Despite popular belief, not all businesses want money… As per the British Business Bank’s 2018 finance report, over 40% prefer not to use external funding. And this figure remains proportional to the SMEs’ awareness of funding.
Of course, there is also a positive trend wherein more SMEs have become funding-savvy but are yet struggling to secure finance due to the knowledge gap.
As a business owner seeking funding and excellence in general one may have many questions – How to make my innovation pay? How can I make my business grow successfully? Can IP help attract funding? Which route – Equity, Debt, Grants, R&D is best-fit for me? The options are endless and the questions are valid!
Well, to begin with, you could come to BFS’s 5th-anniversary special expo, The Business Funding Show ‘20 and get most of your questions answered by funders and industry experts.
BFS brings together two key groups in the UK economy — entrepreneurs looking for funding and leading finance-providers. And traditionally hosts over 60 exhibitors representing various support and financial institutions providing Loans, Venture Capital, Private Investment, Grants, R&D Tax Credits and Advice on Investment-Readiness, Innovations and Scaling-up, there’s still a great deal of work to be undertaken by businesses themselves.
Businesses need to be clear about what they plan to achieve, as that will help them become clearer on their tactical steps, see the funding landscape better and identify the best-fit funding options.
BFS often sees very determined founders who apply to millions of funders when in fact only a handful are a good fit. Hence, it is no surprise that this determination doesn’t pay.
They recommend that ideally, once a business has shortlisted the best-fit funders they should make a tailored approach to each one — one size doesn’t fit all. Moreover, there is no size that will fit one’s business growth equally at the various stages.
Hence, if you’re looking for funding, first of all, define your short and long-term goals, and then based on what you want to achieve work out how to get there. That will help you work out your funding strategy.
However, be careful reaching out for investors’ money too early — your equity stakes are too cheap at the beginning and you might end up losing in the valuation exercise.
Lastly, BFS also recommends that the best way to approach funding is to use a combinative approach, researching all the available options in the market and applying for them at the relevant stages of your business growth.
BFS’ annual exhibition not only brings together a range of funders who are actively supporting entrepreneurs, but also notable speakers making a change within the business and funding ecosystem. Attendees to the previous Shows benefited from Richard Reed of Innocent Drinks, Lord Bilimoria of Cobra Beer, Bill Morrow of Angels’ Den, David Buttress of JustEat, Keith Morgan of British Business Bank and many more!
Why sit in front of a computer and try to google the options, just come along to the UK & EU’s only funding exhibition, The Business Funding Show ‘20 being held on February 20th at East Wintergarden to meet top UK funders! Follow this link to claim 10% off Standard tickets: https://bit.ly/2oZimHZ