This week saw a visit to Kings Lynn to meet a new business with aspirations for growth. The proprietor, a recent graduate, is trying to start a business importing merchandise for sale to universities and their under and post graduates.
The ambitious entrepreneur has no security to offer any funder but has unlimited enthusiasm, strong IT skills and a solid working knowledge of all aspects of student life. Without finance there’s little point in progressing as the overseas suppliers will allow no scope for credit.
A business plan has been prepared which is a cogent document and demonstrates a good degree of research into the market to be entered.
What’s interesting here is the reaction of his bank, being dismissive in a patronising and unhelpful manner. I’m not sure funding will be forthcoming from any source but the attitude of the bank is immensely disappointing and does not reflect well on the organisation.
Whilst this particular plan may not come to fruition I’m confident a future one will. My guess is that the bank, so dismissive in its rejection of this proposal may not win the business in future.
A delightfully ironic story in The Times this week as it reported on the watchdog created to prevent small suppliers being bullied by the supermarkets running into trouble itself after revealing some of its own received invoices may not have been paid on time!