Don’t Hide Your Headwinds – View From The PCF Team
Praetura Commercial Finance Relationship Director Nicola Woodhams dives into why the turbulent times we face in 2023 shouldn’t cause communication shutdown with your finance partner.
The UK’s collective commercial outlook is looking pretty challenging for everyone. Whether you’re in haulage or hospitality, we’re all facing familiar foes.
Energy prices, labour shortages, rising rates, record inflation, and supply chain challenges are just a few of the macro-economic malfunctions we’re confronted with. Last week, Fiverr research suggested that 1 in 5 UK SMEs have lost over £100,000 due to macro-economic pressure. More worryingly, 92% suggested they were fearful about the future, which is having a tangible knock-on effect on confidence-led decision making.
Troubling times put huge pressure on business leaders, but this is not a challenge they need to face alone.
The ‘funding traditionalists’ would lead you to believe that your bank or finance provider was the last person you told when you are dealing with corporate turbulence. But those challenging conversations with finance providers should be a thing of the past. Nowadays, any lender worth their salt knows that businesses don’t move in a straight line and face bumps in the road. Any lender who’s paying attention also understands that as their clients grow, they grow too. Working with our professional partners and introducers, we believe in acting as a finance partner not just another supplier.
When faced with a challenge, speak to your finance partner and broker as early as you can. The earlier we find out your plans have changed, the earlier we can start planning how we can help. We’ve got tools at our disposal to help pivot round your problems.
We don’t simply look to collect and wash our hands of the client when the going gets tough. We work with a network of trusted advisers to deliver the best result for the business.
Part of what makes up our ‘More Than Money’ promise can’t be included in a brochure. We constantly canvas the economic climate and the news to understand how it may affect our portfolio.
For example, when the pandemic hit, we brought together our clients and worked with their brokers to help them through the furlough process and applications for CBILS.
Our team have been through multiple economic cycles and know how this can put stress on your business. Whatever the issue, we will put an internal team on the case to help you. A partner helps you through the good and the bad, working in tandem with you for the best outcome. The important thing is to tell us early and bring us on the journey.