If your business is new or you are looking to scale up, you might need external funding to achieve your goals.
You should now be aware of your projected finances and understand what extra funding you need and how long you need it for. However, you need to be honest and realistic with your funding requirements and it might be worthwhile talking to a financial adviser to check your plans and explore what option might be best for your business. Do you want a loan or an investment in your business in return for equity? Do you want to buy machinery and are looking for a leasing package? What is the right term length for your business? It is always good to compare the costs of finance before you go ahead.
When assessing your funding requirements, it is good to undertake a sensitivity analysis to understand the impacts on your business as prices fluctuate. There is more information around this in the section on forecasting.
The British Business Bank is a UK government-owned business development bank increasing the supply of finance available to growing smaller and medium-sized businesses and has a range of resources to help with finance options.
Your Local Enterprise Partnership will also be able to advise about local grants, start-up funding and alternative sources of finance.
The below webinar focuses on how you can prepare for a visit from your from your bank manager, and how you can make your business an attractive proposition to lenders.