In today’s business world, there are a seemingly endless number of funding opportunities for firms to choose from. With so many options, it understandable that many business owners feel overwhelmed when trying to plan for their company’s financial future. Yes, capital is the oxygen that keeps businesses alive, but choosing the correct source of funding is crucial to stabilising the firm for the long run.
Timing is everything, meaning that you need to make sure that your firm receives the right financial support at the right time in order to drive your business forward. Prudent financial planning will ensure that your firm can invest in new machinery that is needed to fulfil orders and reduce costs. The main reason why businesses fail is because of a poor financial planning: lack of funding, late payments, increased business rates and maintaining your cash flow.
So what are your options?
Firms in the manufacturing industry have a long list of options available to help them manage cash flow and stay on top of financial planning. These include:
· Government grants and regional agencies
· Start-up loans
· Bank business loan
· Bank overdrafts
· Venture capital
· Private equity
· Angel Investment
· Expansion Capital
· Asset Finance
· Leasing and hire purchase
Choosing the right source of funding is a challenge for your firm, but can be made easier by having a full understanding on every financial option that is available to you. To discover more, read our detailed guide on what sources of funding are available to your business.
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