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IN VIEW


SME TOOLKIT


Expert View


FUNDING: BE PREPARED AND YOU’LL SUCCEED


By Mark Gibbons, Funding and partnerships manager, Rosebud


There is a well-worn saying in business that ‘fail to prepare, prepare to fail’ – and nowhere is that truer than when seeking funding.


For any business considering funding, preparation is the single most important step towards success. Lenders and funders alike want to see that a business has done the groundwork and is clear about both its needs and its future plans.


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Define the need The first step is to understand exactly what the funding is for. Being precise about the requirement and building in a contingency will not only strengthen the case for support but also demonstrate a clear focus on return on investment.


Select the funding fit Equally important is considering the most suitable form of borrowing. Overdrafts, term loans and asset-backed working capital facilities all offer different advantages depending on the circumstances, so identifying the right structure early on will save time and ensure a better fit.


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Show commitment Funders and lenders also look to see what commitment the directors and shareholders are making. The introduction of additional capital from within the business helps de-risk the opportunity and provides reassurance that the management team is prepared to back its own growth ambitions.


Prepare financials Having up-to-date financial information readily available is another crucial step. Not only does this reduce delays in obtaining a credit-backed decision, it also builds confidence with the lender. Accurate figures show professionalism and attention to detail, both of which give weight to the business case.


Expect due diligence Alongside this, management should be ready to answer questions on performance and outlook. This is an essential part of a lender’s due diligence process and should not be seen as a negative sign. It is simply their way of getting to know the business in depth and identifying any potential issues at an early stage.


Tell the story Numbers alone rarely tell the full story. It is important for business leaders to provide context, especially if there have been challenging periods or more recent improvements. Framing the financials within the broader narrative of the company can bring the application to life and help decision makers see the resilience and potential of the business.


Seek support Finally, seeking support through the process can make all the difference. Accessing the right support ensures that opportunities are not missed and that the case presented is as strong as possible.


With careful preparation, clarity of purpose and the right guidance, businesses put themselves in the best position to secure the funding they need to move forward with confidence.


Paula Gill Sophie Addison


JOIN THE CLUB!


Running an SME can be a lonely business. Having the right support can make all the difference, both professionally and personally.


Peer networking has become a valuable tool for many sitting in the hot seat. Being a member of the right club can help build helpful relationships and offer much-needed mutual support and advice.


Joining a trade association can also help business leaders when it comes to support. It is also a tried and tested way to open doors to new markets and deliver growth.


Sue Smith is a professor of entrepreneurship at the University of Lancashire and has 25 years’ experience working with small businesses, in particular supporting owner managers to develop the skills and confidence to lead a business.


She says: “The myth of the ‘hero entrepreneur’– that you must do it all on your own – can be damaging and simply isn’t true.


“One of the most powerful things any business owner can do is to connect with others who understand the journey.”


The university’s Centre for SME and Enterprise Development has developed its own network and has more than 1,800 SME members. Sue says: “We have a free membership for small businesses connecting them to each other and to the university to receive support.”


It would be easy to feel isolated or on your own and out of touch but if you are part of associations


like these you see so many positives and can share best practices amongst member businesses


It is one of a range of networks operating in Lancashire, offering support and access to help. They include chambers of commerce. The county has three, with business support at the heart of their operations.


East Lancashire chamber’s ‘Connect’ membership opens up networking opportunities to “learn, share and connect.” Its chief executive Miranda Barker says: “We are there to help your business be more successful, just as it says on our logo.”


IT support, telecoms and cyber security solutions provider Seriun has been a member of the chamber for two decades.


Operations director Mark Edwards says: “We have stayed a member because they have helped us network with our peers, introduced us to many businesses, and provided us with layers of support to help our business grow.


“The connections they hold and access to resources have been very useful to us, as well as giving us a voice in the east Lancashire business community.”


Trade associations can also deliver support and help SMEs open doors to supply chains and new markets.


The North West Aerospace Alliance (NWAA) has been working for its members for decades from its Lancashire HQ. Chief executive Paula Gill


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