Brexit – A funding update
As we approach the Brexit deadline day, the impacts to businesses remains unclear as does the overall outcome of the entire process.
We have listed below 5 points in relation to business funding in the UK, which are important to remember moving forward.
1. Change is the only constant – Banks & Funders are used to changes & will always look to support UK businesses. There is an appetite to do so across all funders.
2. Get fit to borrow – Now is a good time to check your “Business Housekeeping” and make any necessary adjustments. Spend some time working on your business rather than in it and ask your trusted advisors for help if you need it.
3. Remember the recent recession – Not so long ago we were all in the middle of a double-dip recession and times were tough. Many UK businesses adjusted accordingly and now are on a far more stable financial base than ever before. Most importantly they are experienced in adapting to a changing business environment.
4. There are more funders than ever before – As the business environment changes, many new funders have emerged, offering innovative products across all business sectors. Whilst the big 5 banks are still extremely supportive of UK businesses, we are no longer reliant on them on every occasion. Collaborative lending is more evident than ever, with more businesses utilising multiple funders to support them.
5. The importance of trusted advisors – Most businesses can take advice from several business partners, which is often crucial to successful trading. Brokers, Accountants, Solicitors, Banks, Funders, Mentors and many others are considered vital components of running a successful business.
The clear message here is: –
Without doubt, things will change, and we will all have to adapt, but we are used to this with many recent changes over the past few years e.g. recession, GDPR etc.
If you need support, then there are many places you can go to help you prepare and I am sure your advisors will be delighted to catch up with you & help plan your future business success.
Remember, it is not the strongest nor the most intelligent that survives. It is the one that is most adaptable to change.