“You can make more friends in two months by becoming interested in other people than you can in two years by trying to get other people interested in you.”
– Dale Carnegie
It’s all well and good researching the rates of different short term business loans, but if you don’t specialise in business finance then you can’t be expected to have an efficient, up to date relationship with lenders.
But what do we mean by a productive relationship? It goes without saying that the business finance landscape is an ever-changing one, so understanding the nuances and niches of each lender can be tricky to track at the best of times.
By engaging with a broker like Ping Finance, you’ll give your business a far greater chance of sourcing capital that can not only be repaid in affordable instalments, but is provided by a lender that understands the unique challenges faced by businesses within your sector.
Let’s take a closer look at how establishing a relationship with lenders can set you up for the journey ahead and steps you can take to solidify your lender relationships over time.
Preparation Is Everything!
So, you’ve decided that capital is needed to drive growth in your business, but you don’t have any existing lender relationships to dive into. Where’s the best place to start?
When we talk about productive relationships with lenders, it’s as much about understanding the market as it is about understanding each individual provider. With hundreds of business lenders now operating in the UK, it’s nigh on impossible to develop a deep understanding of each one whilst simultaneously trying to grow your own business.
Platforms like Ping Finance are a great middleman to have at your disposal in these situations, allowing you to leverage our relationship which can help you to attract some of the most competitive rates on the market.
Once your application has been submitted, you’ll work directly with this potential lender to establish how they can assist your business.
Getting to Know Your Lender
Once your brand spanking new business finance is up and running, having an established relationship with your lender can be priceless should you need flexibility further down the line. They’ll work with you to make sure that repayments are made on time whilst ensuring that everything remains affordable, particularly through dips in cash flow or seasonal shortages.
Growing any business relationship is all about having open paths of communication and the same can be said of the relationships with your lenders. Whilst it’s obviously ideal that repayments are made in full and on time, there will be circumstances when unforeseen challenges can crop up. Stay in regular contact with your lender and they’ll bend over backwards to help you overcome these temporary hurdles, helping to build trust on both sides and paving the way for a successful future.
Become Part of An Evolving Landscape
There’s never a one size fits all solution when it comes to business finance. At each stage in the life-cycle of your business, new solutions may arise to suit your ever-changing needs.
You can’t be expected to keep on top of every new product or lender that comes to market, but the reality is that this knowledge can get you the finance your business needs when you need it most.
Keep up to date with the latest news by subscribing to updates from Ping Finance. You’ll be kept right up to date with the latest releases and won’t need to dedicate chunks of time further down the line into researching each independent option.
By utilising our knowledge, you’ll be perfectly equipped to make an informed, educated decision on what finance is likely to best for your business, leaving you to focus on what matters most – consistent, reliable profits.