By Chris Coopey, Partner, Carpenter Box
Sussex businesses hit 2014 with all guns blazing.
There is optimism in the air, palpable, bold as brass optimism. Sussex business has launched into 2014 with an appetite for recovery and growth in a fashion that we haven’t seen since before the 2008 crash. Our just published Corporate Finance survey report, together with straw polls taken at recent Construction, Property and Manufacturing events, gave an overwhelming thumbs up to prospects for the coming year.
Growing business the right way
Growth has consequences. Hopefully most are good but unfortunately some can potentially cause problems, that’s why planning for growth is always a good idea. As things stand, difficulty with accessing funding is often the perceived barrier to business growth. The answer to the so called funding barrier is to be innovative. First of all though, make sure you have a professional looking business plan where the financial projections are sound and supportable and secondly, be prepared to look at more than one solution to make up the whole. Your accountant should be able to help you write a good business plan covering the essentials that most banks and finance houses will want to see.
Be innovative and flexible
Once you look to find funding, remember that there are often more ways to skin this particular cat than might be apparent. Unfortunately, it is the case that businesses are sometimes not willing to invest the time to prepare their case for funding properly, or when offered a loan, meet the cost of raising the finance. Again, talk to your accountant to help you along the way. If they are worth their salt they will have their finger on the market pulse and have a good network of banking and finance contacts – and whilst Bank A may not have a preferred solution Bank B or another finance business may have.