Most small companies go bust before they reach the two-year mark (no matter how good their business idea is). Costs are almost always the cause of this demise and the reason for this is that it’s incredibly difficult for businesses to manage their finances at the startup stage.
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Are you facing a busy period? Have all your customers paid you promptly? Are you looking to capitalise on new opportunities for 2019? If you answered yes to any of the above you could be missing funds to keep your books in the black. After forecasting sales and factoring in expenses, your business might be in need of a cash injection at short notice.
It doesn’t matter what size your business is, there will come a point where you’ll have to consider funding (such as a small business loan) in order to take it to the next level. This additional finance might be used for a number of beneficial investments, including hiring extra staff, buying additional equipment, or moving to larger premises.
For businesses, it’s natural for success to be associated with growth. But while this might mean more turnover, it also means more supplies, more staff, more inventory, more equipment; in other words, growing your business can be expensive.
You will need to raise finances to fund your franchise business. It might be possible that you have to deal with hefty start-up costs that will cover the initial franchise fee as well as buying and/or renting the premises. You will also have to deal with ongoing costs that you need to cover, especially at the beginning where you will not be making a great amount of money.
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Access to funding is a major concern for many small businesses. At a time when there is so much uncertainty about the direction of the UK’s economy, not having the money needed to keep going or grow can cause anxiety for a lot of companies. One of the most common reasons behind a lack of money is reluctance from banks to offer business loans.
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Lendable, a peer-to-peer lending platform is becoming increasingly popular and growing at an incredible rate to rival its competitors.
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Running a small business, it can be easy to become caught up in the day-to-day operations and forget about your future goals. That’s why it’s important to set objectives and milestones from the very beginning, so you can track where your business is going and celebrate how it’s growing!
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