how to manage the finances of your local business during the pandemic

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Innovation is the key to success for many entrepreneurs. So, when organisations use it effectively to create new opportunities for their company, it can put a business on the road to success.

However, innovation can be harder to achieve when you are a small or medium sized business. Unfortunately, there are a few reasons why small or medium sized businesses might struggle when they are looking to take that next step, in terms of innovating through adding or improving assets to their business.

The problem here is that most improvements to your business are going to cost a significant amount. Often introducing new technologies and equipment into your business can put financial strain on the cash flow of your SME. However, when a business is only a couple of years old, cash flow is precious and regular cash flow is what the business aims for. So, interrupting this flow can cause huge problems later down the line. Even if the interruption is for an asset that will ultimately improve the business long-term.

In order to be able to innovate your SME with new technologies and equipment you need to have a cash surplus within your businesses. This isn’t easy to come by for most small or medium sized businesses, as usually they haven’t created enough capital to fund their future growth.

So, then what is your SME supposed to do? Are you just meant to stay idle until the funds become available? Don’t innovate or update? No.  What you need to do is secure asset finance for your SME.

What is Asset Finance? Asset Finance is a flexible finance solution for commercial and business equipment purchases. This type of finance allows SMEs to purchase new and innovative technology and equipment for their businesses in order to pursue further growth, without jeopardising a solid cash flow.

If asset finance sounds exactly like the answer, you have been searching for, then you need to consider a couple of things before undertaking this finance option.  It is not an anomaly for large banks to decline finance to small and medium sized businesses, purely based on their size and number of years in business. Not only will they decline your attempt at receiving finance options, but you will also first have to spend hours applying and then a week waiting before you receive an answer. Wasting your business’s time and energy.

In this case your best option is to find a non-bank finance solution from a reliable lender such as Grow Finance. Grow Finance specialises in providing tailored finance solutions to small and medium sized businesses. They will provide you with the business funds that will allow you to innovate your business through the acquisition of new assets. With highly competitive rates and a fast approval process, you can grow your business without the fuss of spending weeks looking for finance options.

Grow Finance can be the key to opening the door to growth within your small or medium sized business. If you have been looking for the answer to innovation and growth within your business without disrupting your cash flow, then Grow Finance is it.