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How to get finance ready in 4 steps

Business News

There are several steps you can take to maximise your chance of a successful finance application.

1. Prepare a cashflow forecast

Lenders will want to see a healthy cashflow forecast, so prepare one in advance. If you haven’t created a cashflow forecast before, use our template as a guide.

If you have any outstanding debts that can be settled, do so before application and consider calling in any outstanding payments.

2. Update your business accounts

Lenders will want to review your financial accounts. Expect to submit:

  • Company financial statements (last 2 years)
  • Last three months business bank statements

It is also good practice to prepare:

  • Current management information (Profit and Loss Account and Balance Sheet)
  • Aged debtors report (a list of customers who owe money and how old the debts are)
  • ALIE Statement (Business Assets, Liabilities, Income and Expenditure)

3. Present a solid business case

You will need to communicate to lenders how the funds borrowed will be used.

Ask yourself the following questions:

  • Are you missing sales targets because your current team can’t keep up and you could use more support?
  • Will a cashflow boost enable you to serve an increase in customer demand?
  • Do you need to invest in assets, machinery, systems, or technology to align with your competitors?

Developing a strong business plan to demonstrate a clear grasp of your financials and overall strategy will support a compelling case.

4. Seek advice

Speak to an experienced business advisor who can match you with the most appropriate lender for your circumstances, sector, and needs.

At Pilot Fish we look closely at your personal circumstances and help you assess how much cash you need, along with how much your business can afford to repay.

We’ll also advise on the best product available to help you reach your overall, long-term business goals.

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