Financing difficulties remain for small firms
SMEs continue to face funding difficulties, with new research suggesting a growing number of small businesses have never secured external funding. According to a survey conducted by alternative lender Thincats, 75% of small businesses have yet to receive external funding, compared to 38% of medium-sized businesses. Laura Timm, FSB London policy chair, said: “Small businesses […]
99% of start-ups and small firms require immediate support
Nearly all of the nation’s key business growth drivers are urging the government to prioritize business support, as revealed by the 2023 Business Barometer released by the National Enterprise Network (NEN). The survey indicates that over half of the respondents anticipate growth in the upcoming year, with three-quarters expressing concern about rising costs. Additionally, almost […]
SMEs in UK want more support to thrive, says research
With interest rates likely high for the foreseeable future, SMEs are reassessing their outlook and trying to set a clear course for the future. According to research from Simply Asset Finance, around two-thirds of UK SMEs want more resources and support to be made available to support them and their businesses. The research also highlights […]
Insolvencies jump 18% in October
The number of firms going bust in England and Wales has increased by 18% in October compared to the same period last year. The higher-for-longer interest rate environment and weak consumer spending have put pressure on businesses and consumers. Out of the 2,315 insolvencies recorded, 82% were creditors’ voluntary liquidations (CVLs), where directors choose to […]
Continuous credit monitoring can head-off issues
Continuous monitoring of a UK business’s credit score is vastly superior to relying on a single score when entering a relationship with a potential customer, especially concerning emerging affordability issues related to unpaid invoices. This approach offers a number of benefits to SME business owners: Early Warning System: Continuous monitoring allows for early detection of […]
Cash flow identified as top challenge for SMEs
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 […]
One in ten SMEs fold due to funding challenges, says Shawbrook
One in ten SMEs that have struggled to access funding eventually folded, according to research from Shawbrook. The study found that three quarters of small and medium-sized businesses had difficulties accessing funding, with 29% having to delay investments and 29% unable to take advantage of growth opportunities. Funding challenges have also led to decisions not […]
Paying late may seal a business owner’s fate
Almost a quarter of small and medium size (SMEs) business insolvencies are directly attributed to late payment issues. This statistic underlines the dire consequences of unpaid invoices, emphasising how delayed payments can lead to the downfall of otherwise viable enterprises. Recent research reveals that, on average, UK SMEs experience a 24-day delay in payment of […]
Overdue invoices stretched to 5-year high
There is currently approximately £23.4 billion owed to small and medium sized businesses (SMEs) in the UK under existing invoices which are overdue for payment, based on statistics from the Department of Business, Energy & Industrial Strategy. Whilst the Government’s voluntary ‘Prompt Payment Code’ requires invoices to be paid within 30 days, average debtor days […]
