A common challenge for small businesses which can hamper their ability to grow is a lack of funding and investment. Businesses can reach a point where they have the ambition and the vision to grow and expand, but do not have the financial ability or support to implement their ideas.
While some may think the only way to increase the amount of money available to invest in growth is to push your business to generate more sales and save profits. While this is an option, there is another which can result in money being available to help grow your business. Exploring the options available to your business through funding and finance is an excellent way to source investment, which could be crucial for your business’s future.
A local businessman who understands the importance of funding options is managing director of Bespoke Interiors, Sean Evennett. Bespoke Interiors are a Newcastle based family run company specialising in kitchen, bedroom and bathroom design with over 80 years combined experience.
When looking to explore the funding options available, Evennett highlighted the technology sector as an area which is ideally placed to take advantage of grants and funding. “Newcastle’s large tech sector is always expanding, making it an excellent environment for tech-related business ideas to flourish,” Evennett said. “Many are given grants by large companies in return for cooperation or exclusivity towards a specific part of their work, especially if the start-up can offer a service that makes their work easier.”
It is also worth remembering the benefits of a diverse staff, not only in providing fair opportunities to both men and women, but it can also impact the funding your business could receive. Evennett explained, “the fact that the technology sector is male-dominated means that there are multiple smaller funds that support businesses with a balanced or female-dominated employee base.”
When exploring funding options, it is also vital, considering the current political uncertainty, to keep Brexit in mind. There are even funds specifically designed to help North East businesses maximise their opportunities for growth relating to Brexit and mitigate the risks relating to Brexit, which could impact future growth.
There are also funds available to help your business transition from traditional fuel vehicles, petrol and diesel, to electric vehicles. These programmes provide advice and expertise to make changing over as easy as possible. With the challenges of operating a commercial fleet and the associated costs for fuel, making the switch to electric could help your business save money and grow in other areas.
Alternatively, if you find yourself in a situation where you need funding but can’t find a solution, you could always try an emergency business loan for those unexpected problems.
Overall, the range of funding and grants available is extensive, and the benefits which your company could enjoy means it is vital to research what you could be eligible for.