< Previous22-34.qxp_Layout 1 01/10/2021 14:50 Page 9Contact Mark Johnston or Nicola Slater for more details about director level construction expertise and business growth support. Building best practice into every element of construction Construction ExpertiseBusiness Growth Project PartnershipsTraining & Development 0115 7060338 hello@cube-cc.co.uk or visit www.cube-cc.co.uk PROUD SPONSOR OF CONTRACTOR OF THE YEAR : THE BRICKS AWARDS 2021 22-34.qxp_Layout 1 01/10/2021 14:50 Page 10ward.com 0345 337 0000 Nationwide metal recycling and waste management services for a free waste audit, call our specialists Proud sponsor of the east midlands bricks awards Developer of the year 22-34.qxp_Layout 1 01/10/2021 14:50 Page 11www.hopkins-solicitors.co.uk 01623 468 468 hrsupport@hopkins-solicitors.co.uk Helping You Stop The Domino Effect Problems with your employees can be time consuming and stressful, and if they aren’t addressed swiftly, they can quickly accelerate and spread into a very expensive problem. HopkinsHR is an employment support package designed to give you certainty and peace of mind that your legal costs will never exceed an agreed annual fee. This will help you plan your HR budget accurately and significantly reduce your risk of unexpected expensive legal costs. > Consultancy Services > Disciplinary and Grievance > Discrimination and Harassment > Dismissals > Employee Handbooks > Employment Contracts > Employment Insurance > Employment Tribunals > Enforcing Restrictive Covenants > GDPR data protection > Performance Management > Redundancy and Re-organisations > Seminars > Settlement Agreements > Sickness and Holidays > Training > TUPE > Whistleblowing WE AREN’T A CALL CENTRE. YOU WON’T BE JUST A FILE NUMBER. WE ARE A LOCAL LAW FIRM AND WE’RE HERE TO HELP. 22-34.qxp_Layout 1 01/10/2021 14:50 Page 12J32373_VIRIDIS Bricks Full Page advert 190x277mm AW v1.indd 101/10/2021 11:19 22-34.qxp_Layout 1 01/10/2021 14:50 Page 13TRENTBRIDGE.CO.UK GREAT THINGS HAPPEN HERE MAKE YOUR NEXT BUSINESS EVENT ONE OF THEM We have an impressive array of flexible meetings and events facilities for everything from an intimate breakfast meeting to a large conference or exhibition. With a choice of different packages available, we’re confident you’ll be bowled over by what we have to offer. For more information or to arrange a tour, contact our Meetings & Events Co-ordinator, Joanne Hutsby on 0844 811 8710 or email joanne.hutsby@nottsccc.co.uk. Whatever your next event, talk to us about holding it at Trent Bridge. 35.qxp_Layout 1 01/10/2021 15:20 Page 136 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk SUPPORTING BUSINESS GROWTH Pandemic or not, late payments continue to impact businesses. Fortunately, there are lifelines available to ease the burden and lessen the strain. Invoice finance is the simplest means of releasing cash tied up in a businesses’ outstanding invoice. It sees a business sell its invoices to a third party who will advance some of the funds it is worth up front for a cut. Thousands of businesses already rely on this kind of financing to maintain a healthy cash position, whilst others use it to take back control of cashflow issues that arise from late and unpaid invoices. Perhaps the biggest draw is that businesses can be paid most of an invoice within forty-eight hours instead of the typical thirty- to ninety-day period specified on most invoices. Asset-based finance, on the other hand, is a specialised method of providing companies with working capital and term loans that use accounts receivable, inventory, machinery, equipment and real estate as capital – essentially, any loan to a company is secured by one of that company’s assets. This option is commonly used to pay for expenses when there are gaps in a company’s cashflow, but it is also frequently used for start-up financing as well as refinancing existing loans, financing growth, mergers and acquisitions, as well as management buy-outs and management but-ins. Although it’s not suited to meet every business requirement, it can prove useful for those that have stretched their credit limits with vendors and reached lending capacity at the bank. Companies can also take out loans to fill the gap and bolster cashflow, though some companies may already be at their limit with their banks or otherwise don’t meet the requirements for securing loans with traditional lenders. In these situations, companies can turn towards alternative lenders and finance providers. Private equity, for example, is where investors provide long-term equity capital investment in a company in return for either shares, a percentage stake in the business and/or, sometimes, a seat on the board. Although many businesses might be loath to dilute their ownership, private equity does offer a good option of raising capital for businesses that aren’t ready to list on the stock exchange. Another form of private finance is an angel investor – a high net worth individual who makes use of their own personal disposable finance and makes their own decision about making an investment. Angels would normally take an equity stake in a business in return for providing equity funds. As well as capital, angels can also provide their experience, knowledge and contracts, making them especially attractive to early-stage The next Although financial aids put in place by the government to ease the economic burden of the pandemic have all come to an end, there are a myriad of other financial lifelines open to businesses to cover losses, as well as measures that can be implemented in-house to support future growth. 