Whether you need more stock, new machinery to manufacture new products, increase factory or retail space or just need to increase the number of employees, gaining access to additional funding can give your business the boost it might need. But short of applying to try and win an investment on TV’s Dragons’ Den, what are the key steps to successfully obtain funding?
Before jumping in and filling in many application forms, you need to consider what your lender will need to know: will the investment increase the long-term value of your business? Do you have a viable proposition, and how much risk is associated with your investment? So it’s wise to plan and get organised:
• Put together a cash flow forecast
• Produce a business plan
• Be clear what you will use your funding for and when you need it
Applying for a grant is also a way of obtaining funding, however your application needs to have a compelling argument and will go through a high due diligence pro-cess, as businesses need to justify there’s additionality i.e. linked to job number increases and why they need funding. Obtaining a grant can also be a long drawn process, taking several months to receive an offer.
Key things to remember
1. Do your research and know your market.
2. Obtain support and advice.
3. Prepare to be turned down.
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If you are looking to grow your business, Business Doctors Cumbria offer a free business health check where we can help you to set a clear vision to understand the steps you need to take to fulfil your aspirations. Contact Peter Fleming 07966 686112 or email Peter