Building a Business with the Help of an Overdraft
Any expanding business will require some assistance with cashflow at certain times. The money you have in at any given time can move up and down, and your ability to juggle the chasing of customer payments with the means to pay your own bills is a vital part of being a successful business owner.
Business overdrafts are one financial service that can be a real help to a growing business. It provides a level of flexibility, allowing for short-term borrowing of money when required as an emergency, without having to take out a larger business loan (with the interest and fees associated with those).
This provides a much tighter control over cashflow, allowing for extra finance as and when required and ensuring that a cashflow gap does not cause long-term problems for the business, or leave you personally out of pocket as the business owner responsible for the payments.
An overdraft facility also gives you a greater control over the analysis and monitoring of your finances, with all payments in and out able to go through, even if cashflow is currently poor. Insufficient funds to make a payment can be covered over a few days without racking up great interest levels, whilst you know a payment will be coming in shortly.
At First4Commercial we understand the pressure points of any growing business. Our financial advisors have helped countless businesses, in myriad industries to successfully grow over the years, utilising our expertise, guidance and range of financial services. If you would like to gain our insight and professional help, please feel free to contact us today on firstname.lastname@example.org or 01277 620 083.