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Monday, May 27, 2024
Monday May 27, 2024
Monday May 27, 2024

Expert panel shares crucial funding strategies for business growth

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Discover five pivotal insights from leading professionals to secure the right investment for your business expansion

TheBusinessDesk.com recently hosted a panel featuring industry experts who provided their insights on securing growth funding. During this session, key strategies were discussed by a panel of specialists from various sectors, offering invaluable advice to Yorkshire businesses and advisers.

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Understand what you want and what your options are

Oliver Reece, managing director at Fresh Thinking Advisory, emphasized the importance of clarity in both goals and funding options. He advised against relying solely on traditional banking solutions and encouraged exploring alternative funding structures that align with business goals, even if they come at a higher cost. “Understanding all available options to achieve your objectives is crucial,” Reece shared.

Get good advice to get over the first hurdle

Nick Salmons, a director at Shawbrook, highlighted the common pitfall of overlooking the value of skilled advisers. He stressed the importance of having trustworthy advisors to support businesses through funding transactions. “Often, businesses underestimate this need, which jeopardizes their funding process right from the initial stages,” Salmons noted.

Pick a partner for the whole journey

Hannah Kirkup, investment manager at Key Capital Partners, advised on the selection of a funding partner who is prepared for both ups and downs. She pointed out that the highest monetary offer is not always the best choice. “Choose a partner who will support you through the challenges, not just celebrate the successes,” she recommended.

Get the foundations in place

Jonathan Pollard, partner at Ward Hadaway, underscored the importance of a strong foundational framework for business operations. “Effective frameworks are essential for handling growth and ensuring smooth future transitions, such as exits,” Pollard explained.

Don’t be put off if your business isn’t perfect

Sven Massey, finance director at Distinction Doors, encouraged businesses to seek funding despite imperfections. He shared how acknowledging the flaws alongside the strengths of his company significantly influenced their funding journey. “Being transparent about your business’s challenges as well as its strengths can be pivotal,” Massey advised.

Analysis

The panel’s advice intersects significantly with current business funding trends, where a more nuanced understanding of both challenges and opportunities in growth funding is evident. This reflects a broader shift in the financial landscape where bespoke solutions are increasingly favored over one-size-fits-all approaches.

Political Perspective:

Government policies encouraging small business funding and entrepreneurial ventures play a crucial role. These policies can either facilitate access to diverse funding sources or present barriers that necessitate strategic navigation by businesses.

Economic Perspective:

In an uncertain economic climate, businesses must be especially judicious with their funding strategies. The emphasis on robust advisory support and strategic partnerships can be seen as a response to these economic uncertainties, aiming to mitigate risks associated with business expansion.

Sociological Perspective:

The focus on building relationships with funders who understand the cyclical nature of business reflects a deeper acknowledgement of the human elements in finance—trust and resilience.

Local Perspective:

For local businesses in Yorkshire, these insights are not just strategic but vital in leveraging regional growth opportunities against national and international competitors.

Gender and Minority Perspectives:

The inclusive approach suggested by the panel indirectly supports a more diversified business ecosystem, where different leadership styles and innovative solutions are recognized and funded.

This comprehensive approach ensures that businesses are not only prepared to secure funding but are also equipped for sustainable growth, addressing both immediate financial needs and long-term strategic goals.

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