At Bedfordshire Chamber of Commerce, we are continually sounding out our members and the wider business community to understand the burning issues of the moment.
And it’ll probably be no surprise to anybody running a business that cash flow concerns have topped the rankings for several months now. Seasonal slowdowns, late customer payments, non-payers, weak invoicing and collection processes – we’re seeing all of these issues (and more) impact businesses’ cash flow.
Obtaining additional finance can clearly be an effective way to ease the pressure on cash flow and free up vital working capital, as well as provide for further investment in the business, but navigating the funding options to find the right fit for your business can be complex and time consuming.
In fact, research from BCC has revealed that over half of UK businesses did not attempt to access finance in the last year. And when you consider that poor cash flow is reportedly the biggest cause of UK business failure, that’s a clear indication that funding to support cash flow must be made more accessible.
Which is why we’ve developed solutions to help and are always on hand to support our members.
Finance Finder
Our Finance Finder platform is an online tool that enables Chamber member businesses to gain fast, easy access to all funding options potentially open to them, across loans (debt), equity, and grants – simplifying and accelerating the application process.
The platform is the result of a British Chambers of Commerce (BCC) partnership with Swoop Funding and covers over 1,000 Government and non-Government funding providers. But it’s not just a search tool; the emphasis is very much on tailoring funding options to each business’s specific needs.
To this end, the platform comes with additional benefits including a dedicated Chamber Finance Finder hotline, which provides guidance in answer to businesses’ funding queries, plus a free financial health check. And once you’re ready to submit an application, the Swoop team contact you to guide you through every step of the process.
The platform is suitable not only for businesses wanting to improve their cash flow or grow their operations, but also for entrepreneurs looking for funding to support a new business venture. (After all, cash is handy for more uses than one!)
Going for gold with grants
If you’re focused specifically on grant funding to strengthen your cash flow or grow your business – and let’s face it, an investment that you don’t have to pay back can be pure gold – membership of Beds Chamber delivers on this front, too.
We have always made it our mission to work with businesses to identify and obtain eligible grants and other types of funding, and there is a whole section of our website dedicated to this topic.
But specifically on the grant front, we can help you access the Government’s new Find a Grant tool and advise you on which grants are available, which of them you would be eligible for, and help guide you through the application. Find a Grant is a great tool that enables you to search all available grant oppor- tunities, grant types and eligibility criteria so you can easily match with the most suitable option.
Again, this is all about shaving time, effort, and complexity off the funding process, which ultimately means the cash is in your coffers quicker and your cash flow situation is bolstered sooner rather than later – because as we all know, time is money.
No cash flow without connections
Of course, although cash flow can be a deeply technical issue, and the challenges associated with it stem from many sources, it’s true to say that, fundamentally, generating cash flow depends on actually doing business in the first place – and this, too, is something the Chamber is committed to supporting you with.
From networking events to Member2Member special offers, to our targeted Meet the Buyer programme, we’re here to connect local businesses to the relationships they need to sell effectively.
And with experts in every field imaginable in our membership – and yes, cash flow and accounting specialists are amongst them – plus webinars, workshops, and online learning resources, we give your business the best possible chance of building its pipeline, growing its revenues, and creating a solid foundation for funding and investment should the need arise.
We’ve got cash flow covered – and much more besides.
For more information on how to join Bedfordshire Chamber of Commerce, visit chamber-business.com or call 01582 522448.
