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News Release from: Bibby Financial Services | Subject: UK business women to review finances
Edited by the Buildingtalk Editorial
Team on 15 June 2005
Bibby urges UK business women to review
finances
Bibby Financial Services is urging female entrepreneurs across the UK to consider all the options available when financing their business.
In the wake of the recent revelation that banks are offering men a better rate on business loans than women, Bibby Financial Services is urging female entrepreneurs across the UK to consider all the options available when financing their business According to research from the Bank of England published last month, the majority of female business owners across the UK pay higher interest rates on bank loans than their male counterparts
This article was originally published on Buildingtalk on 6 Apr 2005 at 8.00am (UK)
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David Robertson, chief executive of Bibby Financial Services, said "For many business women, this is the latest in a long line of examples of unfair treatment experienced in the business world".
"With female-led firms growing at a much faster rate than male-backed ventures, financiers who don't take women seriously are not only behind the times, they are missing out on a golden business opportunity." In order to help budding female entrepreneurs get ahead in the business arena, Bibby Financial Services has developed the following tips:.
* The Big Idea - start by exploring your dreams and passions in life.
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If you start a business in an area you're interested in, you're more likely to make a success of it.
Write down the skills you already use in your day-to-day life and think about how you can use these assets to benefit your business.
* Women's intuition - make sure the demand for your product or service exists before investing time and money in your new venture.
Once you know the market you're entering, you are armed with the vital knowledge you need to make informed business decisions.
* Get stuck in - running your own business involves hard work and particularly in the early stages, may require burning the candle at both ends to get off to a good start.
Make sure you have the full support of your partner and family, if you have additional commitments such as childcare to factor in to the equation.
* Face up to finance - Explore all types of financing available, there are many alternatives now available to you such as invoice finance that provide a flexible, cost effective cash flow solution, instead of relying on the traditional bank loan or overdraft facility.
* Discover networking - networking is an excellent way to meet like-minded businesswomen, customers and potential business partners.
To get started, check out your local Business Link and advisory groups for details of networking events in your area.
* Nurture talent - build an enthusiastic team that share both your vision and commitment to the business.
* Create loyal customers - customers are key to your business and feedback should be positively encouraged.
To gain a better understanding of your customers and the issues they face, phone key customers regularly and employ feedback mechanisms such as a customer hotline or online feedback form.
* Go the extra mile - always strive to exceed your customers' expectations such as promising delivery within five working days, but actually delivering in three.
However, a word of caution, never promise what you can't deliver.
* Be ambitious - don't be afraid to take risks now and then.
Being too cautious means you may miss out on excellent opportunities and the chance to grow your business.
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