I recently attended a seminar on commercial finance, which is an area I’ve started to concentrate and specialise in over the last few months. I am still surprised by the number of small to medium sized businesses, SME’s, who do not have access to good commercial finance advice. I have started to work with a Welsh business support company can Business in Focus which runs training programmes through its training arm the BIF Academy throughout Wales. Business in Focus deal with SME’s all over Wales from helping construct a business and marketing plan, sourcing funding for their business, help with business contract laws and regulations along with arranging networking events for the businesses to meet suppliers and clients. I fit in by helping the SME’s recognise business needs in funding and other aspects such as insurance, factoring, cash flow loans, etc. It is fantastic to see a new start up find finance in the form of grants and loans and develop its business over the course of 1 – 3 years.
There first few years are generally the most important in term of getting the right finance and advice as if the wrong advice is taken and auctioned it can have a detrimental effect on the future success.
Business insurance is another any which many businesses fail to consider in enough depth before going into business. For self employed people and company directors what happens to their monthly income if they cannot work for 6 months? If a business partner dies what would happen to their share of the company? There are various forms of insurance to cover these problems such as income protection, partnership protection and key man insurance.
Over the next few days I’m planning to go into more details on the different types of commercial finance available, how it works and what the benefits and pitfalls can be to a business. If there’s any type of commercial finance & insurance you would like me to discuss then please leave a comment and I will cover it in future articles.
Written by,
Daniel Morgan
Mortgage Broker & Finance Writer
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