Choosing the right business finance for your company
Here are some tips on choosing a funding solution that’s right for your business.
Create a robust business planMake an assessment of where the company is, what the opportunities are, how achievable they are and what new challenges there may be.
This plan will be vital in helping you secure funding as it helps potential lenders or investors understand the vision and goals of the business.
Research your optionsGrowing a business into a successful enterprise is not always a smooth, linear process. While there are various funding options, availability will depend on your circumstances.Debt finance
Otherwise known as loans. At any stage of its development your business is likely to need a mix of different forms of debt, all of which have their advantages for business growth.Debt finance is appropriate if you’re looking to hire staff, purchase machinery, move premises or finance a big order.
Equity financeWhether you’re starting out or experiencing a high-growth phase, equity can be an important resource of funding and broader expertise, if you’re looking to grow at a rate that cannot be supported through borrowing then equity could be an option.