Small companies are the bedrock of the UK economy, accounting for over 99 per cent of private sector businesses last year, and employing nearly 16m people. But there is a problem holding most back – the late payments culture.
Amidst the array of challenges that SMEs in the UK face, such as securing investment, outpacing competitors and growing a customer base, the biggest obstacle to growth for 54 per cent of UK SMEs is a shortage of cash.
The Federation of Small Businesses (FSB) has claimed SMEs account for 99 per cent of all private sector businesses in the UK. Although a large number of these businesses thrive, many SMEs struggle with basic cash flow issues as a result of late payments.
As a self-described man of words, not numbers, Simon Whitehead is not a fan of managing business cash flow – but knows how key it is at the start of a year.
As anyone who has been in business will know, controlling cash flow is an essential part of staying afloat. Here are some tips to stay on track this year.
Renting premises may seem like the go-to for growing companies, but the fact of the matter is that leaders should consider buying property instead.
If you are trying to improve the profitability of your business this year, it is important to identify the ways in which your business could leak profit.
Much has been said about the increasing expectations and many hats worn by finance directors – but admin tasks are something they wish to do without.
For small businesses, January can be a tricky time – it’s usually a quieter period after the festive rush, which ultimately means managing cash flow from the beginning of 2017 will be key.
In the payments world, cash is very much in the shadow of electronic transactions when it comes to money management. It currently stands behind newer, shinier electronic payment methods, which hog the limelight – and the headlines.
Martin Campbell’s Ormsby Street might only be a few years old, but it’s based on years of experience – which he’ll be sharing as part of Founders Diaries.
Simply, the equity economy is a way for entrepreneurs to turn a small percentage of the equity in their startup into an easy-to-use currency that can be used to reward those that help them to build the business.