Financing your business in 2024
As trusted accountants and business advisors, we are seeing the challenges faced by clients thinking of borrowing or re-fixing existing loans at this time.
In an unpredictable and uncertain post-election economy, it is hard to know what the best option for your business is and where to go for help.
We set out a list of some things to think about once you have determined that your business needs extra finance:
Purpose | Are you clear on the purpose of the additional finance requirement? Do you know your numbers well enough to have a clear rationale for the additional funds (eg growth, expansion, short term cashflow)
Re-payment Plan |Do you have a solid plan on how you will re-pay the finance including time-lines and forecasts? Do you understand how the re-payments might impact other areas of your finances (eg impact what level of personal drawings available when factoring in the interest and capital re-payments)
Alternatives | Is borrowing your only option? Have you explored liquidating surplus assets (stock, equipment etc?) or selling off unprofitable elements of your existing business?
Finance Options |Have you looked at all options for securing finance – think outside of the box in terms of what assets do you have and what finance options are available (eg asset finance, invoice finance etc). It is always best to have several options to consider alongside the traditional finance routes.
We are always available to help you navigate the big business questions so please reach out to us if you need extra support in this area.
Did you know that YHPJ shares a building with Richard Waalkens of YHPJ Finance Brokers Limited? Richard can assist you with your personal and commercial borrowing needs and can be contacted on
