A targeted business plan is a prerequisite when we apply for finance on behalf of our clients
This gives lenders more confidence and often leads to securing the most competitive rates available. It does take a little more work but is often rewarded in the rates obtained.
When presenting a request we like to calculate the benefit of what the finance is being used for to enhance the case with lender. This is best demonstrated in clear numbers, a language all lenders understand.
In cases of growth finance e.g. acquisition finance or asset purchases it is to demonstrate the exponential growth and benefit to the company or group as a whole.
Whilst business growth and expansion seems the best course of action it comes with increased holding costs so it is always advisable to outline the rationale and the tangible benefit of the purchase.
In addition to a clear defined plan to have your accounts overseen, a professional third party will not only increase confidence with your lender but it would also minimise their visits and save money resulting in lower rates. Such regular reviews are essential, especially as your business changes.
A review recently conducted uncovered a £48,000 annual saving for the client.
Admittedly the client had grown significantly, but it is always worthwhile conducting a review to ensure you are getting the best deal. The target should be a gradual reduction of the debt costs.
We will guide you to the best providers, who will give you the most cost effective solutions and help you monitor it.
If you would like to speak to us about your own finance facilities or would like to explore options, please email us at: info@thebusinessboard.co.uk or call our office number on 0118 338 1818.
We look forward to speaking with you.
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