Finding Finance Inside Your Business Wilmington NC

Many businesses are finding it increasingly difficult to secure funding for expansion at the moment due to the credit crunch, but there are still ways to raise the money that you need for expansion.

Citizens South Bank
(704) 296-0100
310 W Franklin St
Monroe, NC
Nicholas Financial Inc
(704) 868-3386
2425 E Franklin Blvd
Gastonia, NC
Alicia Catering Service
(919) 758-5470
9321 River Haven Pl .
Raleigh , NC
Alternate Phone Number
Serving Food

Bank Of America
(919) 918-4266
100 Banks Dr
Chapel Hill, NC
American South Lending
(336) 547-9970
5500 Adams Farm Ln
Greensboro, NC
A & S Trade And Loan Inc
(828) 263-8338
1167 W King St
Boone, NC
Special delivery Shoes Store
(336) 437-5271
1518 south Mebane St
Burlington, NC
Alternate Phone Number
Prices and/or Promotions

State Employees Credit Union
(919) 734-1238
2103 Wayne Memorial Dr
Goldsboro, NC
(704) 283-9229
813 E Roosevelt Blvd Ste F
Monroe, NC
American General Finance
(704) 283-8111
1409 Skyway Dr
Monroe, NC

Finding Finance Inside Your Business

Many businesses are finding it increasingly difficult to secure funding for expansion at the moment due to the credit crunch, but there are still ways to raise the money that you need for expansion.

The first thing to remember about borrowing money is that you will need to be able to pay it back, so make sure that any loans that you take out are both affordable and necessary. There is no point in saddling your business with additional debt unless you have specific goals from the loan, and know exactly what you are planning to do.

If your business is in a growth phase, the first place you should look for cash is in your own company. By examining areas where you can save money within your existing operations, you may find that you are able to free up a significant amount of cash for increased day to day expenses.

Simply by switching to a free business current account you may well be able to save a considerable amount of money each month on the cost of depositing cheques and other day to day charges that your bank applies. Depending on the way you use your account, finding one that charges you less each month could have a major impact on the amount that it costs you to run your account.

One area where many businesses can find additional funds is to rationalise the way in which they chase payments. If your customers only pay you once every 3 months, then you are missing out on the interest that you could be earning on the money if it was in a business deposit account. Also, many larger companies will wait until they receive reminders about paying you for the goods or services that you supply, which could really impact on your cash flow situation.

Managing your incoming funds can only go so far to save you money, but you can also go further and make more use of your surplus funds. A special business savings account will typically pay you a much higher rate of interest on balances than a standard account, and by investing money on a regular basis you will soon build up enough cash to give you the ability to fund expansion or cover your expenses during a quiet period.

Whatever you do with your business money, it is always important to regularly review your original business plan to ensure your business is moving in the right direction. Expansion at the right time can give you greater opportunities to increase revenue, but remember that it will also result in higher costs, so make sure that the market is able to support your endeavours.

By keeping on top of your costs, and planning any expansion to match with what is available from within your own funds, you will reduce the likelihood that you need to rely on securing your business finance from an external source such as a bank which will save you a great deal of money in the long run.

Alliance & Leicester are a leading UK provider of business banking services including free business current accounts, business deposit accounts and a range of business finance products designed for companies of all sizes.

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