Steven Mugglestone

The more I learn, the less I know

Are you ready for the key challenges for 2013, Tell Us Your Story and let us help:

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As a leading Independent firm of Chartered Accountants, we have former Finance Directors working within the accountancy profession, as part of our leading business team.  We believe that professionals with real commercial experience together with being part of the ownership of the business really does provide our clients with key, relevant advice and support and we see as experience and empathy being the two most important attributes to be a really great business adviser.

MGC Hayles is developing a leading business advisory firm within the Midlands. We understand that, aligned with survival, the two biggest challenges facing all businesses in 2013 is growth, with many businesses seeking growth through export together with the availability of finance.

We believe that we are already addressing these key challenges through our contacts within many of the key banking and finance providers, whilst accepting that finance through banks is still very tough, as well as through our private equity contacts and membership of the Growth Investment Network in the East Midlands.  We are keen to develop our support for international trading through the UK200 Group,  which combined with our skills and experience as real finance directors will provide us and our clients with the real and valuable support where it will count.  A key strap line for us is “It all adds up” and we believe that these are the attributes and key areas that will prove that to be true.

Growth through export and new markets

During 2012 the UK economy has already seen key opportunities for expanding business by moving into new markets, namely the BRICs – Brazil, Russia, India and China.  Here are the key reasons

  • Brazil is an economy even bigger than India’s with a substantial middle-class population.  This provides substantial opportunities across many sectors, British business cannot ignore Brazil. The Brazil Effect
  • India has huge demand for Western products and services and these are prevalent among India’s young middle class.  Together with cricket, it is creating a great opportunity for UK business. But the Indian market is very relationship-driven and success can depend on building relationships and partnerships with other businesses.  Leicester is a key route through to business in India, http://www.labauk.org/, and we certainly aim to play our part in supporting this integral part of our local economy.  India cannot be ignored
  • Russia & Eastern Europe has grown and significantly developed since the break-up of the Soviet regime 20 years ago.  Russia’s economy has steadily evolved and yet it accounts for only one per cent of UK imports and one per cent of UK exports.  There is, therefore, plenty of room for growth. Russia is the fastest growing export market
  • China and Anglo-Chinese relations are at a high and the City of London will be first city outside Hong Kong and mainland China to trade the RMB. This will provide event more opportunities for UK business in China, but UK businesses will need to develop the best strategies to exploit this complex and diverse region. China is the great economic success story

Raising Finance to grow your business

Obtaining finance through traditional lending sources, such as the banks, remains one of the biggest challenges for dynamic companies seeking to fund future growth. We recognise that we have to be diverse and imaginative to source finance.  On a plus side, there are growing signs that asset finance and some government initiatives are starting to develop, but the road ahead remains tough.  Here are three of the key areas to address for any business looking to source finance to grow:

  • Planning ahead is crucial as you need to anticipate your requirement and kick off discussions with prospective funders very early on. It is also worth noting that it is a fight for capital and you need to be at the front of the queue. http://www.ginem.co.uk/
  • Have a plan A, B, C, D ….. and bring in competition for funding and be open-minded to new institutions, new forms of finance, new structures that can meet your needs in an environment that is fundamentally different from pre-credit crunch days.   Business angels now also provide loan finance and this is any area that many businesses could consider.
  • We have said it on many occasions, but deliver a robust plan and demonstrate that you can think through the challenges in your business as well as the upsides.  In today’s world you have to consider things from a banker’s/funder’s perspective as well as from a shareholder’s.  You need to consider a warts and all plan and avoid any due diligence holes in the opportunity by anticipating pitfalls.

We, of course, can help in all of these areas.  We do this through experience and as business owners and we would welcome an opportunity to listen and for you to Tell Us Your Story.

Steven Mugglestone BA FCA
FD Services
Tell us your story

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enquiries@mgch.co.uk

www.mgchayles.co.uk

Leicester               0116 233 8500
Nottingham           0115 941 5193
Birmingham           0121 236 3317

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Written by Steven Mugglestone

January 15, 2013 at 1:47 pm

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