Whilst cost-cutting are the words on most peoples’ lips in response to the current poor economic conditions, it might not be enough for some SMEs to just slash budgets.
The latest survey released by the ACCA shows that businesses are becoming increasingly unable to respond to the inflationary challenge through cost-cutting.
UK respondents to the ACCA’s Global Economic Conditions survey were one of the most pessimistic groups in how they think the future will pan out, with only Irish contributors more negative in the views of the economy.
The survey, which included the views of 2,186 members of the ACCA around the world, also indicated that access to finance has tightened across the globe in the last six months, including both finance for short-term liquidity and capital for growth.
But if budget-cutting isn’t enough, and finance from banks for both the short and long term is getting harder and harder to come by, how do small businesses cope?
We realise that SMEs cannot always get funding from traditional sources such as through high-street banks, which may impose numerous conditions on who can access loans and overdrafts.
However, here at Skipton Business Finance, we differ. We don’t operate via a scorecard system nor do we try and package a deal which may not be suitable to your business. Our system is a lot more flexible and each application is processed on its individual merits.
Why not give one of our award-winning staff a call today, to find out more about our fantastic fast and flexible invoice finance facilities and to see what we can offer you.