Any small or medium sized business that follows good business practices can benefit from them, in many ways. Good business practices help to ensure that your business is thriving, and a well-run business will help place your small or medium sized business in the best possible position. Following good business practices means your business is more likely to be profitable, have better cash flow and operate with less financial risk. It also means your SME might be easier to sell in the future and possibly for a better price, if that is your eventual goal.
It is also common that good business practices will make it easier for you to find and access external finance. Small and medium sized businesses usually draw capital from a range of sources to begin with, such as investors. However, SMEs in their early stages can often find it difficult to generate and hold on to cash. This is mainly because of the funds needed for daily operations, or to pay other commitments such as vendors. And while it is nice to make a profit, ultimately cash flow is necessary to continue operating, and keep everyone internally and externally happy. Ultimately when it comes to running and financing a business, cash is key.
So, if you are worried that your SME can’t keep up with, or won’t be able to keep up with its cash commitments in the future, what should you do? Firstly, you need to explore your options and do your research, so you can see what kind of assistance you have access to.
One of the most common routes for an SME in this situation, is to get a business loan from a reliable lender. A business loan is a great solution to make sure that you are meeting all of your necessary cash commitments. It also allows you to have a cash flow available to keep on top of regular outgoings.
However, one of the main issues that SMEs come across is trying to find a lender that will allow them to get a business loan. Many banks will make it very difficult for a small or medium sized business to get access to a business loan, especially if they haven’t been in business for very long. It is also not unusual for the application and waiting period for a business loan from a bank to be extremely long and difficult.
This is why the best option to unlock you SMEs potential through a business loan, is via a non-bank lender. Non-bank lenders like Grow Finance provide tailored business loan solutions that are specifically targeted at small and medium sized businesses. They also have a simple online application process, that means you don’t have to spend weeks waiting for your application to be looked at. As long as you meet all of their necessary criteria, you can have a business loan approval within hours.
Non-bank lenders such as Grow Finance, are your businesses answer to keeping up with cash commitments and unlocking the hidden potential within your small or medium sized business.