Business Finance Blog

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Avoiding invoice fraud, a growing threat!

 We recently come across the following article by Eddie McGovern, Head of fraud prevention at Investec. A timely warning of a fraud scam that is already costing British industry £millions and is likely to increase if we do not all become more vigilant. Invoice fraud is a growing trend, affecting businesses and individuals on a devastating scale. Read on to find out how it works and what to do so that you don’t get duped by a fraudster – and they don’t get paid for your work.

 
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Posted by: Peter

Seven Steps to buying a business

 So, you have your savings, pension lump sum or redundancy payment, or are looking for a way to expand your existing commercial activities and have decided you want to buy a business.  You have decided on the type of concern you want to own – something to suit your lifestyle; something to build up and sell or pass on to family; or something to grow so you can eventually hand its daily management over to your team and take a passive income.  

 
But you have never done this before, so what should you do next?  You heard from the bloke down the pub about how he got screwed over by the so-and-so he bought his business from - how it was a good thing he hadn’t wasted all his money on expensive advisers before he bought it, otherwise he’d have had nothing left to pay the hidden debts that fell out of the woodwork soon after he became the owner; or to cover the running costs while he replaced the turnover the previous owner had overstated.  Of course, he should have sued the bloke, but what would have been the point?  He had a business to run…
 
 
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Posted by: Peter

Support for Carillion Casualties

Is your business a Carillion Casualty or do you know someone who is?

 
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Posted by: Peter

Another Successful BFS Seminar on Finance for the SME

We are pleased to announce that we (Business Finance Services Ltd.) recently held another in our successful series of Seminars on “Negotiating the Financial Maze”. These events are aimed at introducing Owners and Managers of SME’s to the various ‘Alternative’ types and source of funding that are available to businesses these days.
This Seminar was on the subject of ‘Alternative Sources of Finance for the SME’. It was held at Franklins Gardens, the home of Northampton Saints RFC.
As Peter Douglas, MD of BFS explained “With the main Banks still being unable to offer finance to any but the strongest SMEs, i.e. those with significant assets, a strong balance sheet and a record of consistent profits, a significant number of the so called ‘Alternative’ sources of commercial finance have appeared on the scene to provide the finance that otherwise would not be available to these SMEs.

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Posted by: Peter

BFS is expanding its horizons

Here at Business Finance Services (BFS) it has become apparent that there is an increasing demand among small business owners/managers for help in developing their businesses in what is an increasingly competitive and technology-driven economy. We see this manifested not only in an increasing demand for help in sourcing the best kinds of commercial finance, but also in requests for ongoing advice & guidance when the necessary finance is in place.

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Posted by: Peter

Cookies by name ? Bakers by nature! ? How to buy a Bakery

Cookies Bakery, with shops in Raunds and Oundle, is under new ownership, thanks to the finance arranged by Business Finance Services Ltd. (BFS).  The business, which was started in 1995, has recently been acquired by Ian Smith and Mike Doyle.  Ian has been head baker at Cookies since 2012, so when it went on the market he was keen to take over, and he teamed up with long-time friend and former colleague, Mike, to make the acquisition.  They intend to build on the reputation for quality products and great service, established under the previous ownership, to continue supplying the business’s existing clientele and establish new markets and customers.

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Posted by: Peter

Crowd Funding for Property Development

 Some people are now aware of the existence of Business Crowd Funding as a means of financing commercial operations. Not everyone, however, grasps the true potential of Crowd Funding as an alternative source of finance for businesses. Well, it really is, and this has been proved again very recently with a client of ours who was seeking funds to complete a particular project.

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Posted by: Peter

INVOICE FINANCE- Surely nearly 44,000 Businesses cannot all be wrong!!?

 Why, after 50 years of providing support to businesses, is there still resistance to the concept of factoring and Invoice Financing? By July 2015 the Asset Based Finance Association [ABFA], whose members provide asset based lending, factoring and invoice discounting and facilities, were successfully funding nearly 44,000 business in the UK and Ireland. ABFA’s.  By that time they were already advancing £19bn of funds to their clients. They believe, however, that their members’ facilities would be suited to over 250,000 businesses in the UK and Ireland.

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Posted by: Peter

The Value of Experience

 How many times have you said “Well let’s chalk that one down to experience”? The point being that that experience may well have come at a cost and it will certainly have a value in the future (assuming one remembers the lesson!). To get philosophical for a minute, Life is a continual learning experience. The problem is that there are many occasions when one cannot afford the luxury of waiting a lifetime to gain the necessary experience.

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Posted by: Peter

Crowd Funding ? AN alternative not THE alternative to Bank finance

 At Business Finance Services Ltd (BFS) we have been involved in helping SME’s to raise finance for more than 10 years. Over that time we have discovered, and successfully introduced, a wide variety of types of non-traditional funding to our clients. Few of these “Alternative” forms of finance, however, have generated as much interest as the relatively recent concept of Crowdfunding for Businesses.

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Posted by: Peter

It usually pays to ask!

 At BFS we come across many cases where business owners/managers have spent far too much time trying to resolve cash flow problems rather than concentrating on what they do best i.e. developing and growing their business.

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Posted by: Peter

Trade Finance for a New Venture

 As Business Finance Consultants we experience, on a daily basis, the trials and tribulations that small businesses go through trying to raise finance. For start-up enterprises it is particularly difficult but even for small businesses that have been established for a while it can present problems.

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Posted by: Peter

Open minds open doors!

 For a new business to be effective one of the prerequisites is that it should have a sound financial base. This may seem to be stating the obvious, but it is amazing how often this key element is not properly dealt with, particularly by those setting up a new business for the first time.

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Posted by: Peter