It’s never been more difficult to borrow more money from the banks, even if you’ve been with them for a while, your business has been profitable in the past and you have a robust business plan for getting through the downturn. All the banks will be spending the next few years rebuilding their own balance sheets, so even if your bank will lend you more, they will want more personal security and it will cost you more. And what happens when the next credit crisis hits? Perhaps now’s the time to re-appraise your funding options?
These could include:
Generally, the longer the business has been established, the bigger it is, the more recession proof the business model, and the more time you have before the business runs out of cash, the more options you have. Whatever your situation, you have important, potentially life changing decisions to be made: if you feel that your existing advisers can’t or won’t (because they are owed fees) provide the support you need to make those decisions, we can, whether that be through our Business Resuscitation Programme work or otherwise.
If you are thinking about putting more money yourself into the business, click on the link to the right – you shouldn’t just put the money in and hope you get it back, there are a good number of things you must think about first.