Getting in control of recovery for a stable future
@MarketFinance
Chris Findlow, Head of Partnerships, MarketFinance Chris Findlow is Head of Partnerships at MarketFinance. He’s passionate about helping SMEs get access to funding and working with entrepreneurs to free up more time to focus on growing their business.
Why your clients need a good funding strategy We’ve seen plenty of talk about business survival over the past
two years. But with restrictions lifted and the economy on the rise
again, is it time for a change of topic? Now may be the ideal time to fan the flames of recovery and to start discussing growth and funding with your clients. Chris Findlow, Head of Partnerships at
MarketFinance, believes it’s time to get in control of recovery and to begin planning and goal-setting for a more stable future. This article is
L
et’s talk about growth
It’s been a tough 18 months for your business clients. And probably an equally tough time for your accounting firm. You’ve been through the cycle of furlough payments, CBILS applications and emergency cash flow conversations. And your focus during this time will have been placed firmly on hand-holding clients through the challenges and kickstarting their recovery process. The ‘survival and recovery’ message has been front and centre for most of 2021. But, here at MarketFinance, we believe the conversation is beginning to move beyond that. Many sectors are trading again, vaccinations are allowing people to go back to the workplace and the UK economy is gradually beginning to get back on track. In fact, Bank of England figures are predicting that the economy is still robust and will grow 7.25%, despite the pingdemic. Not something we
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could have predicted a year ago! Business owners may still be finding their feet after a year and a half of COVID disruption but there’s light at the end of the economic tunnel. It’s time to do more than just ‘talking recovery’ and to begin ‘talking growth’” Getting up to speed with your clients’ financial health To have a meaningful impact with your client conversations, it’s important that you know how each business in your portfolio has been faring in recent months. Where you’re already offering higher-value services to a client, you’ll have a decent handle on their current status. But with clients that you see less frequently, there’s a need to get under the skin of the business and find out the owner’s specific pain points.
To expand your understanding of each client’s position: • Book a meeting or video call – arranging a face-to-face meeting, or a Zoom call could well be the starting point for some deeper advisory discussions. Communication has been different over the pandemic and may be lacking from some clients, so this is a chance to catch-up, hear about their big challenges and see where they’re hoping to take the business. • Ask plenty of probing questions – asking the right questions can reveal many hidden truths about the business. You might know their accounts inside out, but you should also know the executive team’s big goals for the business, and cultural things like employee churn. Get to know their ambitions and the hurdles that are holding them back. And whether a lack of working capital or ready cash is stopping them from grasping opportunities, or scaling up at
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