The UK has only fairly recently relaxed all of their pandemic rules, with many businesses still struggling to make up for all the time (and money) lost. It doesn’t help that the economy isn’t doing all that well at the moment too, making it even harder for businesses to survive. When faced with a financial crisis in your home life, you might look at things like a payday loan from a direct lender or a credit card to see you through. But when you’re a business owner, these options might not be available to you or even enough to help you. So, if your business is struggling after the UK clampdown, keep reading and discover our best tips to help you get back on track.
Don’t Be Afraid To Apply For Funding
One important measure that you shouldn’t overlook is financial funding. There are so many different options out there for businesses like business loans and credit cards, and they could really help you to get through the worst of your monetary issues. You could even look at business grants as they won’t add any debt to your business and will allow you to have access to the funding that you need. Make sure you meet with the chosen lender or bank as they’ll be able to discuss your options in thorough detail and allow you to make the best decision for your business.
Try Out Crowdfunding
One form of funding that deserves it’s on place on this list is crowdfunding. This is where you use an online crowdfunding platform to ask the public for monetary support. This is often in exchange for something too like free products, discounts, or even shares of the business. Crowdfunding is a great way to raise money as you don’t need to pay any of it back, keeping you debt free. However, it’s not a guarantee that you’ll manage to raise the funds, so it might not work for everyone. But it can be a brilliant, unique way of raising money and growing your business’ presence too.
Broaden Your Connections
If you’re not really in contact with other businesses in your area, then you really should get speaking with them. They might be able to offer you the chance to work together and help each other through the tough times. They might also be able to provide you with advice on suppliers, and even investors which could really you to save and gain money at the same time. Most other local businesses are probably in the same boat, so speaking with them will give you a sense of solidarity and allow you to work together to both get through it.
Speak To Your Local Government
If you don’t want to borrow money and increase your debt, you might want to contact your local government. They may have specific grants in place that are designed for local businesses only. They might also be able to offer you guidance and support if you’re really struggling and be able to point you in the right direction. For example, there’s one initiative in place that’s designed to help businesses that have been rejected for other forms of finance already. This scheme provides them with up to 75% of a loan that they could apply for in the UK. This can be extremely helpful when you’re not able to seek finance in the typical way.
Assess Your Business Model
When it comes down to it, you might need to actually assess your current business model and make some changes. It could be that your expenses need to be lowered or you need to change the way that you process orders. These changes to your business model might make a huge different to your success and enable you to move forward. So, don’t be afraid to move with the times instead of letting them hinder you.
When you run a business, there will be times of uncertainty. But it’s all about how you process these moments and what you do to ensure that you survive them. Little things like assessing your current model or larger changes like accessing finance can make a huge difference. You aren’t limited to just a loan either, with grants and crowdfunding being a very viable way of generating the funding you need. So, if your business is struggling, make sure you take these tips on board and you should be back on the road to success.