Trying to navigate the world of finance can be tricky, regardless of whether you are a large or small business. The range of products available is often so vast that it is difficult to know which one is right for you.
You might be a start-up business wanting to know if finance is an option. Or, you might be an established operation looking for options from either traditional lenders or alternative sources. Regardless of the situation, it’s time to think about engaging the services of a finance broker.
There are many professionals out there willing to help you find the best solution, each offering different methods and areas of expertise depending on the industry. But, when looking for a suitable finance broker, how do you know which one is going to be the best fit for you? Here are a few pointers to consider when making your decision.
A Financial Broker can help you determine what types of products are out there. There are various types of finance products that a business finance broker can advise on:
Asset management - hire purchase, finance leasing, and capital release.
Commercial finance - business loans, cash advances, recovery loan schemes, start-up funding, invoice finance, and partner buy-in loans.
Property finance - commercial mortgages, property investment, property development, bridging finance, auction finance, and pension lending.
Depending on your business finance needs, your broker will be able to advise on the right product depending on a number of factors specific to you, such as timescales and future business plans.
With changing circumstances and requirements for your finance needs, you need advice that can adapt to suit your situation at any given time. Your broker, as an expert in their field, will be able to take on board any alterations to your business plans and make sure that the advice and products they suggest are the best fit for your aims.
Remember, it is their job to keep abreast of any developments within their specific finance sector. They will be able to keep you as up to date as possible with advice that is best suited for what you need at the time, whether it be short term finance or a longer-term solution.
A Finance Broker is not just a professional who can provide the best funding advice for business, they can also act as a long-term partner, ready to help you far beyond the initial consultation. They can offer continued support and advice, regardless of the new project you and your business are embarking on. With a partnership already established, they will know how you work and already have an understanding of what you want to achieve.
So, to recap, here is a reminder of the key points of why you should consider using a finance broker at the outset of sourcing finance for your business:
· They can help you understand what products are available and which product would be best for you.
· They can offer tailored advice that is flexible and adaptable if or when your financial situation changes.
· Being experts in their field, your finance broker will be informed of the latest developments within the industry.
· They will save you the time and effort of trying to find and complete the best financial solution.
· Your broker is in it for the long term. They will work with you over time, on each project or external finance application, helping to develop the relationship with you.