Millbrook Business Finance has released the findings of its latest survey of SME business owners, revealing that cash flow is the biggest challenge for nearly half of the respondents.
Other issues faced by businesses include the cost-of-living crisis, energy prices, supply chain disruption, inflation, recruitment, building overheads, and unexpected tax bills.
The survey also found that 40% of businesses planning to take out finance in the next year are doing so to address cash flow issues.
Justin Amos, managing director of Millbrook Business Finance, commented on the challenges faced by SMEs, stating that late payments and suppressed customer demand worsen cash flow for businesses during economic downturns.
He also highlighted the ongoing cost of living crisis and high energy costs as contributing factors to the financial challenges faced by SMEs
