It’s often said that money acts like oil in business: with it, your business purrs contentedly, without it, it grinds to a halt. Every business needs finance no matter whether it’s to get it off to a flying start, support its operations, invest in its development or see it through unexpected events.
The type of finance you’ll need will often be dictated by what your business wants to do. It may need just a small, short-term loan to ease cash flow or provide financial cover but it may be a significant, long-term loan to fund property or new assets.
Heading off to see the bank manager is the most obvious way of borrowing money but although that route has its advantages there are also some potentially serious disadvantages. True, it’s usually the least expensive option but loans and mortgages can take time to arrange. Specialist finance companies may be more expensive but you’ll generally have more choice and it’s usually quicker to secure the loan which is often a critical consideration if short-term finance is needed.
If you’re an SME, have you thought about invoice financing? Instead of waiting for your customer to pay your invoices, a finance house or factoring company buys them from you at a discount and your customer then pays them instead of you. You may lose a small percentage of the invoice value but you’ll have the money when it’s due and without incurring any late payment costs.
Business and General Insurance
Many types of business insurance mirror those we are familiar with at home – buildings, cars and assets all need to be insured – but there are a number of other insurances that, as business owners, you must give serious thought to. Some are technically ‘optional’, although in today’s litigious world you’d be foolhardy not to have them, but one is a statutory requirement and, if you’re an employer, you may have to have it.
Employers’ liability insurance is a legal necessity if you have employees working under your supervision. It covers employees, self-employed contractors, temporary staff and volunteers in the event of their suffering an injury during their employment by you. It’s an essential and there’s a fine of up to £2,500 per day if you don’t take it out.
It’s all a matter of risk management. Knowing what you must have, what you should have, what may be of use and what doesn’t apply to you means you can make sure you’ve got all eventualities adequately covered.
How can One Financial Solutions help you?
One Financial Solutions is here to help you. We’ll talk to you about what you need and then introduce you to a finance or insurance broker to arrange the loan or insurance cover.
We’ll talk to you in total confidence about your financial needs, the various sources of finance available and recommend what’s best for you. If you’re unsure about what types of insurance you need we’ll review your circumstances and explain what you need, what you don’t need and what may be a very good idea. The brokers we work with are experts in their fields, will get quotes from the entire market and treat you with the same level of care and integrity as we do.
So, if you’re looking for help about any aspect of commercial finance or insurance, please call us on 020 3714 9565 or ask us to call you by sending an email to firstname.lastname@example.org.