It can be very tempting to think that joining a trade association or federation is a luxury that can’t be afforded. This can be an oversight as belonging to something structured like that can save many a business from sinking under the weight of slow sales or other unscheduled occurrences. These bodies are very experienced in helping with pointing you in the dirction of finance top ups or finding out about possible investors track records etc. Also they have insurance for members which can be a lifeline when things take an odd turn. Also there is the 24 hour advice line which is so comforting when panic sets in, as it may well do in any downturn. The thing is to not panic if possible. Ask one of the members, be honest and be able to admit to where things may not have been handled as sensibly as they should and take the advice offered. If you are still a newbie company, they may suggest certain routes to obtaining backing or other assistance. This is when that business plan you should have made months ago is absolutely essential. No backers, investors, financial helpers or family will just fork out funding without some evidence that much thought and planning has gone into the venture to start with. Get the fundamentals right and the rest will keep growing.
