4. Develop or stock new products

With so many now living their lives quite differently, it’s possible that your customers want something different to what they had before. You may have an idea for an entirely new product or service that would be popular.

Having additional funds in your bank account can give you the capacity to explore new products or even to develop your own. Innovation, particularly in the area of science and technology, also opens the possibility of claiming research and development tax credits. 

Many businesses are surprised when they discover that their innovation qualifies them for this tax relief. If you think it may be relevant, have a conversation with your accountant.

5. Invest in yourself

As a business owner working hard day after day it’s easy to get stuck into a rut of what you do and how you do it. If you want to see significant change and growth in your business, it’s worth considering how you can bring significant change and growth to yourself.

This could be in the form of training and guidance on how to lead and manage a growing team, or in honing your entrepreneurial skills. You may want to consider taking on a business coach, someone who can help you think through what you want for yourself and your business.

The Recovery Loan Scheme funding could open the door to new ways of thinking, by allowing you to fund training and support, and also by paying for the help needed to give you time to step away from the day-to-day.

Don’t delay in applying for the Recovery Loan Scheme

The closing date for applications is 31 December 2021 and we predict a late rush. We recommend that you decide soon whether to apply for finance under the scheme, and if you choose to go for it, not to delay.

If you’re not sure of whether the Recovery Loan Scheme could be right for your business, get in touch and one of our team will be happy to discuss it with you. Don’t put off that conversation for another time - give us a call today.