Around 100 dynamic businesses from Greater Manchester converged for the “Tameside Means Business” event, co-hosted by Tameside Council, British Business Bank and the Growth Company in Ashton-under-Lyne on 21st February 2025.
The event featured an impressive lineup of panellists who delivered invaluable insights into accessing finance and shared compelling stories of their business growth journeys. Attendees left inspired and equipped with innovative strategies for sustainable growth, ready to tackle the increasingly challenging and uncertain business environment with renewed vigour.
During his keynote address, Councillor Andrew McLaren referenced a quote from Abraham Lincoln: “Money is only valuable while it’s in circulation.” He emphasised the critical importance of cash flow and access to funds for the sustainability and growth of businesses.
He also highlighted the significance of the event in Tameside, stating, “On a national level, we often discuss the need for economic development to extend beyond London to reduce regional inequality. We can apply a similar principle in Greater Manchester by broadening our focus for business development from the city centre to all areas of Greater Manchester.”
Funding and Finance: Expert Insights
The panel discussion on “Funding and Finance” provided attendees with a wealth of knowledge on securing business funding. Laura Blakey, Investment Director at GMCA Business Fund/Advance Fund, emphasised the importance of preparing a credible and straightforward business plan, particularly when presenting to generalist funders.
While the first test of credibility for funders is the robustness of the business plan and financial projections, Blakey highlighted that funders are primarily backing management teams and their passion for the business. She stressed the importance of demonstrating the business’s potential and the team’s enthusiasm for their work. Blakey also underscored the need for businesses to spend time on their financial numbers and to seek support from organisations like the Growth Company if they are not financially minded.
Warren Ralls, Managing Director of the UK Network at the British Business Bank, encouraged businesses to explore various funding options and not to halt their journey if they receive a rejection from their current lender. He underscored the bank’s role in providing a range of financial products through over 200 delivery partners. Ralls also noted the growing importance of Environmental, Social, and Governance (ESG) factors in funding applications, highlighting that many lenders and investors are increasingly looking for businesses with strong ESG credentials. He advised businesses to prepare thoroughly and seek advice from financial advisors or brokers to navigate the funding landscape effectively.
Navigating Economic Uncertainty
After the panel discussion, Warren Ralls addressed whether businesses should consider investing through financing considering the upcoming increase in National Insurance contributions, which will inevitably raise the cost of doing business amidst uncertainty surrounding global economic trends. He acknowledged the numerous challenges that companies have faced, from the COVID-19 pandemic to current economic fluctuations. Ralls emphasised, “There is no clearly defined ‘good’ or ‘bad’ time to invest; businesses should focus on the present and make informed decisions.” He advised companies, regardless of their size, to seek guidance and surround themselves with support to navigate challenges effectively.
In the panel discussion, Peter Treadwell, Operations Director at GC Business Finance, addressed the various types of funding available to businesses and the importance of choosing the proper financing based on their growth stage. Acknowledging the challenges posed by rising costs and economic uncertainty, Treadwell believed there are still growth opportunities. He highlighted equity financing, which may lead to a smaller ownership share in the business, but if used effectively, it can significantly enhance growth.
Treadwell advised businesses to consider all costs and potential changes in their planning. He recommended allowing flexibility to manage economic fluctuations, enabling companies to pivot and re-strategise as needed. “It’s crucial to build some flexibility into your plans to ensure you can navigate economic changes,” Treadwell stressed.
Strategies for Sustainable Growth
The second panel discussion on “Business Growth” offered valuable insights into achieving sustainable growth. Colin Brew, Head of Strategic Partnerships at GM Business Growth Hub, emphasised the importance of understanding customers, conducting thorough market research, and maintaining agility. He highlighted the significance of financial management, workforce development, and sustainability in building trust and achieving long-term growth.
Also on the panel were Tracy Eyre from Innovate UK, Joe Carr from Carrs Pasties, Will Purser from Icon Sports, and Paul James from Red Rock Communications. They shared their experiences and stressed the need for innovation, clear communication, and setting achievable goals. The discussion underscored the importance of integrating sustainability into business strategies and leveraging support from various organisations to navigate challenges and drive growth.
Take Your Business to the Next Level with GM Business Growth Hub
Are you a business in Greater Manchester looking for expert advice on business financing and growth strategies? Contact GM Business Growth Hub today for professional support and guidance to help you navigate challenges and achieve sustainable growth.
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