To Small Van Courier providing deliveries in Ireland.
To Small fashion importer and exporter
Managing public finance and stimulating growth becomes a high-wire balancing act in the U.K., but the government, loan industry, and private investors understand that a healthy manufacturing economy keeps British national security strong and its citizens happy. The manufacturing industry provides exports and investments that lead to stronger employment, improvements in infrastructure, and a better competitive position against leading manufacturing countries such as the United States, Germany, Japan, and China.
Industry in the U.K. has strong European ties, but globalisation plays an increasingly major role in the success of manufacturing and marketing. Businesses cannot afford to wait for European economies to sort themselves out but must look to their own financial security. Industry has evolved from the manufacture of traditional hard goods and agricultural products to electronics and information technology, which drive future growth.
Various funding options offer business owners ways to finance growth that creates jobs, increases exports, and strengthens the domestic economy. The Olympics certainly gave the country an economic boost, but these benefits expand when the money goes to strengthen growth in the country's manufacturing base. Businesses can bridge their funding gaps with many traditional and nontraditional financing schemes.
Businesses that grow rapidly need financial help to compete by enabling the purchase of new machinery, moving to larger quarters, training new employees, and buying raw materials. Types of business finance for manufacturers include the following options.
Companies can free their assets for expansion by selling their accounts receivable to investors and loan companies. Companies can raise up to 90 percent of money owed to them within a day or two. Business can grow without taking on expensive debts or overtrading.
Purchase order financing offers a variation on conventional factoring or invoice financing that offers many benefits to manufacturing industries. Businesses can gain funding to buy basic raw materials before they get to the invoicing stage. Verification and inspection protocols tend to be more strict for this type of financing, but the benefits for strapped businesses make the effort worthwhile. Government purchase orders, major manufacturer POs, and international POs have legal force, and competitive lending rates help British manufacturers expand their influence in global markets.
Wage financing offers another alternative to factoring. This method concentrates on employee wages including PAYE contributions. Wage financing works well for industries that rely heavily on people skills such as software development.
Asset financing offers many possible options for securing funding. Business owners can expand by using their equipment as collateral for traditional loans. Collateral could be machinery, office equipment, furnishings, and business property.
Government-sponsored grants offer the means for business expansion without requiring any cash repayments. Although many incentives for business tend to favour tax relief, the government also offers cash grants to encourage development of vital industries. A Regional Development Agency administers grant programs in each region, and this financing option could give local businesses the resources they need for success.
Strong business ideas for new products often fail to meet lenders' strict criteria for loans. The Enterprise Finance Guarantee helps entrepreneurs get financing by guaranteeing 75 percent of loans ranging from £1,000 to £1 million.
Of course, companies still have the regular options of applying for personal loans, borrowing money from friends and family members, changing their business structures to offer shares on the exchanges, or trying nontraditional approaches such as offering apprenticeship programs in partnership with the government.
In the U.K., infrastructure improvements help generate economic activity at all levels. Benefits include better access to export markets, greater mobility for workforces, and creating better environments that attract investment capital. However, direct investing in the manufacturing industries offer sustainable economic benefits that could fuel growth for decades. British industry needs to concentrate more on lucrative sectors such as electronics, IT development, medical technologies, and biomedical products.
The U.K. economy benefits from North Shore oil production, a strong pharmaceutical industry, and the growing aerospace industry. Expanding the base to include nanotechnologies, optics, electronics and IT software will give the country the economic strength it needs to meet the challenges of globalisation. The economy of United Kingdom ranks as the seventh largest in the world and third largest in Europe. The U.K. economy includes the gross domestic products of England, Scotland, Wales and Northern Ireland. Pressures from an industrialised China, the move to intangible IT technologies, and global expansion of marketing demand that business owners make investments in new ideas and research to stay competitive.