Do you feel under-served by your bank?
If you do, then you´re not alone! Bank branches never seem to be open, and bank managers have turned into call centres. Not to mention, calling the bank is an exercise in frustration as you go through their electronic switchboard!
And these are just the top three complaints we hear the most from our clients…
So what can you do about it? And why should going to your accountant be your first port of call?
Common banking frustrations
It´s no secret that many Small and Medium Enterprises (SMEs) are struggling with their banking experience these days.
For instance, I recently received an email from my bank with an online questionnaire and an option for a callback. It’s a shame it’s the first time they’ve been in touch since the pandemic!
This is not an isolated incident, either. In fact, 73% of SME businesses in a recent survey said their bank provides very limited support, and securing a meeting with their bank manager is a real challenge.
| Need more support or advice? While we can’t chase up missing direct debits, we can assist you in many other areas where you might be struggling with your bank. Get in touch at [email protected] |
Why an accountant can be your best ally
The good news is that your accountant can offer valuable business advice and support. Think of us as the new bank managers for small businesses. We are bringing back the relationship-driven, trusted advisor role to the businesses that miss it.
So how can we help you? Here are a few examples:
Funding advice
While we don’t lend money, we have links to lots of people who do. That´s why our first step when giving advice is to help you identify the type of funding that suits your needs. There’s more to funding than just a loan (as you can see below), and we can help you shortlist some of our contacts.
We help you with:
- Types of funding: We go through your options, such as grants, venture capital, angel investors, crowdfunding, government-backed loans, bank loans, factoring, asset finance and merchant finance.
- Tailored solutions: We evaluate your business’s unique situation to recommend the most suitable funding sources.
- Networking opportunities: We leverage our extensive network of financial partners to find the right match for your business needs.
Cash flow management
Managing cash flow can be tricky, but we’re here to help. Whether it’s forecasting or ensuring you have enough to cover your expenses and support your growth plans, our expertise can make a significant difference in your financial stability.
We help you with:
- Cash flow forecasting: We help you create accurate cash flow forecasts to anticipate future financial needs and challenges.
- Expense management: Our team can analyse your expenses to identify areas where you can cut costs and improve efficiency.
- Credit control: We can help you implement effective credit control procedures to ensure timely payments from your customers.
Maximising interest
With rising interest rates, knowing how you can maximise what your bank pays you is more important than ever. We can guide you on strategies to get the most out of your savings and investments.
We help you with:
- Interest optimisation: We can advise on the best savings accounts and investment opportunities to maximise your returns.
- Diversification strategies: We help you diversify your investments to spread risk and improve overall returns.
- Tax efficiency: We ensure your savings and investments are structured in a tax-efficient manner to maximise after-tax returns.
Business planning
This is perhaps the most crucial aspect of where we can assist as we work with you on your business plans and ambitions to unlock a better future. Our holistic approach and valuable insights into your unique needs help you to make more informed decisions.
We help you with:
- Strategic planning: We work with you to develop long-term strategic plans to guide your business growth and development.
- Market analysis: We provide insights into market trends and opportunities to help you make informed decisions.
- Risk management: We identify potential risks to your business and develop strategies to mitigate them.
Get the support you deserve
Fed up of being under-served? Think you need to review your banking or funding?
Then maybe it’s time we organised a business review meeting.
Get in touch with us at [email protected] and let us show you how we can help you and your business and support you in achieving your growth goals.
