Opportunities and obligations: sources of information for directors of small businesses
This article sign-posts sources of information and guidance to help current and future directors, including resources provided by the UK government.
Insights
Getting the right insurance: practical steps every small business should take
Running a small business means managing risks as well as opportunities. From property damage and cyber-attacks to legal disputes and non payment by customers, many of the risks that can seriously disrupt a business are outside an owner’s control.
Insurance plays a critical role in helping small businesses recover when things go wrong. Yet research shows many SMEs either do not have cover for key risks or hold insurance that may not fully reflect how their business operates today.
These issues often come into sharper focus when a business is seeking finance, whether through a loan, overdraft or asset finance. Lenders need confidence that a business can continue operating and repay borrowing if something goes wrong. Business owners, meanwhile, need reassurance that a disruption will not undermine their ability to meet those commitments. Having the right insurance in place helps support both.
This article draws on the ABI’s SME Insurance Guide and the Small Business, Big Risk: Tackling SME Underinsurance research, to set out practical steps small businesses can take to make better informed insurance decisions.
Insurance plays a critical role in helping small businesses recover when things go wrong. Yet research shows many SMEs either do not have cover for key risks or hold insurance that may not fully reflect how their business operates today.
These issues often come into sharper focus when a business is seeking finance, whether through a loan, overdraft or asset finance. Lenders need confidence that a business can continue operating and repay borrowing if something goes wrong. Business owners, meanwhile, need reassurance that a disruption will not undermine their ability to meet those commitments. Having the right insurance in place helps support both.
This article draws on the ABI’s SME Insurance Guide and the Small Business, Big Risk: Tackling SME Underinsurance research, to set out practical steps small businesses can take to make better informed insurance decisions.
How long does it take to get a small business loan? Key steps and timings
Whether you’re still weighing up your business finance options or you’re ready to start your application, you’re probably keen to understand how long it’ll be before you can access the funds.
This is especially true if you’re seeking urgent short-term finance, but also if you’re eager to secure long-term investment for your next big growth initiative.
The key thing to understand is that the timings and process of applying for different types of finance vary considerably – anything from a day to several months – and you don’t want to find yourself waiting weeks to hear the result when you’re in a critical situation.
In this article, we explain the key steps involved, and how to avoid unnecessary delays.
This is especially true if you’re seeking urgent short-term finance, but also if you’re eager to secure long-term investment for your next big growth initiative.
The key thing to understand is that the timings and process of applying for different types of finance vary considerably – anything from a day to several months – and you don’t want to find yourself waiting weeks to hear the result when you’re in a critical situation.
In this article, we explain the key steps involved, and how to avoid unnecessary delays.
How finance can support your cash flow when it matters most
As a small business, being cash flow positive – meaning you receive more money than you spend – helps to cover your day-to-day expenses and, crucially, provides working capital for growth. If only it were that simple…
