You wouldn’t think twice about reviewing your mortgage every few years to secure the lowest possible rates. After all, sticking with an outdated deal could cost you hundreds every month and add up to thousands over time.
Similarly, many of us review household expenses — electricity providers, insurance, and other standing orders — because small changes can mean big savings.
But here’s the puzzle: Why do so many business owners neglect to review their business funding arrangements?
If your business has existing debt, the loan you arranged years ago may have made sense at the time, whether it was for cost, convenience or speed. But is it still right for you now?
A loan that was once ideal may no longer suit your business’s needs. For instance:
- Are you paying it off too quickly or too slowly?
- Do you only need funding at certain times, making other arrangements more suitable?
- Are options available today that weren’t available several years ago?
If these questions resonate, it’s worth considering a review.
In many cases, your existing lender might offer improved terms better suited to your needs today.
There are also a variety of flexible options from alternative lenders that can offer creative solutions. Recently, we worked with a specialist broker to secure funding for a client that allowed them extra breathing room with their supplier payments — adding 60 days to settle the balance and helping them build valuable cash reserves.
Remember, the bank isn’t your only option, and it’s never too late to revisit or restructure old loans.
If this is something you’d like help with, please get in touch with me today.
When we manage your business finances, we are always looking for ways to help you grow faster and maximise your profit. Ensuring that any existing debt within your business is properly managed is a critical part of this picture.
Simply email garry@insightassociates.co.uk or call us on 01279 647 447 to arrange a no-obligation consultation, where we can discuss your financial management needs, tell you more about how we work, and explore whether there is a potential fit.
Warmly,
Garry
