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Need more cash for your business?

London, UK (01/07/2009)

You are not alone. A recent poll by The Local Bookkeeper found 75% of businesses are currently seeking funding for their business. But do you really know what all of your options are?

Businesses all over the country are seeking to secure more cash to make sure their business survives the recession. They are doing this without much success apparently as the Confederation of British Industry (CBI) 'Access to Finance Survey' found 60% of firms has found those who sought new or renewed finance discovered that its availability had declined over the last three months.

So where should you be looking?

1. Banks

They are not our favourite organisations at present but, armed with the right information, they are still a viable option. You should be able to squeeze the cash out of them. It is so important that when you do approach them that you are ready and equipped with the right information to explain to them how their money will be safe in your hands. You should have prepared a full and professional business plan, including Management accounts, prepared by a professional to ensure they are correct.

2. Business Angels

You could gain your capital from independent investors. This concept is most commonly associated with programmes like Dragon Den although this sort of investor can be harder to find than a BBC programme or the average high street bank. Business arrangements of this sort are normally put together via introductions from into contact via people they know. However, just because they do not have the same credit issues as banks, they are not necessarily any easier to gain funds from. You must have a business that is viable and well organised. Similar to approaching a bank, you must have a well-prepared business plan and financial reports that contain up to date information on the financial state of your business. The Local Bookkeeper has both the professional skills to prepare these documents and also a fantastic little black book of contacts ready to invest in deserving businesses.

Do not risk your chances by hoping your own business and accountancy skills will prepare adequate documentation for you. To gain funds from either one of these sources, your plans and reports should  must be prepared by a professional to make sure they are of the highest standard. By compromising any possibility of gaining the money you need or the amount you will be offered, you may be indirectly sealing the fate of your business.

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