Finance: It’s not like it used to be!

I was reminiscing with a client recently about how different it used to be trying to raise finance from the bank, prior to the credit crunch.

Just over ten years ago our business moved office and had a lot of expenditure upgrading the premises, which put a strain on our cashflow. To help tide us over a quick email to our relationship manager outlining the financial projections of the move and the impact on our cashflow forecast moving forward, followed by a lunch, was all that it took to secure a 12-month loan, at a very reasonable interest rate and low arrangement fee.

The next day the paperwork was signed without any need for endless security, and by the end of the week the money was in the bank. I can always remember the manager’s words at the end of lunch. “Colin, you won’t let me down will you?”  Well no, I didn't let him down, and the loan was paid off in full over the 12 months as forecast.

How things have changed since the credit crunch! I know that banks are constantly saying they are open for business, but I cannot imagine a loan being granted at such short notice these days on the same terms.

One thing that still remains constant though, is the need for robust forecasts, both profit & loss and cashflow, that allow business owners to plan for the future.

These forecasts are vital if a business is looking to invest in new products or services, and if a bank is going to grant a loan they will want to ‘stress test’ a company to ensure that it can afford the repayments, as well as having necessary security in place.

Having a Finance Director within your business, whether full- or part-time, who is adept at putting these forecasts together, will help your company to gain considerable credibility with the banks and help secure funding. I believe this so strongly that I now work part-time with small businesses as an Associate at South West FD (SWFD), in addition to my long-standing role as Chairman and Finance Director within my own business, Target PR.

As the UK hopefully continues to recover there is likely to be more borrowing requirement to boost the economy. So let me unashamedly plug SWFD, which has a number of Associates who can give businesses financial credibility by putting in place budgets, forecasts and cashflow statements that will ensure you will be in the perfect position to approach either a bank, or external investor, to raise funds and move your business forward.

Colin Spencer

Chairman

You can’t forget the past by pretending to be something else tomorrow

We've all witnessed Miley Cyrus very publicly trying to break free from her whiter than white Hannah Montana Disney character image, and her latest antics have sparked yet more controversy. Not only did the 20-year-old pose provocatively for Terry Richardson, she has also hit back at Sinead O’Connor’s open letter, in which she pleads with Miley not to let the music moguls ‘make a prostitute’ of her.

Sinead’s comments were in response to an interview the young pop singer did with Rolling Stone magazine, where she revealed that the video for her latest single, Wrecking Ball, was inspired by Sinead’s legendary video, Nothing Compares 2 U. Ouch.

However, Sinead makes an important point in her (slightly ranting) letter, calling on Miley to ditch the fabricated persona that she has adopted in an obvious and see-through attempt to be recognised as a “bona fide” pop star – simply stating let the talent you have speak for itself.

Trying to engineer something that you’re not, whether it’s a person, brand, product or business is no smart move. It will undoubtedly lead to controversy and break any trust you may once have had.

A business’s reputation is earned through its actions and behaviours; it’s shaped by where it began, where it is today and where it wants to be in the future. It’s our role as PRs to ensure our clients’ talents receive the recognition they deserve, but only authenticity will secure the longevity and growth of their business.

Alexandra Underwood

Account executive 

Reasons to be cheerful!

The economy may have been piling on the pressure for many businesses this year, but it hasn’t dampened their goodwill towards great local causes, if our experiences in the last few weeks are anything to go by.

Last weekend the Target PR team ran a pop-up shop for the day in Cheltenham's Regent Arcade, with a mission to raise as much as we could for Sue Ryder. Our magnificent One Day Wonderland raised more than £800 on the day, but none of that would have been possible without the help of lots of local businesses.

Bev, Target’s office manager and chief blagger of freebies, led the sterling work inviting suppliers, local retailers, and friends of our business to get involved - and we were all overwhelmed by the positive reaction, even from companies with whom we had no previous relationship. 

These are all businesses led by people who care about the community in which they're based. Happy to do their little bit. And when you add it all together, that's a lot of positive energy. 

If you happened to be on the first floor of Regent Arcade on Saturday you may have seen some of that positive energy in action - the public responded with enthusiasm, and our team excelled at turning a disused retail unit into a hive of goodwill. (You'll find lots of photos on our Facebook page!)

If you missed it, however, don't worry - there's plenty of time to get involved between now and 18 January when our fundraising finale takes place - the Grand Balloon Race. Just £5 a ticket with a chance to win a fabulous overnight stay with dinner at the luxurious Cotswold 88 Hotel in Painswick.

Just email bigwigs@targetgroup.co.uk or donate online at uk.virginmoneygiving.com/TargetPR

In the meantime, what better way to finish this post than with a roll-call of all the fantastic companies that have supported us so far!!

I make that 36 reasons to be cheerful - have a great Christmas!

Regent Arcade

Brasserie Blanc, Cheltenham

Marks & Spencer, Cheltenham

Hobbs, Cheltenham

Grafx, Cheltenham

N3 Display, Bristol

Alpha Response, Gloucester

Typecraft, Cheltenham

Stu-art Design

Cheltenham Racecourse

SnowDome, Tamworth

Ellenborough Park Hotel, Cheltenham

Sutdio Fit, Cheltenham

The Entertainer, Cheltenham

Boots, Cheltenham

Sugar Loaf, Cheltenham

BHS, Cheltenham

Lakeland, Cheltenham

Cotswold88 Hotel, Painswick

Specsavers, Cheltenham

Travellers Finds, Cheltenham

Thorntons, Cheltenham

Waterstones, Cheltenham

5 Star Valeting Solutions

Brickhampton Golf Course

Cheltenham Town Hall

Venture Photography, Cheltenham

Toni & Guy, Cheltenham

Lakeside Chippy, Cheltenham

Bodyshop, Cheltenham

Calendar Club, Cheltenham

Little Bag Company, Cheltenham

Folk Dean Balloons

Underwoods Steel

QuoLux
SLG

Sarah Bryars

Chief Executive, Target PR

A way with words

It’s been a busy few weeks here at Target PR, from organising our upcoming ‘One Day Wonderland’ pop-up shop and balloon race in aid of Sue Ryder, to our everyday work, great things happen at 105-107 Bath Road and we'd like to share it with the world. Well, the world wide web to be precise!

In recent weeks you may have noticed that we’ve done more than just dip our toes into the social media swimming pool, we’ve been going all out giving you daily insights into what goes on here at Target HQ. But we didn’t just dive straight in, oh no, we put together a list of hints and tips to make sure everyone in the team was on the right track.

So if you’re stuck for words, or need help deciding whether that tweet about what you had for breakfast is really necessary (it’s not), why not take a look at our favourite top tips and let us know what you think:

1.    First and foremost be yourself, but be cautious. It sounds obvious but don't reveal information that you feel could be potentially sensitive or confidential – you don’t want to let the cat out of the bag!

2.    Internal issues can arise and disagreements do happen, but public arenas, including Twitter, Facebook and blogs, are not the place for these to be aired. Enough said.

3.    The best posts are the ones that signpost information available elsewhere and encourage conversations. Content is king and stuff that works includes: a behind the scenes look at a day in your shoes, insight on and responses to the latest and greatest industry news, or even a guest post from a client that’s benefitted from your help.

4.    If the post is related to a news story, link to it and respond to it, don’t spend time repeating it. After all, people are coming to you for your opinion and insight. As Baz Luhrmann once said, “Advice is a form of nostalgia, dispensing it is a way of fishing the past from the disposal, wiping it off and recycling it for more than it’s worth”.

5.    Enjoy it!

Zainab Rahman

Account Executive