How to get your business ready for finance

Securing external finance can be a big step forward for your business, but only if you're properly prepared. Whether you're looking for a loan, investment or grant funding, making sure your business is finance-ready will increase your chances of success. Here are some quick, practical tips to get you started.

Know what you need 

Start by working out exactly why you need funding and how much you need. Be clear about what the money will be used for, whether it’s buying new equipment, hiring staff, or launching a product. The clearer you are, the easier it is to match with the right finance option.

Get your business plan in shape 

A solid business plan is essential. It should clearly explain what your business does, your target market, financial forecasts, and how you plan to grow. Funders want to know how their money will be used and that you have a plan for repayment or return.

Understand your numbers 

Make sure your finances are accurate, up to date, and well presented. Be ready to explain your cash flow, profit margins and balance sheet. If you’re not confident with financial documents, it’s worth getting advice from an accountant or Business Adviser.

Check your credit score 

Lenders will often look at your personal and business credit history. Check your score in advance and take steps to improve it if needed. Paying bills on time and reducing existing debts can make a real difference.

Consider different types of finance 

There are many types of finance available, including loans, equity investment, crowdfunding, and grants. Each comes with pros and cons. Take the time to research what’s right for your business stage, sector, and growth ambitions. Check out or simple guide to finance options.

Be investment-ready 

If you're seeking equity finance, investors will expect more than just strong numbers. They'll want to understand your leadership team, market potential, and long-term vision. Be prepared to answer tough questions and present your business with confidence.

You may be eligible to join our free Investment Readiness programme for West Midlands businesses.

Build a strong team 

Funders want to know you’ve got the right people in place to deliver your plan. Make sure your leadership team’s skills and experience are clearly highlighted in your plan or pitch. If you need help getting the right skills in place, talk to a Business Adviser for guidance.

Have supporting documents ready 

Being organised helps you build trust with funders. Prepare your management accounts, bank statements, tax returns, business plan and any legal documents in advance.

Get advice and support 

You don’t need to do this alone. Business Growth West Midlands can connect you with advisers and resources to help you prepare. We can also signpost you to funding opportunities that match your needs.

Getting your business finance-ready takes planning and preparation. But with the right support, you’ll be in a stronger position to secure the funding you need to take your business forward. Contact us today.