As business owners, we are always busy, but it’s so important to take the time to reflect on your funding structures to make sure they are delivering what you need them to. To help, here are 5 Financial Resolutions for you to consider for your business in 2023.
1. Review your finance and funding structures early on
Take the time at the beginning of the year to understand what funding structures you have in place. Are any of your loans expiring in 2023, when can you review them? Some lenders are now allowing product transfers 6 months before expiry so it could be an option worth exploring.
2. Decide what is important to you
It’s really important to think about what matters to you the most for your finance needs, is it interest rate, flexibility, requirements to give security, term of the loan? Review any current lending to ensure that it still meets your needs and goals.
3. Produce a cashflow forecast for your business
In our opinion this is one of the most useful exercises you can undertake to see if there will be any shortfalls and what you may need to ensure this doesn’t impact on the day-day running of your business. Re-assess your incomings and outgoings to make sure you are not paying for things you no longer need or use.
4. Review the whole of the market for solutions
Speak to your trusted partners and advisors to get up to date information on what is going on in the market place. There is a plethora of funding options available and over 200 alternative lenders to the main high street lenders in the market – all of which have different products and requirements. There may be alternative products or options that you haven’t considered before which might be a better fit for your business.
5. Speak to someone you can trust
As an independent Commercial Finance Broker, we are ideally placed to guide you through the finance market: we know the lenders available, their strengths and weaknesses and how they want proposals presented to ensure a swift and competitive response. We are always happy to have an informal ‘chat’ with any business owner to help guide them through this.
Our final piece of advice for 2023 would be to please get in touch if you would like some advice or to chat anything through, it is much easier to have a look at the whole picture of your business structure and lending to be able to provide solutions and suggestions, then we can get on with finding out the answers while you run your business.
We hope you have a successful year