Did you know that thousands of businesses exit the marketplace every year in Canada? About 96 percent of small businesses that enter the marketplace survive for one full year, 85 percent survive for three years and 70 percent survive for five years. Approximately 7000 businesses go bankrupt every year in Canada.
Why Do So Many SMEs Fail?
According to an Industry Canada study, one of the main reasons for business failure is a lack of funding. There are so many companies offering business financing and it can get very confusing for entrepreneurs to determine the right option for the business.
As an entrepreneur, it is important to get advice from an expert who takes a holistic view of the business rather than simply looking at one component of the business. This ensures a solid foundation is set for the longevity of the business. Poorly thought-out businesses will start exhibiting symptoms of failure within a year, taking the entrepreneur’s focus away from growing the business to solving day to day cashflow and sales problem. We can help you avoid these issues and set you up for success.
At BPF Solutions every client is unique to us. We meet with each client and understand their requirements and their short and long-term goals. Based on that understanding we come up with a strategy to solve business challenges and meet the client’s short and long-term goals.
Case Study of a Recently Completed Project
We had a client who was looking for $350,000 to start a Service business. The client had a good net worth and a fair credit score but couldn’t get the funding needed to start the business before coming to us. The client also wanted to buy a Real Estate unit for $450,000, bringing the total project funding to $800,000. As an entrepreneur running a small business, the client had poured every dollar they had in the business. Without outside funds, the business would not survive.
We met with the client to understand the issues and challenges the client had faced before coming to us. During our engagement, we learned the client’s business, analyzed potential growth opportunities and defined a plan to successfully secure the required financing to meet the client’s needs.
BPF Solutions is pleased to announce that we have recently secured funding for this Service business in Toronto, specializing in offering its clientele superior services and a boutique experience.
BPF Solutions was able to clearly define and articulate the client’s business strategy and plan, allowing them to not only secure funding for the business but secure additional funding for them to both purchase their current location and perform necessary renovations to drive business growth and enable the Business to embark on their future plans.
BPF Solutions is a leading provider of Business Financing and consulting services that drive the business growth of our clients through defining their business strategy and matching the client’s needs with the right lender based on our personal relationships with lenders in Canada.