Is Your Business Prepared For 2018?

From Amy Roberts, Senior Business Development Manager, Spotcap UK

Small and medium-sized businesses (SMEs) dominate the UK market. Did you know that in the UK they account for approximately 99 percent of all private sector businesses and that 60 percent of all private sector employees work for SMEs?

The health of these businesses and their ability to fulfill their growth potential is therefore crucial to UK economic growth. As a business owner, it’s is that time of the year again. Time to pull together your plans for 2018 and what you want to focus on  over the next months.

Are You Thinking Of Growing Your Business?

Do you want to expand to another location, hire more staff or upgrade your machinery or technology? If so, what kind of financing will you need? Will it be short term or long term? And do you prefer taking out an asset-based loan or do you prefer a fully unsecured loan?

For many businesses, their bank is the first point of call to consider when taking out a loan. But have you thought about the alternatives – online lenders, peer-to-peer lenders or invoice finance providers? Most of them offer specific products which might be better suited for your business needs than a tradition loan.

An abundance of new lenders have entered the market and you might find the information available online overwhelming – or your simply don’t have the time to do your own research. But don’t despair. Many accountants, brokers and financial advisers specialise in business financing. They are keen to help you navigate through what sometimes can seem like a maze. Independent regulatory and industry bodies as well as the UK government have also taken action to improve this situation. They have produced white papers as well as industry guides and organised relevant events to educate businesses on the choices available.

The Confidence Factor

Apart from putting the right financing in place, another factor which is often overlooked by business owners is confidence.

Something else which always fascinates me is the energy most business owners have and the passion they show when talking about their business. And this is what matters: to have confidence in your business idea or product. Positivity can be contagious and crucial to attract and retain customers and motivate staff to go the extra mile  –  two important factors a business cannot survive without.

2018 is just around the corner. If you know where you want to focus on, have the right financing in place and feel confident about the industry and your own business, you will be well prepared to make the new year a success.