the specialist bank Aldermore revealed similar results noting the following statistics:
- 19% of UK SMEs have missed a new opportunity in the past 12 months due to a lack of funding
- Missed opportunities are costing the nation’s SMEs an average of £76,888 a year
Other impediments include; late invoice payments, attracting new customers, retaining employees, keeping up with technology, and digital marketing requirements. However, it could be argued that, while many of these hurdles can be tackled through policy and a change in business ethics, an increase in cashflow would also go a long way to addressing them.
If you complete an online search on this topic you can locate numerous reports and studies drawing the same conclusions. However, multiple funding options do exist for SME’s in the UK.
While there is no doubt that there are uncertainties with regard the potential for growth of SME’s both within and outside of the UK, particularly during the Brexit transition period, opportunities for significant growth are readily available.
Depending on the status of your business, and the specifics of your funding needs, finance may be available through; grants, angel investors, peer-to-peer lenders, venture capitalists and personal investors, as well as the more traditional funding and banking routes.
As a business owner, or decision maker, you must be able to acknowledge when specialist advice is required for a variety of tasks and consult the relevant experts. Outsourced services have become common place in today’s business world and are widely recognised as a shrewd solution to accessing support services across a variety of disciplines. Access to business finance should be no exception. In fact it should perhaps even be your main priority.
Seeking finance can feel daunting; not only navigating the myriad of options but also understanding what the best option for your business is. This is when you need a good commercial finance broker.
What to Expect from a Finance Broker
A finance broker can guide you through the options best suited to your vision, and ensure that your actions tally with your business plan. Brokers have access to perhaps the greatest diversity of finance options, and will work with you to tailor the right funding to your specific needs. In some cases finance brokers can provide access to products only available through their specific channels.
The Final Word
The challenges facing SME’s are staggering. Realising your vision and achieving growth is no mean feat. As such it is imperative that all business owners avail themselves of every possible support service.
With regard to accessing finance, without seeking the right advice how can you be aware of the wide range of funding options that exist? Asking the question costs nothing. You may choose not to pursue lending at this time; however, you may just discover that there is a viable option for you that could help you achieve and even exceed your aspirations for growth. Don’t let a lack of finance be an obstacle to running a business.
Why not get in touch today and see what we can do for your business.