Thinking outside the box – the art of securing finance from different sources
As the coalition government and the BoE continue to make positive noises about the current state of the economy, anybody who is located right at the centre of it knows the truth.
Things are tough…..and they have been for a while. It might also be a while before we see any change to this pattern as the UK economy stumbles wearily to its feet.
Making the choice
As a small business, your options are simple. You can either fold in the current climate or think differently and decisively in a bid to make your mark.
New figures from ABFA (Asset Based Finance Association) indicate that small firms in the UK are increasingly turning to asset-based finance as a means of growing their business.
A total of 15,000 of the UK’s smallest businesses are now supported by asset-based finance, with the total number growing by 3% in Q1 2013.
This rate of growth is expected to continue as SMEs become increasingly aware that conventional means of finance are drying up and a different approach is needed to thrive in the brittle world of business.
Rolling up your sleeves
However, it is not enough to simply be aware that you need to think differently. You must also be willing to put in the hard yards in order to attract potential investment.
Visiting trade shows, communicating with industry contacts and boosting your commitment to self-promotion are vital methods of getting the message across to the people who matter.
Such effort could be the difference between your business thriving or floundering in this tough financial climate.
Insolvency advice specialists Moorfields can assist your business with a range of services that range from corporate advice to turnaround management.
Moorfields can also provide leadership to companies who find themselves in financially distressed situations, assisting business leaders within an unstable economic climate.