There is certainly no shortage of challenges that SME owners face on a daily basis. In addition to a lack of contingency planning, having difficulty in finding the right staff and struggling to manage time effectively, the obvious, common problem is money.
Issues with cashflow often delay recruitment, product launches and the pace at which you can ‘scale up’, to name just a few probabilities.
It should come as no surprise, then, that new figures from a finance industry survey have shown that restricted cashflow and an absence of bank support are the two top challenges being faced by small and medium-sized enterprises.
In the survey, which was carried out on 300 members of the UK’s advisory professionals’ community, 57% of respondents claimed that the businesses they are working with are being held back as a result of ‘cashflow troubles’.
49%, on the other hand, cited ‘banks removing or restricting facilities’ as a major stumbling block, which polled just ahead of ‘market uncertainty’ at 46%.
Interestingly, of all the challenges posed to them, advisers considered ‘late payment’ as the least significant, with only 19% seeing this as a crucial factor. As reported by Walsh Taylor in May, links have previously been made between late payments and construction companies being either close to liquidation or bankruptcy or could be soon.
In working with many SME owners throughout the Yorkshire and North East areas, our Leeds, Harrogate, Bradford and Darlington-based teams understanding the stresses that come with managing your own company.
As such, Walsh Taylor’s licensed insolvency practitioners are passionate about providing a personal and bespoke service to ensure that we find the most positive solution possible.
We do not charge for the initial advice or meeting, so do not hesitate to call 03300 244 660 today if you would like to discuss your financial situation in a confidential manner.