Tees Business Tees Business Issue 18 | Page 54

Engineering Success with E-Max ERP • Are you struggling with an underperforming or ageing legacy system? • Is running your business with spreadsheets holding you back? • Are you wasting valuable time chasing information? • Are late deliveries damaging your reputation? E-Max ERP is a functionality rich system, developed to help engineering and manufacturing businesses solve these problems and more. Our software brings together and streamlines all the critical elements of your business, to save you time, money and resource. To find out how E-Max ERP can help your company, call us on 01642 044 905 or email [email protected] emax-systems.co.uk Advice to budding entrepreneurs Commercial Expert Ltd is an independent loan broker, offering business funding, commercial loans and professional financial services to UK businesses. Approachable We are a solutions provider. We are interested in your story and committed to fulfilling your objectives. Whole of market access We have access to a host of traditional and alternative forms of business finance, from high street banks to bespoke lenders. Transparent and bespoke Highly bespoke funding options, tailored to the needs of your business and requirements. Whatever your goal, we're here to help. www.commercialexpert.co.uk 01325 359800 Authorised and regulated by the FCA. Full member of the National Association of Commercial Finance Brokers Recent data from Manchester Business School shows that, although start-ups play a vital part in the UK economy, they are being held back – with suitable ways of financing business being a key obstacle. As an experienced team of commercial finance experts, we can help both in terms of funding solutions and bespoke advice. Our top tips for start-ups are summarised below. 1. The devil is in the detail Having a business idea is great – but it’s not enough. It needs to be captured in a business plan, including forecasts, cash flow, market research and, most importantly, your unique opportunity in the market, before the idea can become a reality. Furthermore, this business plan needs to be well written and presented. This can be the difference between getting funding or not. 2. Banks are needed – but not as much as you think Of course, a start-up needs a bank. An account, card and chequebook are essential. But as a financing route for businesses with little collateral banks may not be viable. Alternative routes are available, and we would always recommend a broker’s help to source unsecured loans for start-ups. 3. Use regional resources A business has an outlay from day one, so get a headstart by accessing regional grants that are available for up to £25k, and then be sure to control the spending of this. 4. The easy mistake to make Put simply, don’t pay yourself too much! We see this all too often, but successful start-ups look to build a business first, and a lifestyle business second. 5. Ask yourself before anyone else does Ask yourself where you’d like to be in five years, and how you’ll get there. Think staff, competitors and even exit plans. This thinking early on will make you less afraid to move forward. The help, advice and funding is out there. You can start by calling us, but most importantly – just start. - Mike Coates, MD, Commercial Expert