One of the biggest barriers to growing your Practice is lack of funds. Many Practices simply drift along, hoping for organic growth and for working capital to build up in order to expand.
Smart Practices don’t wait in hope, they finance their growth with Practice loans designed to meet their needs. Successful companies nearly always need to finance growth.
Many Practices are wary of borrowing, but they’re missing out on a host of innovative finance products, which offer easy and flexible ways to access funds – and to repay them.
The world over, smart business owners recognise a degree of borrowing is often necessary and desirable if their organisations are to realise their full potential. Did you know that today, Practices have more choice, flexibility, and faster provision of funds than ever before through alternative finance and other forms of funding.
Historically businesses have shunned debt, feeling that it just doesn’t make good business sense. In fact, almost half of British SMEs describe themselves as ‘permanent non-borrowers’, meaning they haven’t sought outside funding in the last five years.
Some Practices never borrow and some only when they actively plan to grow, some use personal funds or trade credit whilst the big 4 banks account for 9 out of 10 loans taken out by SME’s.
There is a huge supply of lenders who specialise in the Professions sector market, who have the appetite to lend. These new lenders are offering new products that may appeal over the traditional banks, with their speed of service and lack of bureaucracy. The majority are fast-track, unsecured loans so that you can have the funds exactly when your Practice needs it.
Knowing up front the repayment terms of any loan, and being able to repay by Direct Debit, it should make the experience of debt and repayment as painless as possible and by being properly managed borrowing could make your Practice an even greater success.
It is understandable that there is uncertainty about borrowing in the current economic climate, but has there ever been a better time? There is a plethora of borrowing offers now available and with interest rates still at low levels Practices should be seizing these opportunities to expand and grow.
Debt may not be something to love, but, handled properly, neither should it be a source of fear, and with all the new product offerings in the market, the options look different to that which most Practices have experienced before. Debt can be flexible to your needs, easy to access and simple to repay.
The truth is, debt can be used as a tool that allows your Practice to grow, and it’s often a sign of prosperity rather than distress. Many dynamic Practices find the cash injection provided by Practice finance is exactly what is needed to give their growth plans a kick start, especially as there are more types of funding available to Practices than ever before.
Benefits of a Practice Loan to grow your business include:
- Existing banking arrangements will not be affected
- No deposits or prepayments required
- Loans are tailored to your individual requirements
- Repayment and interest charges are fixed for duration of the loan
- Repayment and interest charges scheduled over agreed period
- Funds are paid directly into your practice
- 1. The loan can be used for practically any purpose including:
- Practice acquisition
- Aged Debt Funding
- Partnership buy in/out
- Practice mergers
- Professional Indemnity Insurance
- Tax liabilities
- VAT funding
- Expansion or relocation
- Office refurbishment
- Office equipment and furniture
- IT Hardware and software
Contact Synergy Professions today on firstname.lastname@example.org or 0845 1249624 to see how we can support your growth ambitions.