FOR AN ANSWER FINANCE AND FUNDING


DON’T TAKE ‘NO’


Prepare your business for its funding journey. Be prepared for the fact you might not get it right first time but don’t give up. These were just some of the takeaways from the festival’s finance and funding panel when it took to the main stage.


Mark Gibbons is senior specialist Access to Finance. His role is to help SMEs in Lancashire source the funding and finance that will unlock their growth.


He said: “The biggest barrier to funding and finance is the word ‘no’. But that is the start of the journey not the end of the road.


“Businesses may not know what support is out there if they have been declined by the bank or other investors.


“They may not have the right approach, they might not have the right information, they may not have approached the right funder or investor.


“The message we have is that there is a lot of support out there. It is about sitting down with the business, understanding what their aspirations and funding requirements are.


“Be aware that the alternative financial market is far more complex than it used to be. Many business owners find it difficult to navigate.”


Paul White is an experienced entrepreneur and founder of Patch App UK. The home maintenance company was funded by a network of investors and now has 2,500 monthly subscribers.


He said: “You have to tell people you want the money. People for some reason are really secretive about trying to raise money. I put a message out on LinkedIn and the money started coming in.


“Keep raising cash and look to get to profit as quickly as you can, then the debt market is open to you.


“Two years ago, I thought we’d never be able to realise the money we needed in Lancashire. But I’m really passionate that we can keep the business based in the county and determined that we can grow our workforce here.


“We are looking to spin out investors in Patch into a venture group that will invest in Lancashire businesses. There is an appetite.


“Angel investors are also a huge benefit to us in helping develop the business.”


Rob Binns is founder of Cotton Court business centres and successful creator of several companies in the tech, leisure, beauty and property sectors.


He said: “We have raised millions for various projects. It is easier when the investor can see ‘this is the proposition’. You also learn from your mistakes


“Cash flow is the oxygen you need to survive. Whether you put in your own capital or go out to your network for equity investment, the biggest thing I would say is always get more than you need. Growing businesses burn cash.


“There’s no one-size fits all approach. You need to speak to a wide range of people, starting with the banks.


“Conversations can be uncomfortable. But you have to get used to being uncomfortable.”


Heather Waters is regional eco-system manager of NatWest with more than 25 years of B2B experience.


She said: “We need to help people understand the various different ways they can fund their business.


“The problem is businesses don’t have the information; they don’t know what the funders are looking for.


“It is important to ask for help as the funding landscape moves constantly.


“Different banks have different appetites. Banks are the first place you should go to, the people who know you. If there is a reason that they can’t fund you, because you don’t fit the criteria, then there is alternative funding.


“Don’t give up. The biggest problem is that people say: ‘They won’t fund me’ You have to ask who else you could go to.”


Helen Tebay Director, The Sales Lady Limited


MASTER THE SALES CALL TO BOOST


YOUR SUCCESSES In 2024, elevating your sales hinges on perfecting the art of the sales call, encompassing not just the conversation itself but also your approach and the client experience.


Drawing from my extensive coaching with business owners and sales professionals, I’ve pinpointed key – yet often missed – elements in sales interactions that can leave potential clients indecisive, impacting their decisions and their profits.


Here are three tactics to empower clients to make confident choices during initial sales calls:


Master your emotional intelligence in sales scenarios. Successful sellers navigate their emotions effectively, daring to ask challenging questions while prioritising the client’s needs over personal doubts.


View sales discussions as chances for discovery and advice. Approach these conversations with curiosity and sincerity, fostering authentic exchanges that lead to honest answers and enhanced experiences for both parties.


Recognise that not every sale is a victory. Embracing a ‘no’ can be as enlightening as a ‘yes’. The best salespeople learn from these moments, refining their methods for future dealings, thus boosting their sales performance.


Focusing on these strategies can significantly increase your client base and expedite your revenue growth.


Which strategy will you adopt to enhance your sales journey?


Want to boost your sales skills in 2024?


Visit www.saleslady.co.uk for coaching that meets your goals.


Book your free consultation to identify necessary adjustments and refine your sales strategy for repeatable success.


Mark Gibbons


Rob Binns LANCASHIREBUSINES SV IEW.CO.UK


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FESTIVAL OF BUSINESS


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