Business money worries

Help with money worries

Most business struggle from time to time. And if you’re having difficulty or worried about cashflow, we want to help. After all, managing money is what we do best.

Experts by your side

We’ve helped lots of customers get their business back on track. Chances are, we can help you too. Remember, if you miss loan repayments you’ll pay more interest and it could affect your credit rating. So let’s chat through your situation and figure out the best way to bounce back.

Getting in touch

The easiest method to get in touch is by emailing SmallBusinessFinancialCareTeam@virginmoney.com or if you’d prefer to talk to us, our Business Contact Centre number is 0800 756 0800.

Money management top tips

Here are some ideas that might help keep your business finances on track:

Balance the books

• Set standing orders and Direct Debits to come out just after your income is received to avoid late payment charges.
• Keep tabs on your balance through online banking. Set text alerts or notifications to tell you when your balance is running low.
• Try speaking to suppliers and customers to adjust payment terms and improve your cashflow.
• Make sure you're not tying up money by holding too much stock.
• See if you can cut down on flexible monthly costs to reduce expenditure.

Reduce general spending

• Plan your spending, stick to a budget and avoid impulse buys.
• Check for cheaper travel options, like a monthly rail card. Assess your logistics and combine deliveries to reduce costs.
• Review mobile phone contracts. Do you need all your calls, data bundles and device upgrades or can you cut back?
• Review your fixed and flexible spending each month to see where savings can be made.
• If you wish to stay with your current provider, you may be able to save money by paying by Direct Debit. If you have gas and electricity from the same supplier, you could get a dual fuel discount. Contact your supplier to see if that’s available to you.
• Consider reducing your energy consumption. There are many ways to do this, such as using loft and cavity wall insulation. Visit Energy Saving Trust. Link opens in a new window

Cut back credit

• If you can, pay over double your interest and fees to reduce the interest you pay on your credit card each month. Get more help with this through the Money Advice Service. Link opens in a new window

Increase your income

• Check all products are profitable. Should you focus on a subset of more profitable products instead?
• Try selling unwanted assets.
• Check your product price points are right. Can any products be sold to a new market or environment?

Independent advice

Where else can you get help?

A number of organisations provide free and independent support and advice. These organisations may be able to help you, particularly if you have debt with more than one lender.