King’s Lynn Complete Commercial Finance on inflation, Brexit, Covid, West Norfolk business planning

In his last Lynn News column, Complete Commercial Finance’s Michael Moore reflects on the post-Covid years and future for local businesses:

All good things must come to an end, the saying goes, and it’s with great sadness that the Lynn News has decided to call time on our monthly column.

It has been an absolute privilege to share our thoughts, insights and helpful advice for local businesses since 2020, and while we will continue to be at the end of a phone call or delighted to meet up with anyone who needs help organising finance for their company, we’ll continue to share our thoughts in our monthly newsletter and website at ccf.finance, and our social media channels – if you haven’t already signed up, please do so now.

In the three years since we’ve been contributing a monthly Lynn News column, we’ve navigated one of the hardest periods of trading in recent history.

In fact, in our first August 2020 article, written during the peak of the pandemic, we urged local firms to talk about their finances rather than struggle in silence during Covid lockdowns, and it’s been a consistent theme over the three years that we’ve penned our columns.

Brexit followed swiftly on the heels of Covid, disrupting and adding expense for firms which trade overseas, and while many leisure and tourism firms experienced a boom during the super staycation summer of 2021, spiralling energy costs and inflation in 2022 caused a real challenge.

Kwasi Kwarteng’s autumn statement dropped a bombshell on the economy last September, and it’s true to say that the effect on business is still being felt.

At every turn of these events, we’ve been so grateful to share our views and advice for local firms in this column, and will continue to do so in our monthly website blogs.

We’ve also been pleased to offer practical advice and information about new types of lending over the past couple of years – merchant cash advances are a relatively new and innovative way for businesses which take payments by card to borrow easily and only repay their loan against future transactions, and the evolution of invoice discounting has created a sophisticated business tool which can help to ease cashflow, particularly against large orders in manufacturing and construction.

If these could help your company, please get in touch.

Before I sign off for the last time, there are two pieces of perennial advice I would offer to local businesses, particularly during times of turbulent trading.

In February 2021, my colleague Karl Lanham wrote in his column: “As with all business planning, considering the various options before hitting crunch time is crucial, and seeking independent advice from a commercial finance adviser will ensure a company explores all the options before making the right decisions.”

Planning is key to creating a thriving business, and while there will invariably be bumps along the way, organising and fixing your finances to ensure your budget is consistently affordable will pay dividends over the long term.

Secondly, while a cri de coeur for us as finance brokers, I still believe we need to change the way we talk about borrowing.

Last October, I wrote: “The challenge is that many companies still refuse to see finance as a business tool, as they might regard their equipment or vehicles… broaden your perspective on borrowing – the biggest barrier to successfully navigating the next few months could just be changing your mindset to embrace the change.”

Those words still ring true, and our latest Business Survey shows that too many company directors think finance is hard to navigate, expensive and difficult to organise.

Each of these obstacles are surmountable when you work with a broker – now considered by many as ‘the new bank manager’ – and we are here to help the local business community.

If you’ve enjoyed our columns, please keep in touch via our website and social media posts – we look forward to helping you and your business to thrive.

• For more information, contact Michael Moore at Complete Commercial Finance on 01553 611619 or visit ccf.finance