This is frustrating for all of us on a personal level of course, but for business owners it’s purgatory. Stories regarding uncertainty within BIG business are frequently newsworthy – we have stories of companies moving to Europe from the UK (or not), investments being delayed (or not), factories closing down (or not – you get the point).
For small businesses and SMEs the whole process has proven to be extremely difficult. According to a recent report from data specialists Dun and Bradstreet a shocking 40% of SMEs in the UK experienced slowed growth and falling exports due to uncertainty around Brexit. A further 30% said that due to it they were experiencing difficulty in planning for the future. With 99.3% of all private sector business being carried out by some 5.6 million small and medium-sized businesses in the UK, those percentages are alarming.
The big companies have the assets and flexibility to move elsewhere of course as a matter of contingency, a luxury not available to the vast majority of small business owners.
Much has been made recently of ‘preparing for Brexit’ – indeed you can’t go far without finding article on it (this one is pretty good, by the way) but according to Business News.eu 70% of SMEs have no contingency plan in place at all with the possible exception of a drop in short-term investment.
There is a safety net in all this or course. Funding is available for all manner of business needs. A qualified broker is able to advise on asset finance for example, which is a simple and flexible way to finance business critical assets. Construction finance can release cash from your staged invoices and applications for payment, a merchant cash advance can help with a fluctuating cash flow with repayments calculated using your monthly credit card transactions. There are numerous solutions.
So regardless of what precautions you have or have not made bare in mind that business funding is available in various guises. Perhaps the wisest course of action is to talk to an expert in advance….Planning and forward thinking is the key.
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Please note SME funding UK Ltd are brokers and not funders themselves.