With the four-day bank holiday weekend rapidly approaching, many SMEs and small businesses will be preparing to enjoy an extended break and celebrate the Queen’s 60-year reign in style.
But as senior members of staff, including finance and company directors, are expected to take time off during June’s celebrations, there is the potential for thousands of pounds worth of invoice payments to be delayed and left unpaid for weeks to come.
This is even more likely to occur amongst London-based businesses, as a large number are encouraging employees to work from home during this period rather than brave the large crowds expected in the capital over the next week.
SMEs and small businesses up and down the UK are consequently advised to be aware of the impact of the upcoming festivities and, where possible, prepare cashflow projections with the worst case scenario in mind.
And with the Olympics now just over 57 days away, now is the best time to ensure financial management over the summer takes into account the likelihood of cashflow disruption, to help ensure the long-term viability of your business.
Invoice finance – cashflow solution
SMEs and small businesses can often benefit from invoice finance solutions, which can help ensure your cashflow is consistent all year round.
Invoice finance includes facilities such as invoice factoring and invoice discounting, which work to release monies tied up in unpaid invoices.You could get the cash you’ve already earned released to you within a matter of days, rather than weeks or months.
There have been five quarters of continued growth in amount of advances issued through invoice finance facilities such as invoice factoring and invoice discounting.