Running a small business is tough – every day can bring new challenges that could slow down your growth or even make it harder to stay afloat. But you don’t have to face these challenges alone. Menna is here to help you tackle them head-on and keep your business thriving. Let’s get your finances back on track today!
1. Struggling to Manage Cash Flow
If you struggle to keep consistent cash flow due to irregular income streams or late payments from clients, this can make it difficult to cover ongoing operational costs. According to the Small Business Commissioner, 82% SMEs fail due to cash flow issues.
How Menna Can Help: Menna provides real-time financial insights and forecasting tools, allowing you to monitor your cash flow and predict potential shortfalls. Menna’s affordability tools also help you assess your financial health and determine when additional support, such as short-term loans, might be needed to keep your business stable.
Take a look at our blog 5 Reasons Why Managing Cash Flow is Key to Your Business Success
2. Not Tracking Expenses
Keeping track of your expenses can be a struggle, leading to overspending or missed budgeting targets. Without clear oversight, it’s easy for spending to spiral out of control.
How Menna Can Help: Menna’s money management tools give you clear oversight of your spending. With real-time data, you can see exactly where your money is going and adjust your budget accordingly.
3. Struggling with a Low Credit Score
A low credit score can limit your access to funding and impact long-term business opportunities. Many small businesses aren’t sure how to improve their credit or how to monitor it effectively.
How Menna Can Help: Menna tracks your personal and business score and gives you the tools and insights to monitor and improve your credit rating. By offering insights into what factors are influencing your score, Menna helps you take actionable steps to improve your creditworthiness, increasing access to better financial products.
4. Difficulty Securing Financing
Accessing financing is a challenge for many small businesses, especially if you have a limited credit history or lower credit score. This can prevent you from investing in growth or managing larger projects.
How Menna Can Help: Menna simplifies the loan application process by connecting your business to a panel of lenders. This provides access to financing options suited to your specific circumstances, improving the likelihood of securing funding that meets your business needs.
5. Uncertainty in Making Financial Decisions
Many small business owners often face questions about their finances but may not have access to expert guidance. Uncertainty in decision-making can lead to missed opportunities or financial mistakes.
How Menna Can Help: Menna’s ‘Ask Menna’ feature acts as a financial assistant, offering personalised insights and recommendations based on your business’s unique financial situation. Whether it’s about managing cash flow, improving credit, or general financial queries, Menna can take the stress out of making decisions and help you keep your business moving forward.
Frequently Asked Questions
What is cash flow, and why is it so important for small businesses?
Cash flow is the amount of cash coming in and going out of your business. Positive cash flow ensures you can cover daily expenses, invest in growth, and manage unforeseen expenses. Menna provides real-time cash flow insights, helping you predict shortfalls and make timely financial decisions.
How can Menna help me manage my expenses more effectively?
Menna’s expense tracking tools provide a clear view of your spending patterns. With real-time data and budgeting tools, Menna lets you see exactly where your money goes, helping you make informed adjustments and avoid overspending.
Why is a credit score important for my business?
Your credit score affects your ability to secure loans and negotiate better rates, impacting growth and project opportunities. Menna helps you monitor and improve your credit score by providing insights into factors that affect it and actionable steps for improvement.
How can Menna assist in securing financing for my business?
Menna connects you to a panel of lenders, simplifying the loan application process and providing options tailored to your business needs. This improves your chances of securing the right funding without the hassle of traditional methods.
Is Menna’s service suitable for startups with minimal financial history?
Absolutely. Menna’s tools cater to businesses of all sizes, including startups. Our forecasting and credit-building tools are designed to provide foundational support, helping even newer businesses establish strong financial health from the start.
