This Morning I attended a very interesting consultation meeting held by Cumbria Local Enterprise Partnership as they prepare to shape Cumbria’s Local Industrial Strategy until 2030.
How do we expand at County level the things that we excel at as Cumbrian Businesses?
What are the Challenges that we all face in improving the Socio-Economic Environment which will help us to attract and retain great people and nurture everyone’s opportunity for prosperity, growth and a great lifestyle?
It was fantastic to see so many excellent ideas being captured, and some real passion in the room to make changes for the better.
A key reflection for me was the perceived Barriers to Growth experienced in Cumbria.
Whilst the top 3 Barriers were The economy, Regulations and Access to the speed of Broadband, number 5 on a long list was access to sufficient cash flow to grow.
43% reported this as a potential Barrier to the growth of their Business.
Cashflow will forever be the lifeblood of any Business. Without the right amount, at the right time, opportunities can be lost, growth can be restricted and in the worst cases, Business failure can occur.
There is a huge amount of Financial support available to Businesses at the moment. Whether you obtain your Business Finance via your Business Bank, a third party Commercial Finance Broker who can source an appropriate style of lending for your Business, or a Business Support organisation, there is a lot of help and advice available.
A great place to start if you are unsure of the type of Finance you require is the Business Finance Guide published by The British Business Bank. You can access this free guide below.
>>> Download the Business Finance Guide 2016 <<<
I would encourage any Business that wants to make the most of the current opportunities for growth in the County to think about their requirement for additional Cashflow in advance. Work with your professional advisers to understand what type and how much additional finance you may need, and ensure that you can access this ahead of undertaking any additional work.
There are specific types of Finance best suited to different types of Business growth needs. Make sure that your finance providers offer a wide range of options best suited to your needs, and not just their own product range. The Business Finance landscape has changed a great deal in recent years. If you would like some help navigating it, then please feel free to start a conversation and see how we can help.
Karina Gallagher
JF Hornby Corporate Solutions Limited
Tel : 01229 588077
email : finance@jfhornby.com