Small-to-medium sized enterprises (SMEs) are likely to be finding it tougher to compete with big businesses during the current economic climate, research from business software Sage has found. More than 50% of 1,350 businesses surveyed felt that big businesses have an advantage in the UK at the current time. 10% feel that big businesses and SMEs are on a level playing field, whilst 45% felt that small businesses are beginning to catch up with their larger counterparts. Two-thirds of UK respondents suggested they were confident going up against bigger businesses than their own. Social media (41%) was cited as a tool that small businesses can use to help sway the balance, whilst 15% felt that the ability to offer a personal service gave small businesses an edge. CEO of Sage UK and Ireland, Brendan Flattery, said of the survey results: “'Big business may still have the edge in the current marketplace, but the tide is turning thanks to social media and the delivery of a personal customer service.”
Invoice Finance for SMEs
Many SMEs find that having unreliable cashflow can hinder their ability to thrive and grow to their potential. And with overdrafts and loans increasingly hard to come by, it can be tricky to know where to turn for cash as a small business owner.Invoice finance is an increasingly popular alternative that works to release cash that gets tied up in unpaid invoices. Facilities such as invoice factoring and invoice discounting provide more and more cash as a business grows and issues more invoices, helping to free up valuable cashflow. Why not give us a call on 0845 602 9354 to talk to one of our experts or browse our website to find out more about what makes Skipton Business Finance tick.