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Business Financial Solutions for SMEs

Starting up a new business venture is definitely not an easy task!

If you have spoken to business owners, you will definitely hear them say that starting a new business venture can be a very challenging task. It is not easy especially if it is your first time. Many make mistakes and overlook a lot of important details. However, these mistakes are valuable in the learning curve as a business owner. Even those who have been successfully running their businesses for a while can attest to this. They have made mistakes upon mistakes until they eventually learned how to effectively and efficiently manage and run their businesses.
Finance is a key factor in the success of any business no matter what stage of development the business is in. Every company needs capital to finance its daily operations; however, not all companies have the capital needed and have to find ways to raise finances for the business.

Options to consider when raising finances for a business

1.    Government Aid

With more and more people going independent to make a livelihood for themselves, governments the world over, UK included, have taken up the job of supporting such incentives from these individuals. Having a registered business can grant you access to government support financially and in a multitude of other ways. Most notably is the way governments offer lowered rates on telephony and internet related subscriptions for SMEs coming up in the UK which can also be a great financial boost for many businesses.

2.    Financial Lending Institutions

In the UK, there are quite a number of financial institutions available that offer monetary lending services. Banks are the obvious choices here but there are also investment banks which are a whole different thing from the banks many of us are used to.

3.    Investors

People who belief that your business idea can be profitable and are willing to provide you with the finance to grow and develop your idea in reward for a profit are commonly known as investors. There are many different types of investors. Let’s start with the simplest form – your family and friends. You may have family and friends who believe in you and your idea and want to lend you the money you need to develop your business. This is a great way of raising finance for your business; however, you need to make sure that you keep it strictly business so that you do not ruin your personal relationship due to business discrepancies.

Then there are venture capitalists who would be willing to invest in your business but only after they see a solid business plan. In addition, they would want to see a high return of profit before investing and would eventually require a large stake in your business.

There are also investors known as angel investors. In most cases, these are successful entrepreneurs who knows what a challenge starting a business can be and are willing to support other entrepreneurs.

Before settling on an investor no matter the category they fall under from the list above, look out for:
* Their reputation.
* Their expertise and familiarity with your area of business.
* The terms and conditions of their contracts.

4.    Investing

As an individual or a business owner or business entity, there are a number of investment options you can opt for. Investing means that you can at least count on having a little financial flexibility should an urgent need arise.

5.    Peer to peer Lending

A relatively unknown source of financing for many, this sector is slowly growing as a market. It basically entails matching an individual or a business (the borrower) to the available lenders. The amounts transacted though are not as grand as can be expected from the above options.

Ways to maintain proper financial health for your SME

Financial problems within such an institution basically boil down to inexperience which leads to persons making wrong decisions with respect to expenditure and investments. Look out for the following in regards to finances:

I.    Ensure you have qualified employees handling the books and other highly sensitive aspects of the enterprise. Inexperience or improper qualification in these respects can prove fatal even for SMEs which are trying to get off the ground.

II.    Invest in making sure documents and information regarding your company’s operations and other things are properly secured. Nowadays with digitization taking over virtually all aspects of life, it would be prudent to invest in data security solutions. Such can prove prudent in securing both your networks, online presence as well as print media pertaining to the company.

III.    Ensure each financial decision is made after thorough research and avoid rushing into such decisions.

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