Flourishing with business financing – what you need to know

If your business is seeking funding for growth or innovation, there are a number of sources that you may be able to turn to.

Public sector initiatives are announced and rolled out throughout the year, including by Government authorities, public bodies and local authorities.

Private sector funding may come from companies or individuals. It may support general growth of your business or individual projects, where the investor or funding provider may have a stake.

Often, it concentrates on fuelling growth in particular industries, most notably in sectors such as green technology and drug development – which have experienced a lot of growth in recent years.

Here’s what you need to know about securing finance for your business.

Considering funding?

It’s essential to carefully review eligibility and project criteria before applying for any funding, to ensure that it’s right for you and your business.

Key things to consider include:

• Eligibility criteria: Each funding source comes with its own set of qualifying conditions. Thoroughly go through the fine print to ensure you meet all prerequisites before applying, making sure to include all relevant details in your application.
• Networking: Industry-specific connections may steer you towards potential investors or alert you to funding opportunities that you may otherwise miss.
• Professional guidance: You need to know how this funding will play into your existing financial strategy, with the help of an accountant that specialises in business finances. Your accountant can also help identify the most appropriate funding options for your situation.

You’re successful! What next?

Acquiring capital is only the first stage towards growth. Efficiently managing these funds to maximise their impact is crucial.

Here are some key considerations to keep in mind:

• Budget management: A meticulous budget allows you to allocate your funds strategically to where they will have the most impact. It will also help prevent you from going over budget.
• Transparency: Maintain absolute transparency, especially if your funding comes with reporting obligations, such as investor or grant-funded schemes.
• Milestones: Link your budget to clear business objectives. Employ quantitative data to continually gauge your progress and make data-driven adjustments as required.
• Track your progress: Regular fiscal assessments will indicate whether you are on course to meet your objectives or if adjustments are needed.

Maximising your funding

Before and during your funding application process, we strongly recommend consulting an accounting expert to help you identify the right sources of funding for you.

An accountant can review your current financial situation, determining if you’re adequately prepared for additional financing and how to make the most of it within your business.

For tailored advice on leveraging external funding opportunities, please reach out to our team of experts today.