Too many businesses try to muddle through with nothing but an overdraft facility, and even then do so without knowing what the balance will be from day to day.
Such 'firefighting' damages the relationship with the bank, which is a major risk in these uncertain times, and diverts management attention from growing the business.
The way to address these issues is to plan what finance the business will need, both for its normal operations and for any special projects that may be foreseen, such as the need to invest in new machinery, a fleet of vans, new product design or an advertising campaign. The next stage is to build a business plan so that the management team is clear about the goal, and so that a convincing case is presented to potential funders. The final task is to then ensure that an appropriate mix of finance is raised, matching short-term flexible funds and longer term strategic and asset finance to the appropriate spending needs.
Once again, at DK we're able to help you with all of these requirements, from specifying your needs through building the business plan and ultimately, via our network of professional contacts, helping you raise the money.