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Factoring for fast cash solutions
Invoice finance and factoring are becoming mainstream alternatives to overdrafts, term loans, letters of credit and even private equity.
Need to know: Asset-based finance
Waiting for invoices to be paid before investing the proceeds in your business can seriously impede growth. SmallBusiness.co.uk examines how factoring and invoice discounting can speed up expansion
How to get a business loan
Take a very close look at the amount of money you think you will need. Know exactly how much money you need to raise, as you have to be able to justify every penny to a lender. Approaching a bank with the attitude of ‘how much can you give me?’ will not inspire confidence.
How to improve your credit rating
When it come to assessing an individual’s application for credit, banks and other lenders will focus on two main issues: your credit history and your credit score.
How interest rates affect your business
When it comes to the cost of borrowing, burgeoning UK ventures have rarely had it so good. Base interest rates are at historically low levels, having been on a downward trend since the late 1980s. But this could be about to change.
Keep your cash flowing
Without wanting to overstate the obvious, cash is the lifeblood of your business. Running out of it could finish you off. Cash flow is the balance of all the money flowing in and out of your business and forecasting it will make you better prepared for peaks and troughs throughout the year
How to open a foreign currency account
If your business has a strong hold in the overseas market, or you regularly receive and make payments in a foreign currency, then you may benefit from opening a foreign currency account.
Opening a business bank account
It is not a legal requirement that you open business account – but there are several reasons why it is a good idea.
Getting paid by credit and debit card
Being able to receive payments by credit and debit card enables you to do business using internet, electronic or paper-based systems, making it much more versatile than cash or cheques - and setting up a system is quick and easy.
Registering to accept credit cards
The first step before you talk about using credit cards on the internet is to find out whether you and your business will be acceptable to transact business by credit card. There are two types of transactions: ‘over the counter trading’ when the customer is present and ‘card not present’ transactions.
Business bank account checklist
Charges and services vary a great deal from bank to bank so it pays to do your homework and find out what suits you and your business.
How to assess your bank
In a recent SmallBusiness.co.uk poll, 65 per cent of small business owners were shown to be dissatisfied with the service they were getting from their business bank, with answers ranging from ‘It’s pretty inadequate’ to ‘It’s terrible’. SmallBusiness.co.uk and banking consultancy Lochroe point to this list of key issues to consider when assessing your business bank.