Good news for businesses in Birmingham: financial support is set to continue flooding in, opening doors to new opportunities and resources. With so much financial luck floating around, we ask how businesses can make their money go even further with a Birmingham virtual office.
The end of summer brought with it great news for Birmingham businesses, in the form of a £120m fund from the British Business Bank. Set to benefit businesses across the West Midlands, the fund is the latest in a wave of financial support on offer to ambitious companies and entrepreneurs across the region, and heralds the next step in Birmingham’s plans to rival both Manchester and the capital. But even with extra funding on the doorstep, it still pays to budget to make money go further.
Keeping the Engine Running
Alongside the announcement of the fund’s launch, the British Business Bank also published a new report drawing on their data and experience of the region’s financial landscape. Titled Spotlight: The Midlands Engine Investment Fund, the publication highlights potential opportunities across the East and West Midlands, as well as reporting on the 13% contribution to the economy which the Midlands provides.
The combination of the fund and the report have demonstrated that the Midlands’ rival to the Northern Powerhouse is well and truly alive, and is set to push Birmingham firmly onto the world stage by providing businesses from the city and surrounding areas with the mobility and opportunities for growth necessary to succeed.
But despite the fund’s launch, it’s still prudent for Birmingham’s business community to be wary of its own expenditure, to not only prevent reliance on funding they may not receive, but also to add extra value to the support on offer – and one such way this can be achieved is through a Birmingham virtual office.
Every Penny Counts
If previous funding and investment efforts have proven anything, it’s that money plays a huge role in expanding a business and helping it to succeed. With that in mind, it makes sense for businesses to count their pennies so as not to rely too heavily on such funds, and to maximise their opportunities for growth.
The virtual office is a concept which allows for businesses and entrepreneurs to use a fixed, physical address (usually in a prestigious area, such as Birmingham’s Colmore Row) with resources such as mail-forwarding and meeting rooms to keep things running smoothly. All of this is achieved whilst sticking to a strict budget that’ll keep accountants happy, and the bottom line healthy.
That’s because, by adopting a Birmingham virtual office, smaller businesses and entrepreneurs can have the luxury of a set location with access to facilities, without the cost of an actual office. This means that they’re saving pennies whilst starting up, and they can take advantage of funding opportunities within Birmingham.
But it’s not just about cutting the costs and hoarding what’s left in the bank. The money that would otherwise have been poured into a physical location can instead by reinvested into the business via marketing, additional staff, or the development of new services. This way, even if a small business can’t access regional funding, they still have the mobility to grow without having to move from the region or settle for being away from the action.
Find your ideal Birmingham virtual office
This latest funding news is a fantastic step forward for Birmingham, and proves that the Midlands Engine is far from running out of steam. With more investment opportunities set to unfold over the coming years, and the city taking its place on the global stage, it’s an exciting time to be involved in Birmingham – and a virtual office can make sure you don’t miss out.
Interested in using a Birmingham virtual office to save the pennies and keep your budget healthy? Feel free to browse our website to find out more about iHub’s own virtual office services, or get in touch directly with any questions – we don’t bite!