If you need capital to get off the ground or to grow, funding might be the best option
See what’s available from your own bank
Get an overdraft or an extension on your overdraft as a safety net if possible.
Look at Iwoca
It only takes minutes to apply for small business funding from Iwoca, and funds could be in your account in hours.
See what’s available from The British Business Bank
Have a look at what’s available to you in loans and other financial support.
Look at business loans from The Funding Circle
You can check if you’re eligible and apply in 10 minutes and borrow for 6 months up to 5 years.
We’re able to put you in touch with brokers, if you require it
Give us a call to chat through this option personally.
Invoice financing could help cover working capital as you grow
Can you improve your systems first?
- The Profit and Loss = a summary of your revenues, costs, and expenses incurred during a specific period of time
- The Balance Sheet = what your business owns (assets) versus what it owes (liabilities).
- List out all your sources of monthly income
- List out all your fixed expenses – your rent or mortgage, your bills, insurance etc.
- List out all your variable expenses – costs that changed in relation to variations in sales and production – materials, billable wages, commission etc.
Can you get money in quicker?
- Set clear payment terms that work for your business – It doesn’t have to be the traditional 30 days if it’s hurting your business. Set it for a week or two weeks if needs be. Shout about them, and stick to them!
- State your terms clearly in all new client information, on your website onboarding process. And don’t ‘let people off’. Stay strong.
- Allow different payment methods – Payments will take longer if you’re using slower payment methods. Allow for direct bank transfers from a variety of banks, PayPal, etc.
- Set up your invoices in Xero (and set them to repeat) – Create a new personalised invoice in Xero and add all the billable items. Set up repeat invoices for the clients you can – it’ll be a huge time saver.
- Add payment details for your clients – You can set Xero up so that clients can pay you instantly online from their invoice. Fast payments!
- Set up your own automatic prompts – Xero has a simple payment chasing email – set it up to automatically email customers to prompt payment.
- Send an invoice on your mobile on the go – Just another way to get a small win. Set up Xero on your mobile, so you can send an invoice as soon as a job is done, wherever you are.