Need a new tech solution to grow your new business?
There is so much choice when it comes to tech solutions, that often you will need to seek advice from someone that understands your area of business very well and also understands the tech solutions available to meet your needs. Tech solutions can provide amazing financial benefit to your business, but they can also be very expensive, ranging from thousands to millions of dollars.
Tech solutions can provide amazing financial benefit to your business
Equally as important as the tech solution, is the finance solution used to acquire your chosen technology. One of the best ways to fund a new business is to find the rght solution for your business. I should say acquire and not buy, because you don't have to buy the solution outright, there are other options such as finance lease, operating lease and even pay per use solutions, all depending on how you would like the finance to impact your business. The different finance solutions have very different impacts on your cash flow, profit and loss and balance sheet. The finance solutions also vary in how difficult they are to secure, depending on the type of technology, the financial position of the business and of course the lender.
Finding the right person to give you advice on the finance solution, follows a similar logic as it did when deciding on where to get the advice for the tech solution, they need to
Understand your business and what you are trying to achieve.
Understand the technology and benefits it will provide to your business.
Able to explain the benefit of the technology to the lender to get the best solution.
Understand the finance options available for funding tech solutions.
Know which lenders are willing to finance different tech solutions.
The right tech solution, combined with the right finance solution, will result in the best financial outcome for your business.
The right tech solution, combined with the right finance solution, will result in the best financial outcome for your business.
If you have a tech solution you need funding, regardless of size, then please reach out. I would love to hear about your story and what you want to achieve next.
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Shane Duffy is the founder of Finance Story, a finance brokerage dedicate to helping businesses grow, particularly through the use of technology. Shane has 25 years of manufacturing and supply chain experience in the areas of operations, IT, consulting and solution design. He uses this experience in his finance broking business to develop specialised financial solutions for his clients.
This article is intended as information only and does not constitute financial advice. Please seek independent financial advice when assessing the feasibility of any project.
Shane Duffy | Sep 2021