Although faced with the economic uncertainties of Brexit and generally poor growth forecasts, the construction industry in the UK has reason to be optimistic about its future, said construction management consultants L.E.K. on the 17th of January 2019.
Some of the reasons for that optimism might emerge through our answers to some of the most frequently asked questions we receive here at Peak Business Finance.
How can my firm maintain a competitive edge?
L.E.K. suggests that innovation is essential to any construction firm looking to remain competitive.
But innovation, of course, invariably requires investment – and that’s just where you might want to turn to us here at Peak Business Finance.
How do I do where and how much to invest?
Saying that your business and the construction projects in which you engage need investment is a short but ultimately simplistic and unhelpful suggestion – you need to know in what areas that investment is required, what form it might take, and how much needs to be invested.
The answers are rarely simple and straight forward, so that is why we work with you to identify individually tailored solutions to fit the particular projects on which you might be working and the operating structure of your company in general – we have no single, off-the-shelf solution to construction project finance.
How do you do that?
We take the time to understand your business. We work with you to identify the current strengths and weaknesses, recognising those areas where additional finance may be necessary.
We are as much committed to the success and growth as you are, so our commitment is in finding a suitable finance solution – both in terms of where in your business it may be needed and the form that finance might take.
What areas and type of finance might that take?
We help you to examine all the options – both from conventional lenders such as banks and from alternative sources of business finance:
- in the construction industry, your working capital balance may be critical – projects may be lost, delayed, or unable to be completed if it is out of kilter;
- you might want to consider a boost to your working capital to free up cash now, in order to grow your business in the future;
- take stock of the assets you have already required and consider ways in which these may leverage further borrowing to meet your investment needs;
- with some assets used as security, any borrowing is likely to be secured at a more competitive market rate;
- maintaining sufficient cash flow may become a problem on longer-term construction projects because of your wait for customers to pay;
- invoice financing represents a way of realising the immediate value (up to 95%) of those invoices receivable and you repay the advance as and when payments are collected on those outstanding invoices;
- straight forward business loans provide the construction project finance you may need for a whole variety of purposes;
- our rates are competitive and offered on sufficiently flexible terms.
It is not only the amount you might want to borrow, therefore, but the way in which you borrow it that may provide the biggest clue to a successful finance solution.