For the majority of SMEs, buying business travel often finds itself at the bottom of the to-do list. Due to time constraints on smaller companies, regularly there is no structure or policy in place and is frequently an impulsive purchase. If an employee needs to take a trip, the common practice is to simply head online and search for the best flight and a suitable hotel. The general consensus being, it’s cheaper than having a dedicated travel manager, and most manage to book personal holidays just fine.
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Ten years ago, a small business owner might reasonably expect to visit the local bank manager and – assuming the business was fairly healthy - negotiate a loan or an overdraft. But that was before the series of calamitous events that have hit the global economy and changed the financial industry forever.
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All businesses need money to get off the ground, but the way in which you raise this money is very important. There are numerous routes to access finance, all of which come with their own advantages and disadvantages.
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Angel investors provide significant amounts of capital to start-ups and established businesses in exchange for an equity share of the business – they can also provide advice and industry contacts, but may want a say in the company’s future decisions.
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In the current climate of economic uncertainty, as projects are postponed and payment terms extended, banks remain reluctant to lend to businesses. For SMEs, this means finding new ways to raise capital. Looking internally and adopting a sustainable approach to working capital has become the optimal way to lay down the foundations for future growth.
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