Staying on top of your finances
As there are green shoots appearing with what we all hope will be the end of the COVID-19 pandemic and lockdown starts to ease, businesses will be taking stock of how they are going to move forward in what has been termed as the ‘new norm’. One of those areas will be for businesses to understand their credit rating and the ability to borrow. Many businesses have taken government backed loans including the Coronavirus Business Interruption Loan Scheme and the Bounce Back Loan Scheme and will be looking at ways to raise further finance moving forward.
It’s really important to keep clear accounts and have a robust cashflow forecast. If your business has been adversely affected by the pandemic, lenders will want to be able to see what plans you have in place to recover from this position. Thankfully for many lenders this is an overview and not war and peace. Businesses that were stockpiling for any potential disruption with Brexit and December 31st before COVID-19 will need to ensure that they don’t use up all their cash.
It’s therefore worthwhile for businesses to conduct a risk assessment and to prepare different finance models to understand which areas of your business can be flexed to mitigate change.
If you find yourself in a position where you’re looking at raising finance for your business, whether that’s revolving credit, invoice finance, a business loan or considering buying equipment, machinery or vehicles then we have access to hundreds of potential lenders who are all keen to lend.