My Back To Business Strategy

By Chris Horgan, Director, Finance for Entrepreneurs which provides collaborative and advised funding solutions for trading businesses.

Summarise how Covid-19 has affected you? 

Covid-19 had seen the commercial finance industry take quite a hit on the number of businesses looking to finance growth or acquire new assets including commercial property. 

The introduction of CBILS saw a slight change in funding requests and business needs; then BBLS (what on paper is an absolutely great product) meant those CBILS requests under the £50k mark dropped over night and businesses were directly applying to their bank.

What has been your plan to continue?  

I have always been an advocate of transparency and honesty, which many might think ironic in an unregulated industry like commercial finance, as brokers tend to be tarred with a brush of distrust.  I have worked tirelessly to help everyone and anyone with a series of blogs, points of advice and personal recommendations to ensure those applying for business funding through either the CBILS nd BBLS have done so in confidence and with the best intentions.  

What has been interesting is the number of requests from professional advisers to assist in some of the decision making processes where their clients have not seen success in a direct application for CBILS form the client’s own bank relationship.

How has business changed for you over the last few months? 

Interestingly, I wasn’t sure I could “pivot” my business enough to see out the drastic reduction in business and to understand how to get it through what is going to be a strange and difficult 6 – 12 months ahead. 

However, I have found myself working with more professional services who are aligned to my business values and has allowed to adapt my business and my offering to further add value to those professional advisers who in turn can add more value to their clients.

I have always believed in collaboration over competition and I have been able to carry this out in a much better way than I could have planned for.

As lockdown eases what measures have you put in place to get back to business? 

The easing of lockdown now allows for the preferred face to face meeting at clients or collaborators' places of business albeit at “100 paces”, which means I can get back to offering that personal service that everyone wants and needs in times like this.

Digital meetings have helped with some more straight forward business propositions and they will continue to remain for existing relationships as the clients request them.

What has been the most challenging aspect of all of this? 

Keeping on top of all the changes, commercial finance has almost been changing daily, and certainly weekly after every announcement. This has been mostly because I had made an agreement to myself to distribute information in simple terms for everyone to understand as quickly as possible. So as you can imagine, it was a lot of reading, listening and then rewriting!

What has been the most positive aspect? 

The hidden ability to change! As I mentioned I didn’t think there was really a way to change or adapt my business; but out of it has come a new provision and outsourced financial services offering if you will, which will help business owners like accountants, business coaches, transformation specialists and other professional services.

Has it made you consider how you feel about other businesses/suppliers/customers/clients for good or otherwise? 

It has definitely helped me identify the better suited businesses, and those clients who can benefit from a personal professional service as opposed to a “throw enough mud and see what sticks” type of mentality that can be common, certainly in this industry. 

How important is this phrase to you – ‘buy local, supply local’? 

It has always had a significant meaning to me, I come from a working class family who have had their own businesses whether it be in construction or other services like travel agency to hairdressing. 

Times and have changed and looking back on “yester-year”, local business and industry was imperative to a community, from the local butcher, to the barber and even the local travel independent travel agent. Technology and time have become massive in our change of life, not enough time to stop and smell the roses, and too much technology to make buying “stuff” too easy.

What we have missed though is the community it brings, and if (outside of business talk) there is one absolute positive of lockdown and Covid-19, it’s the appreciation for community and time.  I am more than happier to go back to supporting local business. It's been an incredible journey watching local shops to me thrive during this time from the newsagent to the hardware store.

The queues have created conversation and we have time to chat, shopkeepers again know you by name and ask 'how’s the family?'. It's quite nostalgic, but what has always made Swindon and its local communities great.

What are your top tips at this time?  

1. Don’t forget! – Don’t forget the times we have just gone through and are still seeing out, remember the resilience, the adaption and most importantly the customer or client who stuck by your side.

2. Your community needs you! – as business owners we sometimes get too bogged down in our need to grow and the next step or project; but the community in which you are embedded needs you; for those jobs you provide, the cycle of revenue and the stability in which you bring.

3. Be Prepared! – hopefully this will never happen to us again.  But, just in case, make sure you are prepared. Ensure your finances are organised correctly, don’t leave it to the last minute to apply for funding and more importantly find an accountant or adviser you can trust and plan accordingly. 

Your parting thought? 

It has being a trying time for all of us, and I certainly don’t want to go through something like this again, however, I have been proud to work with business owners who have decided to watch each other’s backs. Those who have continued to bring ideas together to serve the greater good and ensure we can get through this together.

Don’t ever feel like you are alone, if you have had a difficult time and don’t have a great support network around you in business…..the phone is always one, the kettle is always boiled!

Find out more by visiting www.financeforentrepreneur.co.uk