The food and drink industry has to be the secret weapon in the SME arsenal of the southwest. At Pinnacle Business Finance, we must confess, we do rather much have a “sweet spot” for food and drink businesses. Putting the puns aside, SMEs in the food and drink industry has a rather unique ability to scale up very quickly. The Food and Drink Federation estimates some 30,000 people are employed in the southwest alone. We see a different statistic, we at Pinnacle Business Finance see the untapped potential of these businesses. Access to business finance from simple card terminals to supply chain finance can unlock growth. A trusted finance broker can be key in giving you the support your business needs.
Case Study: South East Vs South West
In 2017 the Food and Drink Federation report stated that the South East Food and drink industry was worth £1.9bn, slightly above the south west at £1.6bn. The staggering difference was that the south east exported £1.7bn, nearly 90% of its value. Needless to say, the benefits of exporting for any business are vast. The South West was a meager £0.8bn, 50%. We wanted to highlight this stark contrast in the hope to raise awareness among the food and drink community here in the south west.
It is no doubt that many businesses are caught off guard when it comes to their business finance. We often see highly skilled business owners so passionate about their product that they don’t get the right business finance in place. Of course, this is right, you wouldn’t ask a finance broker to bake your bread! Naturally at Pinnacle Business Finance, we understand this, and that is why we help find the business finance for you.
Supply Chain Finance can help businesses pay suppliers. Many businesses suffer from seasonality or large orders. This has a big impact on cash flow and suppliers need paying long before the payment arrives in. The gap between the payments is the cashflow conundrum. By accessing supply chain finance, businesses can access the finance on a pay as you go. It can cover the payment gap perfectly. Invoice Finance is a natural fit and can work seamlessly alongside.
Many small food and drink vendors have no idea about card terminals, much for the same reasons discussed earlier. Our article on card terminals provides further information on this. Card Terminals can boost turnover by as much as 300%, just by making it easier. The cost of a merchant card terminal vary, but at pinnacle business finance, we can support. As with any good finance broker, presenting you the options is key.
We pose this simple question, imagine if the south west food and drink industry accessed these innovative forms of business finance? It is clear there is considerable potential for southwest food and drink businesses in terms of export. A commercial finance broker versed in the industry could act as a trusted partner. It is clear access to business finance is a quick win and would support the ambitious South West SME.
