Despite some recent good news, there is no guarantee that the economic instability of the world is set to resolve anytime soon.
Your business needs to be dynamic and agile to cope with the ever-changing fiscal environment.
Now, more than ever, understanding the ability to explore ways of raising finances is essential.
Exploring financial options
A recent report by the Organisation for Economic Co-operation and Development (OECD) found that Small and Medium-sized Enterprises (SMEs) were operating in an increasingly restrictive environment.
Economic uncertainty had resulted in a sharp decline in SME lending, and there were generally weak performances from a range of financing sources.
This illustrates the way in which traditional approaches to financing may no longer be the most applicable given the current financial situation.
The recent turmoil introduced by the continually changing impact of tariffs, both real and threatened, has made it so that SME investment is going to be more challenging in the coming months.
However, all is not lost for SMEs.
The British Business Bank found that SME real estate lending by challenger and specialist banks remained higher than that by the Big 5 banks over the last few years.
This could indicate that, while larger banks are hesitant to support SMEs, smaller banks are more willing to take risks.
This is paired with the Growth Guarantee Scheme that provides approximately £500m of additional lending capacity to help more small businesses across the UK.
This highlights the need to discover more about a range of financial options, as there are typically some that a business has yet to discover.
There are still a number of tax relief schemes in place that can provide additional support to specialist businesses.
Alongside this, exploring whether your business is eligible for any grants can prove to be useful, especially if you are facing cash flow issues and do not want to worry about repayments.
We have a professional Grant and Funding Service who are on hand to help you navigate applications for any eligible grants.
Where necessary, we can assist with writing the bids that will make you stand out from the competition and secure vital funding.
In general, grant funding is often dependent on strong management and business plans as grant awarders are keen to know where their money is going and the impact it will have.
Speaking to a professional is the best way to ensure that you are aware of as many financial options as possible and well-equipped to access them.
How to access more financial options
While learning about financial options is one thing, getting access to them is quite another.
It is rarely enough to fill in a form and hope for the best, taking practical measures in your business could be the key to getting financial relief.
Maintaining rigorous financial records and a well-constructed business plan is a core way to highlight how seriously you take the growth of your business.
Getting audited can also be a vital part of this process.
The changing audit threshold has resulted in some businesses no longer being audited by default.
However, this could be limiting the growth of these businesses, as audits can expose financial failings and aid with forecasting.
An audited business is also more likely to secure grants and loans as it has independently verified its future prospects and appears as a safer investment.
This can also be an asset if you are applying for grant funding.
A well-audited, financially healthy business is more likely to win a grant as the awarder will feel assured that the money is going to be well used.
Grant winners often act as a symbol of the benefits of the grant itself, so demonstrating the positive impact that the grant can have on your business is a core part of winning grant bids.
Ultimately, seeking professional advice is always wise when looking to keep your business operating and growing.
Keep control of your business’s finances. Speak to our team today.