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Why you need a market wide business finance review.

As a practice we are increasingly coming across businesses who had secured a variety of funding facilities either directly themselves or through an intermediary a number of years ago.  These businesses have not reviewed their funding needs or current facilities since they were first incepted.

This lack of review can raise the following unchecked questions: –

  1. It the funding still appropriate to the business needs today?
  2. Is the cost of funding reflective of the current market rates?
  3. Is the funding set on a true bank base rate or over a rate set a number of years ago?
  4. Are there more cost effective ways to finance the business now?
  5. Do you have all of your eggs in one lenders basket?

This is particularly appropriate to factoring and invoice finance facilities that have been in place for a number of years.  We regularly come across agreements that are not over a true Bank of England base rate. It is not uncommon to see interest rates set as high as 6% + the lenders margin. Significant savings are available to those that seek them.

As with a company’s business plan, commercial finance agreements should not be left gathering dust in an office cupboard or set of drawers.  For some businesses the cost of finance can be a significant item of their profit and loss account.

A simply review of your existing commercial finance arrangements can save you literally thousands of pounds of your hard earned profit. 

A simple business finance review, by an experienced commercial finance broker could take only and hour or so and they will do all the hard work for you.

In an uncertain commercial funding market it is important to note that a review of your finances can happen without the knowledge of existing lenders or banks.  So there is no need to worry about them removing facilities just because you are shopping around for more competitive options.

With the demise of the traditional bank funding, invoice finance and working capital facilities are a fiercely competitive area of the commercial finance market and can complement your existing bank facilities. It’s not always about cost savings however, as delivering more working capital into a business without any additional security will yield greater profit to the bottom line. It is simply making the right tools work smarter for your business.

Finally, with the emergence of new players in the marketplace it is essential that you use a commercial brokerage that has a whole of market approach.  This way you can be assured that you are receiving a completely unbiased and balanced view of the market.   With the specialist team at Goodman Corporate Finance you can be assured that a facility can be tailored to meet with your exacting requirements from our panel over over 200 lenders which is growing daily.

For more information or to speak to one of our advisers regarding a business finance review please call on 0333 358 3502 or email us on enquiries@goodmanconsultancy.com

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