For the past year SMEs across the nation have had to adapt to all the new changes and challenges presented to them in many forms due to the pandemic. For most that means it’s been quite difficult to plan for the future. With things levelling off, SMEs are now starting to make and even implement plans for future growth.
Close to 40% of SMEs in the UK plan to spend around £100,000 on average to fuel growth, and a number of those will need finance. We have seen SMEs looking to raise finance for a few different things, including:
Technologies: investing in new technologies can set your business for success as it can enable a competitive advantage. Most businesses are also planning to invest in sustainable activities.
Digitisation: investing online has naturally increased for businesses as a result of lockdowns, and the turn to online ways of selling. Also, many businesses will use their investments to promote their products and services through digital marketing and to increase online presence.
Is it worth taking a loan to grow your business? Well, that depends a bit. But, in general terms and if your business is viable, funds to help you grow can mean more customers, more employees and be an overall positive step. Each business has different needs so how to achieve that can vary significantly between them.
At ASC we are able to help your business secure finance for your future plans. Contact your local ASC office for more information.