Did you know that micro, small and medium-sized enterprises account for more than 90% of all businesses and around 70% of jobs worldwide? They play a pivotal role in stimulating economic growth and providing employment for vulnerable groups such as women, young entrepreneurs, and poor communities.
1. Make sure you have a handle on your finances. Do you actually need the finance? Will you be able to afford the repayments? Having a solid forecast in place will help you make sure that you obtain the right level of finance, and check that it is the right decision at the time.
2. Make sure your finances are kept up to date. A forecast is no good if your figures aren’t accurate – the information will be meaningless. Using software will help keep your figures up to date, and more accurate than paper or spreadsheets. Usually finance providers will ask for a profit and loss report, and a balance sheet – these will need to be accurate – something that software such as Xero can produce at the click of a button.
3. Don’t just look at the high street for finance. There are so many additional options nowadays for businesses than just a loan. Using a platform such as Funding Options will ensure you obtain the right level of finance, and the right product for your business.