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Cumberland and Westmorland Herald
  • News
    Mandatory payrolling of Benefits in Kind delayed

    Mandatory payrolling of Benefits in Kind delayed

    Youngsters raise cash for Penrith food bank

    Youngsters raise cash for Penrith food bank

    Commissioner promises improvements to Cumbria’s fire and rescue service

    Commissioner promises improvements to Cumbria’s fire and rescue service

    Illegal campers fined for causing significant damage in Lake District

    Illegal campers fined for causing significant damage in Lake District

    Man dies after falling from A66 bridge

    Man dies after falling from A66 bridge

    New senior coroner appointed for Cumbria

    New senior coroner appointed for Cumbria

    Red letter day for young Skelton farmer

    Red letter day for young Skelton farmer

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    Cumbrian bellringers success in national contest

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    Bid to turn barns into homes get go-ahead

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    New management set to lead Appleby Football Club

    New management set to lead Appleby Football Club

    Success for fighting squad

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    Penrith skipper Nicky Burns calls on team to keep winning

    Penrith skipper Nicky Burns calls on team to keep winning

    £100,000 target for new changing rooms extension

    £100,000 target for new changing rooms extension

    Medal success for Upper Eden tug-of-war team

    Medal success for Upper Eden tug-of-war team

    Eden man competes in Hyrox World Games

    Eden man competes in Hyrox World Games

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    Double national triumph for Stuart Robinson

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    Patterdale’s Eden Eagles make history

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Home Expert advice
This article appears as part of a paid partnership with Armstrong Watson

The cost of doing business – refinance

by CWH
10 April 2023
in Expert advice, Sponsored
A A
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Stephen Dinsmore

By Stephen Dinsmore, of Armstrong Watson

When faced with problems involving cashflow, it makes sense for a business to review banking and finance arrangements to see where any improvements can be made.

At present, with increasing rates of interest, your business may be facing paying more interest on working capital facilities, putting further pressure on cashflow.

By undertaking a review of your working capital facilities and requirements, you may be able to alleviate these pressures through either new facilities or variations of existing ones.

Working capital facilities can include overdrafts, asset based lending, invoice finance, stock finance, trade finance, business loans and merchant cash advance facilities.

These are usually short-term, with a contract period of up to 12 months.

Longer-term facilities such as business loans and mortgages can also be reviewed to see if there is the possibility of saving money on monthly repayments.

Review of existing facilities

It is good practice for businesses to regularly review banking and finance arrangements to ensure that they are appropriate and competitive in the current market.

This involves analysing the cashflow requirements of your business in the short and medium term, and ensuring the current level of borrowing is sufficient to meet these needs.

It is sensible for businesses to sensitise forecasts to allow for some levels of contingency within the numbers to allow for unforeseen circumstances such as a customer not paying on time, bad debts or an unexpected rise in costs.

Once the cashflow analysis has been completed, you can begin to approach your existing provider or alternatives, to ensure you have the most cost-effective and efficient method of funding available to your business.

Businesses should regularly test the market on all types of borrowing to get the best deal available.

Over time, lenders’ appetites and pricing changes can present opportunities for businesses to save money on finance arrangements.

It is best practice for businesses to treat lenders in line with other suppliers and review these relationships on a regular basis.

New facilities

Should the cashflow analysis identify that your business will require additional borrowing facilities, it is best to start this process as early as possible.

The earlier lenders are approached with a request for borrowing, the more options the business is likely to have.

During periods of cashflow pressure, businesses should ensure any new debt taken is sufficient and appropriate to support the business and is not going to damage it in the medium to long-term.

Short-term fixes can often lead to longer-term problems, as the initial lump of cash is spent and the business is left with increased monthly repayments.

There are a wide variety of debt providers and types of facilities available in the marketplace to SMEs.

If you would like advice about the types of finance available to your business and how this could help improve cashflow please get in touch. Contact Stephen Dinsmore on 07788 712078 or email Stephen.dinsmore@armstrongwatson.co.uk

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