But will all go downhill from here? Trade deals are integral in sustaining industries from raw material manufacturers to suppliers, but how will Brexit dictate the economic balance of the UK-EU partnership?

Currency at stake?

The pound was overvalued before the Brexit vote, which is why so many speculators and those in the know made a fortune betting against the pound.

Typically, the value of a currency is in part affected by the consensus of its economic current and future standing. Some experts had, before the leave vote, analysed the post-Brexit landscape and subsequently made the prediction that it will preempt a ‘slowing down’ of the economy.

However, these are probably the same ‘experts’ who predicted half a million job losses, an emergency budget and an extra £3,500 a year cost to every household in the UK should we vote to leave the EU.

Customs and trade?

Once the UK leaves the EU, it has to leave the customs union and take back control of the national economy once and for all. In practice, this could mean little difference to how things operate now. German carmakers, French wine producers and service companies which own significant stakes in our infrastructure will not stop trading with us overnight. It is not in their interests to block trade, neither is it our interest to reciprocate.

Countries such as Canada, the United States – in fact, any country which is not in or going to apply for membership of the EU trades freely with the EU. Why should the case be any different for the UK post-Brexit leave date?

What does the future hold in store?

Although Brexit will mean the UK is formally leaving the EU, under article 50 of the Lisbon treaty, the UK is still allowed to renegotiate a new trade relationship with the EU within a minimum of two years.

It is in the interests of the governments of the countries of the EU that a new trade deal is developed. However, the current mindset of some business owners, trade associations and, sadly, many of our elected representatives and unelected peers is one of defeatism and failure.

To sum it up, the future of trade between the UK and the rest of Europe will carry on with little effect. If there is any slight downside, that will be more than compensated by our new freedom to trade freely with other nations without the shackles of a protectionist treaty holding us back.

Business opportunities will be thriving in specific areas after Brexit has happened. We will undoubtedly be pleased to speak with you regarding any commercial finance enquiry. So contact us today with your requirement.

The post How Will Brexit Affect UK Trade Deals? appeared first on Genie Lending: Business Loan Alternative Finance Specialists.

Asset finance can be a suitable solution for companies who have been refused a bank loan. The only difference between a traditional loan and asset finance, is you have to set out how you will use the money and what will be purchased. What you buy is referred to as an asset. Anything of value which a company requires to conduct business can be classed as an asset.

Here are some of the most popular examples of equipment and assets obtained using asset finance.

Vehicles

Many companies require a fleet of vehicles to operate, whether it’s company cars, trucks or transit vans for deliveries. If the business grows faster and you suddenly need more vehicles to keep up with demand, asset finance can help you manage cash flow.

Machinery or Specialist Equipment

If a company owns a warehouse or a factory, it will need a selection of specialist equipment to operate. It is a huge expense to purchase all of the machinery outright, so finance can help companies just starting out or launching a new location. Also, if equipment suddenly needs replacing, asset finance can ensure companies don’t lose too much time out of production.

Office Equipment

Most businesses rely on standard office equipment such as computers, printers and photocopiers. Finance can be used to purchase or replace these items as required.

Catering Appliances

If you run a catering business, any kitchen appliances can be counted as assets. You may also need specialist ovens or industry grade applications such as refrigerators and freezers, which can be a large outlay. In these circumstances, finance is ideal for kitting out the kitchen and work area with everything you need to run a successful operation.

Agricultural Machinery

Farms require a range of essential equipment and machinery, such as tractors, milking robots and crop machinery. When farmers need to replace equipment, finance is often the best solution.

Want to find out more about asset finance and if your project is eligible? Get in touch with our experienced asset finance advisors to discuss the options available.

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When it comes to starting a business, few people will be able to launch a new company without a business loan or initial investment from funding streams. Start-ups have no choice than to borrow cash because capital is needed to start a business – but a successful business will be able to build from the initial loan and ensure they start to increase their return.

The average person can’t get through life without having to borrow at some point, whether it’s a credit card or a long term loan. Here are some reasons why taking out a business loan could be one of the best decisions you’ll ever make.

Build credit

The only way to build good credit is to lend and prove you can pay back creditors. You may have spent years trying to build up a good credit profile, but this only applies to you as an individual. So to build up good business credit, you’ll have to borrow cash in the name of the company. Credit building is important if you anticipate more borrowing in the future or pitching to investors. Of course, it is crucial to always make repayments on time or you could damage your credit score.

Growth opportunities

Most of the time, the only way to grow is to invest. And if you don’t have the working capital to invest in bulk stock orders, new equipment or a bigger business premises, then you can’t achieve business growth. If purchasing the latest machinery is going to improve your bottom line, then it may be worth getting in a little bit of debt for.

Keep up with market changes

If consumer trends change or the market you operate in is evolving, then your business needs to keep up. If you get left behind, your competitors will soon have your customers, and your company may be at risk of going bust. For example, a modern refurbishment in a local café can keep regular customers happy and attract new custom at the same time, or you may need to do some research and development to maximise your offerings and boost revenue. If you don’t invest in your business in the right way, it will soon be old news. Borrowing money to make necessary adaptations can save the business.

If you’re confident that you can pay back the business loan amount, then it’s usually a risk worth taking. Discuss the lending opportunities available with a loan broker, who can advise the best type of finance to apply for.

The post How Borrowing Money can Be the Best Decision You’ve Ever Made appeared first on Genie Lending: Business Loan Alternative Finance Specialists.

