Businesses in the York area needing to raise finance require professional advice, which Spencer Woods can provide. Here are some of the issues you will need to consider...
While many business owners feel confident about presenting a finance proposal to a bank, a surprising number of proposals are actually turned down. Here are some essentials for raising finance:
1. Choose the right financier
Spend time thinking about the most appropriate funding source for the project or objective. Long-term projects are probably not best funded by overdrafts or loans in debt. Learn about the various sources of finance and select those best suited to your purpose. If in doubt, seek our help.
2. Provide the financier with the right information
Often, unsuccessful applicants will complain that the lender did not seem interested in their business, but this is not necessarily the case. More often, it is not because the idea is lacking, or because the bank disapproves of the proposed development. Rather, it is because the proposal is not presented in terms that will appeal to a potential lender.
Make sure that you fully understand the information that the bank wants. This often means much more than simple financial projections.
To have confidence in an enterprise, a financier usually wants to gain an appreciation of the business, the quality and depth of management and the key people involved - and this information should be presented in a suitable way.
3. Take professional advice
It is best to use the services of a professional when preparing and presenting a proposal. We can help you prepare a solid, detailed business plan that will attract financial support, and perhaps identify potential financiers who will meet your needs.
A well-prepared proposal presented to a carefully chosen lending source will have a greater chance of success.
As well as having good contacts in the York area, at Spencer Woods we have experience of drafting well-presented proposals that will have the maximum chance of success in raising business finance.