Struggling to access funding - how good is your business plan?

The importance of thorough business planning is highlighted by the fact that businesses throughout the region are still struggling to access funding, according to a survey by Yorkshire Chamber of Commerce (YCC).

The report reveals that 3% of respondents think finance is easier to access than three months ago, compared with 33% who think it's more difficult, with nearly 65% reporting no change.

Richard Wightman, YCC President, said: "The drying up of finance available to viable businesses across Yorkshire has been a huge factor in this deeply damaging recession.

This survey is worrying evidence that the situation is not improving for the vast majority of business, putting Yorkshire's recovery at risk. Tackling the lack of finance should be a more important and urgent priority for government than curbing banker's bonuses."

According to John Holliss, MD of FDYL, it's more important than ever in this climate for business plans to be properly constructed when pitching for funding.

'Accurate financial forecasts are essential," says John, "but the banks and other lenders also need to understand a range of other factors. A key issue is to fully explain the underlying assumptions used to build up the numbers."

FDYL has a wealth of experience in preparing business plans for raising finance, with pricing tailored to suit individual company circumstances.

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