The latest Close Brothers Business Barometer has revealed that just 30% of SMEs review their banking provider annually. In comparison 40% actively review alternative providers their energy and internet supplier over the same period.
Regularly evaluating your external financing in the same way that other utilities are regularly reviewed, such as internet, phone or electricity, can open new opportunities to develop. When pursuing growth adequate cash flow is needed, particularly when adapting to changing market demands or customer needs. Having a suitable funding partner will enable you to innovate and thrive.
Is switching finance provider hard?
Switching your finance provider should be easy and seamless. When working with those offering specialist funding, they will prioritise taking time to understand company objectives and tailor a solution that is right for you.
What do I need to know before switching business finance provider?
Every SME is different, with clearly defined goals, and how financing can support this.
Priorities in the long and short term could be acquisitions, succession planning, managing cash flow, investing in staff training, mergers and management buyouts. This will determine what type of finance is best suited to meet these goals, from invoice finance to asset based lending, and who would be best placed to partner with.
Who will provide the best finance products for my business?
Suitable funders differ depending on factors like turnover, industry type and future development. Choosing a lender to partner with will depend on how you intend to use external finance. Consider the importance of following factors:
- Access to a named account manager
- Ability to adapt as our needs change
- Products that are suitable for our business needs
- Value for money
- Online access to our accounts 24/7
- Industry expertise
Speak to different lenders, don’t just assume all providers offer the same range of products and services. Having conversations with a range of different funders or advisors can give you insight into what is available and how to best support your business goals. Having positive relationships, with excellent understanding and communication, will allow for adaptability when needed, with business requirements understood and prioritised by all parties.
Grow your business with the best finance partner for you
Make sure your finances and banking partners are supporting you to the fullest. As your business grows ensure your funding grows with you, keeping the support, customer service and amount in line with aspirations for your team or company.
At Close Brothers Invoice Finance, we pride ourselves on finding innovative, creative funding solutions for every situation, no matter how complex. Our team of specialists have extensive knowledge across a broad range of industries and are committed to finding the right funding strategy for your business. Whether you need to manage cash flow, grow your operations or are considering an MBO or MBI, we can help you reach your business goals.
Once onboard, dedicated client managers keep a close eye on each of our customers’ accounts so that they can proactively support every business. They are empowered to adapt the facility as often as required, ensuring you are always ready to take advantage of new opportunities.
Contact us now to find out how we can help your business thrive over the long term.
All figures unless otherwise stated are from a survey conducted April 2023. The Business Barometer survey canvassed the opinion of 900 SME owners and business managers from several industries across the UK and Ireland on a range of issues affecting their businesses.
