27 May, 2022

BFPA update October 2013

12 November, 2013

New BFPA website launched

The BFPA has after many years decided to change the style of its web site, making it easier to navigate and thus access information. For those that use the banner advertising opportunity it now has greater visibility and the advertisements are larger, for those who are yet to try it give it a go its good value.
A web site is always difficult to design as it is impossible to please everyone. However, with the new ‘App’ format, the association has adopted a style familiar to all and indeed are ready for when touch screen computers are commonplace.
Welcome new member
The BFPA has welcomed the following new BFPDAsales@furnessfluidpower.co.uk
Website: www.furnessfluidpower.co.uk
member to the Association:

Furness Fluid Power Ltd.
Unit 8B
Peter Green Way
Barrow in Furness
LA14 2PE
For further information contact:
Donald Kershaw – branch manager
Tel: 01229 811634
Fax: 01229 811646
Annual Ball
The BFPA Ball has been a feature in the social calendar since 1962 when the BFPA was known as AHEM, it is comforting to reflect that it is one of the few things which has changed very little with time.
February 14 2014 will again see the Dorchester Hotel in Park Lane hosting the industry Ball as it always has done, interesting to note that it coincides with Valentine’s Day and unless anyone as any other information we can only assume that it was designed to be thus many years ago.
Not only is the Ball a superbly enjoyable event it is also an extremely valuable networking opportunity and many companies take great advantage of this. 2014 will see some small changes, the main being a drink on arrival thus relieving the pressure on the bars, there will also be a more efficient means of payment on the cash bars which should ease congestion!
For those who have not been before the format is very simple, a fine dinner, a top cabaret and dancing to excellent live music and as previously mentioned an opportunity to meet old and make new friends.
You can book online on the booking page of the BFPA website: www.bfpa.co.uk/event_info.asp?id=5
For more information contact Janet Dixon: janet@bfpa.co.uk.
Meet the politicians
Part of the work at the BFPA is to feed back into government circles what is happening out in the world of industry, while sometimes it may not seem to be the case ministers do like to hear opinion from sectors such as ours. Most of our feedback is usually to civil servants who take the views back to their respective departments, however recently we were fortunate to meet with Iain Wright. Iain is currently the shadow minister for Competitiveness & Enterprise at the Department for Business, Innovation and Skills.
The meeting was in the company of a few other Trade Associations representing a range of industries some of which were Oil and Gas, Domestic Appliances, Manufacturing Chemical Engineering, Energy and construction. Over the two hours a wide range of topics were covered from training and the general shortage of skills, to bank interest rates and what happens when they start to rise again.
These meetings happen from time to time and should any member have topics they would like raised please let the association know.
Top Tips on small business lending
To prepare your business for a credit application, the Federation of Small Businesses (FSB) and the British Bankers Association (BBA) have identified the steps you can take to ensure your application has the greatest chance for success.

Five top tips for getting a ‘yes’
1. Develop a robust business plan – Your plan should demonstrate that you have done your homework and researched your market and competitors. Identify clear routes to market and highlight in your plan when you expect to start bringing in money.
2. Build your financial understanding – To be successful you must understand your numbers. This means clearly demonstrating you understand key numbers such as turnover, profits and existing debts, and show how the business will manage the credit it is asking for.
3. Check your track record – When making a lending decision, banks will take into consideration how you have managed your finances in the past so it is important you know your credit rating and understand the elements that might affect it. This can be done through companies such as Experian (www.experian.co.uk). If you believe your credit rating is incorrect or inaccurate you should challenge it through your bank or the credit agency used.
4. Be honest –Do not underestimate how much money you will need. If you need to return to the bank and request further funds, it will be more expensive. It may also affect the lender's confidence in your ability to manage your company finances.
5. Keep the dialogue open – It is important to communicate often and clearly with your bank and to seek feedback on your lending applications.

Types of finance: The FSB and the BBA have produced a factsheet to explain the benefits of some of the most popular sources of finance such as invoice finance, asset finance, trade finance and supply chain finance. Visit: www.betterbusinessfinance.co.uk/help-support/financial-support .

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