Keeping it in the family is generally the preferred choice for most businesses. However, some find that cash constraints or growth opportunities make it either necessary or desirable to raise additional finance. If this cannot be found through borrowing or other non-equity sources, then raising external equity may be the only option.
Last year banks were in the news for all the wrong reasons. According to reports the state owned banking giant, RBS, had been making vast profits at the expense of vulnerable SMEs; its effort to reduce risky loans has nudged previously solvent companies out of business.
The winners of the first ever Great British Entrepreneur Awards — in association with Bizcrowd – were announced last night at the Grand Connaught Rooms. The Awards have been recognised as the new benchmark for entrepreneurial success in the UK. Last night’s event reflected their appeal with attendance from a who’s who in UK business, politics and entrepreneurship.
Have you ever left a negotiation feeling like you gave away too much? Or perhaps you didn’t get everything you wanted? Successful negotiating is a key skill for SMEs — especially when they may be dealing with much bigger businesses. Whether establishing the salary for a new recruit or getting the best from a supplier, these tried and tested negotiation tactics can help you get what’s best for your business.
Finding it hard to place stories with the media? Then try this
Many PR professionals are complaining that it is getting harder to place stories with the media, journalists are either too busy or simply get too many pitches. But there is a way of turning that to your advantage, which I’ll address shortly.
Last week was Global Entrepreneurship Week which saw seven days of celebration for inventors and entrepreneurs past and present, as well as advice for those looking to get their light bulb moment off the ground.
In less than three years, we have transformed Captify from a great idea into a company that’s at the cutting edge of the European advertising tech market. Turning a humble idea into a fully-fledged business can be daunting for anyone, but the stress levels go up a notch or two when, like us, you’re in your 20s, with no university education or money in the bank. However, with hard work, commitment and a passion for your business, it’s certainly not impossible. Our top five tips for any 20-something budding entrepreneur looking to set the startup world on fire are:
The National Business Awards’ Entrepreneur of the Year 2013, David Spencer-Percival, co-founded his specialist recruitment company, Spencer Ogden, with Sir Peter Ogden in 2010. Turning over £4m in its first year, the company recently announced a turnover of £32.2m in 2012, with a projected £50m+ for 2013.
As an entrepreneur who has invested significantly in my own company, I believe that bootstrapping is the best option when starting a business. It’s never easy, and it’s not always glamorous, but bootstrapping will encourage you to become a better, stronger entrepreneur and ultimately incentivise you to intelligently grow your business.
When my business partner, Jamie Turner and I first established Postcode Anywhere back in 2001, we originally considered funding and went to meet a number of venture capitalists (VCs) including Barclays Capital and Elderstreet Investment.
On a scale of 1-10 (with 10 being most likely) only 2% of respondents to the Smith & Williamson Enterprise Index were pessimistic when asked about their expectations for the economy over the next 12 months. 91% of respondents expressed an expectation that the economy would improve and 7% were unsure.
The Royal Bank of Scotland (RBS) has recently launched an independent review of its lending to small businesses. The bank has hired former Bank of England Deputy Governor Sir Andrew Large and Management Consultancy Oliver Wyman to examine its lending practices.
When asked whether current government policy is supportive of private enterprise, the majority of the survey’s respondents were positive, with less than 30% of participants giving a negative response.
Despite the fact that most respondents’ appetite for borrowing hasn’t altered since the results recorded in early summer, 31% of respondents indicated that they believe that access to funding is improving.