38 Á 36-39.qxp_Layout 1 30/09/2021 12:53 Page 1www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 37 SUPPORTING BUSINESS GROWTH level © Shutterstock /Khakimullin Aleksandr 36-39.qxp_Layout 1 30/09/2021 12:53 Page 238 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk SUPPORTING BUSINESS GROWTH businesses. Every investor is different and will therefore provide differing amounts, but typical investments range from between £10,000 and £500,000, though deals of up to £2 million are becoming more commonplace as angels group together in syndicates. Although angels are one of the most significant investors in start-ups, that shouldn’t deter more established firms from making enquiries. It’s important to keep in mind that securing an angel can be a difficult and protracted process, as well as being harder to research and contact compared with a private equity firm. Although securing finance of one form or another is a way in which companies can strengthen cashflow, there are other options such as reducing overheads and operating costs and downsizing. Depending on the company and, indeed, the severity of the financial shortfall, this approach may be pursed independently or in conjecture with invoice financing or a loan. In this current financial climate, with the effect of the pandemic, and with the end of the furlough scheme forcing many employers’ hands, a lot of businesses may soon be looking at redundancies as a necessary way to improve and increase their cashflow. Payroll is often the biggest expense for a business so, in times such as these, it’s often one of the first places bosses or financial advisors will look at to save money. It’s a simple but effective method – a company can save tens of thousands of pounds a year by letting staff go, be that through shuttering whole departments, or consolidating multiple job roles into one. Although nobody wants to lose their jobs, it’s often necessary for companies to take such measures to stay afloat and to continuing trading through this period of increased economy strain and uncertainty. However, it’s worth noting that there are other ways to cut payroll costs without letting staff go – such as cutting salaries, turning full-time staff into part-timers, cutting bonuses, enacting leaves of absences and shortening the working week. One of the key decisions that company bosses have to contend with – especially during lean times when they’re trying to save costs – is whether to take on new staff or upskill existing employees. Of course, there’s pros and cons for both choices but, regardless of the decision, there will be a learning curve. New employees will need to familiarise themselves with a company’s operations and culture, whilst existing staff will need to take time out of their duties to learn new skills. But the benefits of training are legion. The benefit of training is that it’s flexible, working as much around a company’s needs as possible. While there are specialists training facilities, many training providers will also come to an employer’s office or site. Yet, in the last year and a half, online training has grown in popularity and prevalence. Although online training has existed in one form or another for decades with many people – from students right through to senior staff – taking advantage of it. Since the first lockdown, however, it has exploded in usage as apprentices look to maintain their learning, companies complete their employees’ training, and individuals that are now based from home – or have been made redundant in the wake of outbreak – to upskill. Outside of the pandemic, the appeal and popularity of online training lies in its flexibility. From a home office or smart device, it can be worked around any 36-39.qxp_Layout 1 30/09/2021 12:53 Page 3www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 39 SUPPORTING BUSINESS GROWTH schedule, fitting in with other engagements and appointments. It can also even be undertaken on-the-go, turning that daily train or bus commute into a learning opportunity. That same flexibility is what gives online training an edge, allowing an uninterrupted learning stream for all manner of individuals while they observe social distancing regulations. Small surprise that many traditional training providers have made the transition to online learning, in part or in full. No doubt misconceptions existed around online training before the pandemic with some employers perhaps reluctant to use them over the misguided perception that they aren’t the equal of in-person training or lack the range of subjects. This couldn’t be further from the truth. Online courses cover a diversity of subjects from health & safety, administration and quality assurance right through to management and everything in between. Because of the nature of e-learning and the flexibility we’ve already touched on, it means training providers are uniquely positioned to get creative with their content and how it’s delivered. This ‘out of the box’ thinking offers a great opportunity to make courses and learning content more engaging, memorable and, thusly, more effective. It also means that content can be continually refreshed and updated with the latest research and findings in a way that traditional location- based courses simply can’t compete with. Providers also have access to analytic data from which they can see what does and doesn’t work about the courses they provide and, crucially, the way in which they’re delivered. From securing capital to upskilling staff, there’s myriad means of support for companies to help secure themselves in the present and pave the way for future growth. © Shutterstock /Andrey_Popov 36-39.qxp_Layout 1 30/09/2021 12:53 Page 4Next >