Location

Firstly, you’ll want to consider physical expansion if the industry allows it. This could be opening a new location, such as a shop or office, or simply expanding the current space you occupy. However if you’re planning on tapping into new markets in a new location, domestic or international, you’ll need to undertake careful research. Just because you’ve achieved success in your current location doesn’t mean it will be automatic in your next endeavour.

Many business owners think of a physical expansion as the first and only way to grow, which isn’t true. It is not always the right path and there are other opportunities to explore, such as franchising the business.

A new location calls for a brand new business plan and financing. Where will you obtain the cash for a brand new store? You’ll need to pay more staff, buy more stock and make up any losses from the new site, so it really does require careful financial planning. Research which kind of loan would suit the business best, including alternative finance solutions in addition to the offerings of high street banks.

Human Resources

One of the fastest ways to grow your company, which many business owners neglect, is through the HR department. And if you haven’t set one up yet, then you can’t even be thinking about new locations! HR can help your workforce become engaged and more productive, helping businesses tap into extra revenue. A good HR strategy can also keep good workers at your company, attract talent and lower recruitment spending.

Sales

The fundamental driving force behind business growth is sales. More sales amounts to more revenue, which allows the business to develop. With this in mind, you should focus foremost on sales and marketing. Make sure all your staff are trained well in sales and customer service, and they are encouraging repeat custom. To find new custom you’ll also need a good marketing strategy, including digital methods such as SEO and social media.

Once your sales increase and you have more clients, then you can focus on making sure you have enough resources to deliver the service – then growth naturally occurs.

The post The Fastest Way to Grow Your Business appeared first on Genie Lending: Business Loan Alternative Finance Specialists.

If you are starting out as an SME?

Small and medium sized businesses are faced with a broad range of challenges as they expand. Many start-ups and SMEs fail to reach their potential because they either aren’t prepared for growth or don’t have the capital needed for essential business growth. Business leaders need a growth strategy in place from the start to ensure nothing can unexpectedly hold them back.

If you run an SME then take note of these five ways you can head in the right direction – upwards.

1. Strong business plan

Hopefully you didn’t launch a business without a clear and concise business plan – or you probably won’t get very far. The fact is that almost all business need a capital injection to grow at all, which means you’ll have to pitch your business plan to investors. To secure the funds you’ll need a strong business plan which demonstrates how much money you’ll need and how the investment will affect the business. Access to finance is difficult for small businesses, but alternative options such as peer to peer lending can be promising.

2. Focus on sales

   

The quickest way to grow a business is to bring in more sales. More sales means more revenue to play with. Place an emphasis on customer service and explore low cost marketing techniques which could influence sales. If you go the extra mile for each client, they will become a return customer and tell their family and friends about your company – word of mouth positive marketing is free!

3. Core team

Just because you started the business doesn’t mean you should continue to do all of the work single-handed. The biggest mistake most business owners make is trying to juggle too many jobs and then not doing any of them well. If you plan on expanding, you’ll need a core team to help run the business and the sooner you find these suitable employees, the better. Establish a core team who can help you grow the business and preferably have valuable experience to bring to the company.

4. Outsource

In order to grow, you need to spend a substantial amount of time on tasks which promote business growth. If you feel like there’s never enough time in the day, and the majority of your time is taken up by activities which aren’t driving business growth, then it’s time to start outsourcing. It’s a cost effective way of managing the business without having the expense of hiring in-house staff. From accounting and IT to HR and marketing, you need to free up your time to spend it wisely.

5. Improve

As a business owner you have to strive for improvement every single day. Take a step back from business operations regularly to see what you could be doing better. Improvements alone can lead to business growth, but remember that if demand increases in line with the company expansion, then your service will also have to develop.

What do to as an established business?

1. Find a new market

In this ever changing world we live in, you can’t simply rely on the one market or one customer persona to buy your products. As new technology and markets emerge, unfortunately others die as a consequence. Always take the time to do research in your sector to find out what products or services could be on the horizon. Will they put your business at risk? Or can you fight the competition? One way to secure the company is to find a way to appeal to more people. Can you develop a new product to widen your remit? Change your marketing tack to appeal to different types of audiences?

2. Customer feedback

Your customers can tell you where you can add value to your business, for virtually no cost to you. It’s relatively easy to set up a customer questionnaire, and the data you receive can be vital for driving growth. Customers can help you discover what is and isn’t working, so you can see the areas which need improvement. You could also ask them what else would they like you to offer, to make their lives easier – this feeds into the first tip, so you can open up to a new market.

3. Employee retention

It’s very difficult to grow as a company without the people who make it work. Business growth almost always requires extra staff, and it’s hard to expand a team when an employee leaves to work elsewhere. If you don’t focus on an employee retention strategy, for every person you hire another could resign. Listen to HR or hire an expert if you don’t have your own department.

4. Don’t fall short

Growth and expansion within a company often requires capital. Make sure you don’t find yourself half way through an exciting expansion project with no money to finish it. At some point, businesses need finance – even successful businesses with money rolling in. To keep up with demand, you need to invest in your business and sometimes you’ll need help. Look at our short term alternative finance options.

5. Marketing and advertising

If your business is growing, then so too should your marketing strategy. Medium sized enterprises have medium sized budgets, and large companies have large budgets for advertising. For example, take this year’s Christmas advert wars between the big retailers, such as John Lewis and Marks & Spencer. You need to keep up with those you’re competing with. Evaluate your current digital strategy too, including SEO, social media and content marketing, or you’ll soon be forgotten on the internet.

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