Making Your Money Work
The Business Clinic Organisation recently celebrated assisting 30 new entrepreneurs to access more than half a million pounds in unsecured low cost finance in order to start or grow their businesses.
However while this does present cause for celebration it does bring with it a sense of responsibility.
As responsible referral partners to several finance providers nationally we take this responsibility seriously. That is why we not only offer support with the business planning and cash flow and sales forecasting required in the application process but also support post launch. This comes in many forms; mentoring, bespoke consultancy, tailored development training and interactive workshops.
Part of the advice we give to our finance applicants is to treat the money deposited into their accounts as an additional member of staff; that is to ensure that the money works for them in the way intended.
After all most good employers when hiring staff would ensure that there is a correct induction process, a clearly defined “desired outcome or goal” and the required training. So it is with our training, support and mentoring for each loan applicant.
Each applicant, as well as receiving assistance with the business planning and cash flow forecasting, is encouraged to “own” their plan and their numbers.
Assistance is given with market research in the field, peer support is available through the wider business community and opportunities to “test” the product or service facilitated. They are guided at every step, recommendations made, ideas listened to and impartial advice offered.
Additionally The Business Clinic can signpost their business owners to trusted, local experts who can ensure that the advice and services given are both cost efficient and relevant.
Securing funding should only be the beginning of the journey and not the final destination. As any good financial advisor will tell a client “make your investment work for you” so should the best business mentors ensure that this is also the case.
The Business Clinic offers a range of mentoring and support services and assist with accountability and tracking review options to ensure the viability of the business ongoing. In our view finance should always be easy to access and the lending responsible, but should it really end there?