Businesses often fail to look past traditional funding models such as raising capital to fund their growth aspirations.
Our panel explored:
- Sources for funding that make a huge difference when trying to rapidly scale up
- What you need to know before you start thinking about accessing grants
- What you can do to make crowdfunding successful before launching your campaign
- How to unlock capital already existing in your business
- Where to get a loan without the hassle of a bank
Special thanks to our event partner Treadstone… accelerating small businesses with government grants and business advisory.
Top Ten Takeouts
- You’re never going to get a good equity deal or interest rate if your cash flow is poor.
- Get advice – don’t try to apply for government grants without first talking to an expert
- Government grants are not there to ‘support your business’ - it’s only if your business meets the specific criteria and the grant fits your business model
- Don’t do a credit kamikaze and trash your credit score
- If you’re resorting to credit cards or overdrafts – check online lending platforms first. The effective interest rate can often be cheaper because of the way they’re structured.
- A business is like a cease-pool of places for cash to get stuck. You need to know where to look for it including in accounts payable, accounts receivable and inventory
- Understand your Working Capital requirements
- If crowdfunding, partner with a marketing expert. It’s easy to underestimate how much marketing goes into a successful campaign.
- When selecting a crowdfunding platform first speak with them directly to get advice and see if they can sweeten the deal as it’s a competitive marketplace.
- Be prepared – knowledge is everything