One of the services that Business Finance Direct Ltd is pleased to provide is Business Consultancy, often focussed on the finance requirements of the client.
We have a wealth of experience in setting up and running our own businesses which began in the early 2000s and are still trading today, so whilst you may ask us to focus on the financial aspects of your business, we are always happy to share the benefit of our experience in other areas such as marketing.
Prior to setting up our own business, the Director of Business Finance Direct Ltd was employed in several roles working for various financial organisations working primarily with the needs of the SME sector businesses.
In addition to our own considerable skill set, we work closely with other industry experts in the field of Accountancy, HR, Insurance, Legal and Health & Safety and are always happy to introduce and work alongside these professionals for the benefit of your business.
Why do businesses use a Business Finance Consultant?
Businesses often seek the expertise of finance consultants for various reasons:
- Expertise and Specialised Knowledge: Finance consultants bring specialised knowledge and expertise that might not be available in-house. They can offer insights, strategies, and best practices based on their experience working with different companies across various industries.
- Financial Analysis and Planning: Consultants can analyse a company’s financial situation, identify strengths and weaknesses, and help create strategic financial plans. This might involve optimizing cash flow, managing debt, or strategising for growth.
- Cost Efficiency: Hiring a finance consultant can be more cost-effective than employing a full-time financial expert. Consultants are often hired on a project basis, allowing businesses to access their expertise without the long-term financial commitment.
- Objective Perspective: An external consultant can provide an unbiased, objective viewpoint on financial matters. They are not influenced by internal politics or personal biases, which can sometimes cloud decision-making within a company.
- Navigating Change or Challenges: During periods of change, such as mergers, acquisitions, or rapid growth, businesses may require specialised financial guidance. Consultants can help navigate these transitions smoothly.
- Regulatory Compliance and Risk Management: Finance consultants stay updated on financial regulations and can assist businesses in ensuring compliance. They can also help in identifying and mitigating financial risks.
- Training and Development: Consultants may also provide training and skill development for the existing finance team, enhancing their capabilities and keeping them abreast of the latest trends and methodologies.
- Access to Networks: Experienced consultants often have extensive networks in the financial industry. This network can be valuable for businesses seeking partnerships, funding, or other resources.
In essence, businesses employ finance consultants to leverage their expertise, gain an objective viewpoint, and address specific financial challenges or goals more effectively than they might with solely in-house resources.
Here’s some of the specific consultancy services we offer businesses….
Business Banking Analysis and rebanking
Bringing in a business finance consultant for banking analysis and potentially reassessing your banking relationships can be a smart move. Consultants specialising in finance can offer expertise in analysing your current financial situation, evaluating banking services, and recommending changes that could optimise your financial operations.
Here’s how we can help:
- Banking Analysis: We’ll conduct a thorough review of your current banking relationships, assessing fees, interest rates, available services, and how well they align with your business goals.
- Financial Health Check: We’lll analyse your financial health, cash flow, and overall performance to determine whether your banking services are meeting your needs effectively.
- Rebanking Strategy: Based on our analysis, we may propose a rebanking strategy. This could involve renegotiating terms with your current banks or seeking new banking relationships that better suit your business needs.
- Risk Assessment: Consultants can evaluate potential risks associated with your current banking setup and propose strategies to mitigate those risks.
- Optimization: We can suggest ways to optimise your financial operations, such as using different accounts or financial instruments, to improve efficiency and reduce costs.
Current Borrowing Review
Engaging a business finance consultant to review your current borrowing facilities can be incredibly valuable. We can help assess your current loans, lines of credit, Hire Purchase / Leasing facilities or other borrowing arrangements to determine if they align with your business goals and financial health. Here’s how they might assist you:
- Evaluation of Current Borrowing: We will thoroughly review your existing borrowing facilities, including interest rates, terms, repayment schedules, and any associated fees.
- Assessment of Suitability: We’ll consider whether your current borrowing options are aligned with your business’s current and future needs. This involves understanding the type of financing that best fits your operational requirements and growth plans.
- Market Analysis: We have access to market trends and can compare your current borrowing terms with what’s currently available in the market. This allows us to identify potentially better options, whether in terms of interest rates, more favorable terms, or additional services provided by other lenders. We have access to a large panel of lenders so are aware of what is available and can suggest alternatives if appropriate.
- Risk Assessment: We’ll evaluate the risks associated with your current borrowing facilities and those posed by potential new options. This includes understanding how different terms and conditions might affect your business’s financial stability.
- Recommendations and Negotiation: Based on the analysis, we’ll suggest whether refinancing or seeking new borrowing options would be beneficial. If better options are available, we’ll assist in negotiating new terms or securing more advantageous financing.
- Long-Term Financial Strategy: Using a Business Finance Consultant can also help you develop a long-term borrowing strategy aligned with your business objectives, ensuring that your financing supports your growth and sustainability.
New Start Business Finance Consultancy Services
We are very pleased to offer a bespoke and personal service to new start (up to 12 months) businesses looking for help and advice. For further details, click here.
Fees for our consultancy services
Our specialist consultancy services attract a fee which is agreed by both parties at the outset and documented in an agreement. Often agreed fees are either on an hourly rate or fixed job basis. Please get in contact for further details. We will always have a free initial conversation, either in person or remotely to decide if we can both work together to add benefit to your business.