// FEATURE //

CREATING A CASH FLOW FORECAST IS ESSENTIAL FOR ANTICIPATING CASH NEEDS , ALLOWING BUSINESSES TO TAKE PROACTIVE MEASURES TO BRIDGE POTENTIAL GAPS AND MAINTAIN A HEALTHY CASH POSITION .

Cash flow management – Creating a cash flow forecast is essential for anticipating cash needs , allowing businesses to take proactive measures to bridge potential gaps and maintain a healthy cash position .

Allocating budget – Keeping your eyes wide open when choosing where and when to spend can be helped by using technology , like cloud accounting software . This provides a critical realtime view of banking and financial data and can help to enhance operating margins and efficiencies .

Ways to qualify for a business loan

Numerous finance options exist for SMEs needing loans to get started or to grow . But what is needed to qualify for a business loan ?

Building a business credit score – Lenders will check a business ’ s credit score to understand if they qualify for a small business loan . A company director ’ s personal credit score may be considered too .

The higher the credit score , the more choice of loans . Interest rates could be lower too .

It is important to research the options online or seek the help of a commercial finance broker to find one that suits .

Checking lenders ’ criteria – Lenders will want to know all about the business , including but not limited to , capacity to make monthly repayments , the turnover and balance sheet , business assets , the accounts and financial statement and the personal financial details .

Ideally , a business would want to build up a strong relationship with the lender in case they need to apply for further loans in years to come .

Getting paperwork together – Lenders may ask to see personal documents , including proof of identity and bank statements . They will want to view business supporting documents like bank statements , financial statements or audited accounts and business plans .

Writing a strong business plan – A business plan is crucial to the application . It should include an overview of the company , details about the products or services and a team

42 Intelligent SME . tech