Funding for Manufacturing Businesses: What are your options?
21 November 2018
Financial planning should be a priority focus in any business, because without it you will very quickly be the captain of a sinking ship. For firms in the manufacturing industry this rings even more true; failing to bridge the gap between receiving a new order and getting cash in the bank will inevitably lead to failure if not sufficiently funded.
Research carried out by accounting software company Sage shows that 17,243 businesses entered insolvency in 2017. This figure is an increase of 4.2% from the year before. The research also highlights that the reasons for business failure are multi-faceted and varied, with poor financial planning always being one of the main culprits.
So what are your options?
Manufacturing businesses have a number of options available to help them manage cash flow and stay on top of financial planning. These include:
· Government grants and regional agencies
· Start-up loans
· Bank business loan
· Bank overdrafts
· Venture capital
· Private equity
· Angel Investment
· Expansion Capital
· Asset Finance
· Leasing and hire purchase
Choosing the right source of funding poses many challenges for firms, since it often comes down to choosing the right one at the right time. Before making decisions about borrowing money or seeking investment for your business, always seek professional advice.
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About the author
The above blog has been supplied by Sage - a provider of integrated accounting, payroll, and payment systems.
Disclaimer
The above blog has been kindly supplied by the above mentioned author. The inclusion of this content and any links to another web site, or any reference to any product or service by trade name, trademark, manufacturer, or otherwise, does not necessarily constitute or imply an endorsement or recommendation by D2N2 Growth Hub.
