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Professional Services

PUBLISHED ON: 19/04/2023

Commercial funding for professional services businesses

The UK is a key centre for professional services and the sector is a significant contributor to the national economy. It is crucial in providing the legal, accounting, and management support that other businesses need to grow, both here and on a global basis.

Professional services businesses work closely with the government via the Professional and Business Services Council (PBSC) to help the sector’s growth. There are also flexible financing options that provide support to working capital when needed, and offer the means to invest without using up vital capital.

At UK Business Finance we help professional services firms to access the funding they need, and offer our services free of charge.

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What challenges does the professional services sector face?

Employee turnover
A high employee turnover rate in professional services firms could be driven by a range of factors. Employee burnout following coronavirus, or in general terms, can lead to a loss of quality staff and then high recruitment costs to replace them.

Profit margin erosion
The reasons behind profit margin erosion vary, but typically involve underestimation of the costs or time needed to complete a project, or inaccurate/unreliable performance data being used. 

Unpredictable cash flow
Unpredictable cash flows can stall growth and may result from factors such as long billing cycles and payment collection inefficiencies. Working capital availability becomes strained, and the underlying unpredictability negatively affects the business on all levels.

Difficulty in costing projects
It can be challenging to cost complex projects with accuracy but technology allows small firms to compete with larger competitors on a more even footing. Making a significant investment in technology may seem prohibitive for some firms, however.

Finding the right finance for the professional services sector

UK Business Finance are commercial finance brokers, not lenders, and help professional services firms to find the most appropriate type of funding for their needs. We take a whole-of-market approach when searching for the best deals, and our services are free.

Asset finance may be of particular benefit in the scenario mentioned above where technology is essential to recover unnecessary losses in profit margins or improve the accurate costing of projects.

Commercial finance for professional services firms

Equipment leasing
Equipment leasing overcomes the need to use capital to purchase an asset outright and allows for an upgrade at the end of a lease, where required. Given how technology is changing so rapidly it enables professional services firms of all sizes to access IT and technology assets and minimise the likelihood of profit margin erosion by providing up-to-date and reliable data.

Invoice finance
Invoice finance for professional services firms smoothes cash flow and provides regular amounts of working capital. It is a form of funding based on the sales ledger and offers confidentiality if required via invoice discounting. If confidentiality is not an issue, invoice factoring may be a suitable alternative.

Working capital finance
Marketing and advertising campaigns can represent a significant outlay for professional services firms but with working capital finance the additional costs of a marketing project can be covered.

Applying for professional services sector finance
UK Business Finance can help you find the best type of finance for your professional services firm. We know the criteria of all the lenders in the UK and search the whole of the market to find the best deals.

  • All our services are free and no-obligation
  • There is no exclusive contract to use our services
  • We write the applications to lenders on your behalf

To find out more about how we can help, please contact a member of our expert team.

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